Winter 2013 Statistics of Income Bulletin IR-2013-26, March 6, 2013 WASHINGTON — The Internal Revenue Service today announced that the winter 2013 issue of the Statistics of Income Bulletin is available at IRS.gov. The winter 2013 issue features preliminary data from more than 145 million individual income tax returns for tax year 2011. The Statistics…
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The Time to Apply for Mexican Tax Amnesty is Quickly Running Out!
We first posted on January 23, 2013, 2013 Mexican Tax Amnesty regarding that as of 1 January 2013, Mexico is granting a tax amnesty for federal taxes, certain fees and penalties levied on the failure to fulfill tax obligations (different from payment obligations). The main requirement for the application of the tax amnesty is to pay…
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More Payroll Audit Relief as IRS Expands Voluntary Worker Classification Settlement Program!
The Internal Revenue Service has expanded its Voluntary Classification Settlement Program (VCSP), paving the way for more taxpayers to take advantage of this low-cost option for achieving certainty under the law by reclassifying their workers as employees for future tax periods. The IRS is modifying several eligibility requirements, thus making it possible for many more…
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3.8% Medicare Investment Tax on CFC's and PFIC's Income?
A new 3.8% tax, commonly known as the “Medicare tax,” is scheduled to take effect for taxable years following December 31, 2012. The tax is imposed on the lesser of net investment income (“NII”) or the excess of a taxpayer’s modified adjusted gross income over a threshold amount. For married taxpayers filing jointly, the threshold…
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