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4/6/2012
Many of our clients have questions regarding what expenses are deductible for business travel away from home. The following rules apply if the business is conducted out of town and reasonably requires an overnight stay.
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3/9/2012
Many of our clients have questions regarding the requirements for deducting meals and entertainment expenses. This issue also comes up during income tax audits.
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2/29/2012
On February 22, 2012, President Obama signed a bill that extends the temporary payroll tax cut through the end of 2012.
As a result of the new law, employees will only pay 4.2% social security tax on wages up to $110,100 for 2012. The employer share of social security taxes for 2012 remains unchanged at 6.2% of wages up to $110,100.
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2/7/2012
In an effort to stimulate investment in Wisconsin businesses, the Wisconsin state budget, signed by Governor Walker in the summer of 2011, included two provisions that provide individuals with the ability to defer the tax on long-term capital gains that they reinvest either in a "Qualified New Business Venture" (limited to $10 million in gains) or in a Qualified Wisconsin Business" (no limitation).
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1/11/2012
There have been many recent changes in foreign reporting for individuals including significant penalties for non-compliance of foreign reporting.
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