March 8, 2012
In February, the U.S. Senate and House of Representatives passed H.R. 3630, the Middle Class Tax Relief and Job Creation Act of 2012 (Tax Relief Act of 2012). The bill was recently signed by President Obama.
The Tax Relief Act of 2012 extends through the end of 2012—meaning the reduction in the social security tax rate paid by employees decreases from 6.2% to 4.2% (which was first implemented for 2011 by the Tax Relief Act of 2010). With the reduction set to expire December 31, 2011, and the employee social security tax rate scheduled to reset to 6.2%, Congress passed the Temporary Payroll Tax Cut Continuation Act of 2011, which extended the reduction through the end of February 2012. Congress has now granted the extension through the 2012 year.
The Tax Relief Act of 2012 also repeals the 2% "recapture tax" that would have required individuals who are paid more than $18,350 in January and February 2012 to pay an extra 2% tax so they would not gain more of a benefit from the temporary payroll tax cut than employees who were not paid more than that amount during those two months.
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Your success is our main priority, which is why we work to identify the right blend of services for each client. With Rickhoff & Associates, you will also enjoy our personal approach to doing business. We know that every client has different goals and changing needs, so we work with you throughout the year to offer advice, review your financial status, and ensure there are no surprises at year-end. Professional, personalized, client-focused…Rickhoff & Associates is the new breed of accounting firm.
Unfortunately, cyber scammers never take a vacation. In fact, the IRS has issued a warning of a surge in fraudulent emails that bait potential phishing victims with fake tax transcripts. Links within these emails lead recipients to documents containing the well-known malware, Emotet.
The holidays can be overwhelming. You only have so many hours in a day, your gift list is long, and your budget may be tight. A bit of up-front planning and prioritizing can help save you time and money. Here are a few ideas to help you minimize the hustle and bustle, stay on budget, and find more peace this holiday season.
Instilling a thankful frame of mind among your staff makes for a gratifying work place. Consider a few suggestions for developing an atmosphere of thankfulness to get into the spirit of the holiday season.