BKHM Blog

2012 POST-ELECTION TAX POLICY

Posted by Sheridan Smith on Fri, Nov 09, 2012 @ 11:33 AM

President Obama secured a second term in office November 6, 2012, in the end winning the Electoral College by a wide margin. The President's re-election now sets in motion what will likely be difficult negotiations between Democrats and Republicans over the fate of the Bush-era tax cuts, nearly $100 billion in automatic spending cuts, and the more than 50 expiring tax extenders, which include the alternative minimum tax (AMT) patch for tens of millions of taxpayers. The President's re-election has also significantly changed the dynamics for reaching an eventual agreement over long-term tax reform.

Click here to read the tax briefing.

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Topics: tax code, tax cuts, bkhmcpa

TAX INCENTIVES FOR HIRING VETERANS

Posted by Sheridan Smith on Wed, Sep 19, 2012 @ 10:10 AM

Need to hire? Consider veterans

Veterans provide a valuable labor pool, full of highly trained, hard-working team players with strong leadership skills. There's also a tax incentive: The VOW to Hire Heroes Act of 2011 extended the Work Opportunity credit through 2012 for employers that hire qualified veterans. It also expanded the credit by:
  • Doubling the maximum credit — to $9,600 — for disabled veterans who've been unemployed for six months or more in the preceding year,
  • Adding a credit of up to $5,600 for hiring nondisabled veterans who've been unemployed for six months or more in the preceding year, and
  • Adding a credit of up to $2,400 for hiring nondisabled veterans who've been unemployed for four weeks or more, but less than six months, in the preceding year.
To be eligible for the credit, you must take certain actions before and shortly after you hire a qualified veteran. We can help you determine what you need to do.
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Topics: veterans, tax cuts, tax incentives

2012 TAX POLICIES OF THE MAJOR PRESIDENTIAL CANDIDATES

Posted by Sheridan Smith on Wed, Sep 12, 2012 @ 09:39 AM

Presidential Candidates Outline Tax Policies

On November 6, 2012, Americans will elect the occupant of the White House for the next four years. As President of the United States, he will play a major role shaping tax policy and possibly reforming the entire Tax Code. This special CCH Briefing describes the tax policies of President Barack Obama, the Democratic Party candidate for President, and former Governor Mitt Romney, the Republican Party candidate for President, with analysis of the potential impact of their tax positions both for the immediate future and for 2014 and beyond.

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Topics: bkhm cpas, tax, tax cuts, healthcare reform, taxes

YEAR-END TAX PLANNING AMID LEGISLATIVE UNCERTAINTY

Posted by Sheridan Smith on Fri, Aug 31, 2012 @ 10:35 AM
Year-end tax planning amid legislative uncertainty
 

As 2013 draws closer, news reports about "taxmageddon" and "taxpocalypse," describing expiration of the Bush-era tax cuts, are proliferating. Many taxpayers are asking what they can do to prepare. The answer is to prepare early. September may seem too early to be discussing year-end tax planning, but the uncertainty over the Bush-era tax cuts, incentives for businesses, and much more, requires proactive strategizing. Ultimately, the fate of these tax incentives will be resolved; until then, taxpayers need to be flexible in their year-end tax planning.

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Topics: bkhm cpas, IRS, Tax Planning, tax cuts

American Jobs Act 2011 Proposal

Posted by Sheridan Smith on Mon, Sep 19, 2011 @ 11:33 AM

Please click the link to read a special report from CCH on the recently submitted American Jobs Act of 2011 - Please contact BKHM if we can be of any assistance!

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Topics: bkhm cpas, tax cuts, American Jobs Act