Wednesday, March 21, 2012

Arkansas Gambling

We found the following in the instructions for Arkansas Returns:

"Gambling winnings from Arkansas electronic games of skill are not included as income and the 3% tax withheld is excluded from Line 37."

Call Kelly Phillips if you have questions on this 501.753.9700.

Monday, March 19, 2012

Traps for Small Businesses Article

Click here for great article explaining 1099 request.

Monday, March 12, 2012

IRS Annoucements


For the unemployed or SE income earners with a 25% reduction in Gross receipts - To assist those most in need, a six-month grace period on failure-to-pay penalties will be made available to certain wage earners and self-employed individuals. The request for an extension of time to pay will result in relief from the failure to pay penalty for tax year 2011 only if the tax, interest and any other penalties are fully paid by Oct. 15, 2012.

The IRS announced today that, effective immediately, the threshold for using an installment agreement without having to supply the IRS with a financial statement has been raised from $25,000 to $50,000. This is a significant reduction in taxpayer burden.