January 28th, 2012 by admin

You can listen to Sanjiv Gupta talking about Foreign Income Reporting requirment.   This is a recording of one his radio talk show.  You can listen to Sanjiv Gupta CPA Live on KLOK 1170 am and 1550 Am. [kaltura-widget uiconfid="535" entryid="0_l1z5vuz6" width="400" height="330" addpermission="" editpermission="" align="center" /]

January 27th, 2012 amt by Deepak Sharma

What is Alternative Minimum Tax? The underlying purpose of alternative minimum tax is to provide protection to individuals who have higher earnings in situations where they might pay little or no amount as tax (because of the fact that a considerable part of their earnings is reduced by some deductions such as tax shelters, the [...]

January 27th, 2012 NRE, SBI by Deepak Sharma

 NRE Account – State Bank ofIndia NRE account: what is it? NRE stands for Non-Resident External Account where transactions take place in rupee only. The funds in this account are maintained in Indian rupees only. Any interest on this account is subjected to total tax-exemption. An NRE account can only be allowed to be functional [...]

January 23rd, 2012 audit, ftb by Deepak Sharma

The Franchise Tax Board (FTB) recently announced that it is contacting more than 900,000 people who did not file a 2010 state income tax return.   FTB collects information about tax payers by using more than 400 million income records.  Tax Board gets information about non filers from third parties such as the banks, employers, [...]

January 23rd, 2012 by Deepak Sharma

Was your employment rejected based upon your credit history? No More – New laws create much protection for general public. Here is quick summary of some the recent changes in law.  

January 23rd, 2012 by Deepak Sharma

How much taxes you pay largely depends upon how much you earn.  However, it is equally dependent upon how much you can deduct to lower your taxable income. Even though deduction taken by each individual is different, some tax rules affect every person.  Rules including dependent deductions and exemptions apply to all of us. According [...]

January 22nd, 2012 by Deepak Sharma

FSA/HSA/HRA Plans Are Changing Health Industry including Insurance and Laws is rapidly changing. One such change can immeditely impact you.  Starting Jan. 1, 2011,  you can no longer get reimbursement from a Flexible Spending Account (FSA), Health Savings Account (HSA), or Health Reimbursement Account (HRA)  for over-the-counter (OTC) medications.  This is a big change because many consumers [...]

January 19th, 2012 by Deepak Sharma

Now you can deduct up to 55.5 cents a mile for business driving expense.   You can use this rate for all kind of vehicles including cars, vans, pick up and panel trucks.  Rate increase was recently announced by the IRS for the year of 2012. You can deduct actual cost of vehicle operation by keeping [...]

January 19th, 2012 by Dolly Sharma

The IRS has been tricked of $1.9 Billion tax refunds on 335,341 tax return claims. Recorded as of March 4, 2011 in an audit supervised by the Treasury Inspector General for Tax Administration, fraudulent tax surge incidents shot upto a shocking 181% rise within a year. Taxpayers are trying out different ways to con IRS [...]

January 19th, 2012 by Dolly Sharma

Educational loans have become quite popular these days. Students who cannot fund their education independently are facilitated by such loans. This article deals with education loan deduction or the grants that are applicable only for higher education.  Loan what ever be the kind, educational or for business has to be repaid with interest. This is [...]