The IRS has announced a number of relief measures to help victims of Hurricane Sandy, including extended filing and payment deadlines.
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President Obama’s health care package enacted two new taxes that take effect January 1, 2013. One of these taxes is the additional 0.9 percent Medicare tax on earned income; the other is the 3.8 percent tax on net investment income. The 0.9 percent tax applies to individuals; it does not apply to corporations, trusts or estates. The 0.9 percent tax applies to wages, other compensation, and self-employment income that exceed specified thresholds.
Many retirement plan contribution and benefit limits will increase slightly in 2013, the IRS has announced.
The IRS has issued Notice 2012-63, which sets forth the simplified per diem rates that taxpayers may use to reimburse employees for expenses incurred during business travel after September 30, 2012.
Penalties for failing to file tax returns and failing to pay on time can add up quickly.
The IRS has announced that Douglas Shulman, the 47th Commissioner of Internal Revenue, will step down from his post on November 9, 2012, which is the last day of his five-year term.
A veteran was eligible for a New Jersey local property tax exemption for his dwelling for tax year 2011 based on disabilities he suffered from exposure to enemy chemical agents in the course of military service in Operation Northern Watch/Southern Watch pursuant to N.J.S.A. 54:4-3.30 and N.J.S.A. 54:4-8.10.