2011 Q4 A Year of Uncertainty?

2011 Q4 A Year of Uncertainty?

Officially, year-end tax planning is fairly straightforward in 2011. At year-end 2010, Congress extended many of the income tax laws that were in place at the time. Some laws were changed, especially in the estate planning area. For the most part, the tax law passed at the end of last year is effective for two years: 2011 and 2012. Therefore, you may expect to plan for year-end 2011 and for 2012 with some certainty. As this issue is written, however, the news from Washington is far from certain. President Obama and Congressional leaders are attempting to resolve federal budget and debt issues. Tax changes are possible, and such changes may affect year-end planning in 2011. Our office will keep you

2011 Q3 | State Taxes Can Crimp Your Cash Flow

2011 Q3 | State Taxes Can Crimp Your Cash Flow

If your company does business solely in one state, it probably owes tax to that state, as well as to the federal government. Many companies, however, operate across state lines, and therefore, may owe tax to more than one state. In the current economic slowdown, some states are endeavoring to address tax shortfalls by aggressively seeking more tax from companies based in other states. Types of tax State taxes come in several categories. The most common include • income taxes. If your company has net income from operations within a state, that state may tax those profits. • sales taxes. These taxes generally are imposed on the retail sale of goods (that is, when goods are sold to an end