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Beware: New Form 8938 - Statement of Foreign Financial Assets

Certain U.S. individual taxpayers (as well as bona residents of American Samoa and Puerto Rico) holding financial assets outside of the U.S. must report those assets to the IRS for taxable years beginning after March 18, 2010. For most individual...

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You’ve Got Two More Days to File Your Tax Return

For Tax Season 2012, the due date for “April 15 returns” for Tax Year (TY) 2011 is April 17, 2012. April 15 falls on a Sunday in Tax Season 2012, which under most circumstances would push the due date to...

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1099-MISC Requirements for Landlords

In the past couple of years Congress has been active in modifying filing requirements for informational returns, especially 1099s. All of these changes have left informational return filing requirements misconstrued, especially in the case of landlords on their individual tax...

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Where Do You Live? The Illinois Tax Edition

And why does it matter? It seems that Illinois residents have been asking this question more often since Illinois increased its individual income tax to five percent.  How does Illinois define a resident? Illinois defines "resident" as: (A) an individual...

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Specialty Snapshot: Home Healthcare Services

There are approximately 33,000 home care providers across the US with combined total projected revenues in 2009 of approximately $72.2 billion. This industry is highly fragmented, and the 50 largest companies generate less than 25 percent of the total revenue...

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Is Your Healthcare Entity a Personal Service Corporation?

A qualified personal service corporation (PSC) is a specific type of C Corporation, providing personal services in the fields of health, law, engineering, architecture, accounting, actuarial science, performing arts, and consulting. Many entities currently classified as PSCs could see substantial...

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Donations of Conservation Easements

A new Internal Revenue Service Audit Techniques Guide (ATG) on conservation easements gives taxpayers an outline for how IRS examiners will view charitable contributions of conservation easements. The purpose of a conservation easement is to preserve and protect property from...

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Illinois Tax Change: More Than Sears and CME

The passing of SB 397 and SB 400 in December has brought a lot of publicity to the tax breaks for Sears and CME Group. However, there are some significant changes for all Illinois residents and businesses. Most notably, the...

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2012 Standard Mileage Rates

On December 9, 2011 the IRS released the standard business, deductible medical, and moving mileage rates effective January 1, 2012. The rate for business miles has remained unchanged since the 2011 mid-year adjustment. The medical and moving rate has decreased...

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Congress Extends the Reduced Social Security Rate for Employees

On December 23, 2011 Congress passed and President Obama signed into law the "Temporary Payroll Tax Cut Continuation Act of 2011." The two percent social security tax rate cut has been extended through February 29, 2012 for the employee side...

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This publication is part of Blackman Kallick’s marketing of professional services, and is not written tax advice directed at the specific facts and circumstances of any person and/or entity. Contents of this publication are of a general nature, and you should not act on this information without obtaining professional advice from your business advisor that is appropriately tailored to your individual needs and circumstances. This written advice is not intended or written to be used, and cannot be used by any taxpayer, for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code.