Tax Alerts

Tax Briefing(s)

Middle Class Tax Relief and Job Creation Act of 2012

2011 Tax Year In Review

2011 reporting for 2010 conversions to Roth accounts explained
Taxpayers who convert a traditional IRA to a Roth IRA must include the amount transferred in their gross income and pay tax accordingly. For the 2010 tax year, the IRS created spec...

Auto/ truck maximum values updated for 2012 cents-per-mile/fleet-average valuation
Taxpayers whose employers provide company cars (or trucks and vans) for their personal use must factor that usage into their gross income. Personal use of a vehicle provided by an employer is consi...

IRS audits of higher income taxpayers increase
The IRS audited one in eight individuals with incomes over $1 million in fiscal year (FY) 2011. While the overall audit coverage rate for individuals remained steady at just over one percent, the a...

IRS eliminates tort test for exclusion of personal injury/sickness damages
Recent IRS regulations provide that damages received from a lawsuit or settlement as compensation for personal physical injuries or sickness may be excluded from gross income, even...

Tax gap grows to $450 billion; compliance rate holds steady
The "gross tax gap," or the amount of tax owed to the U.S. government that is not paid on time, climbed from $345 billion in Tax Year (TY) 2001 to $450 billion in TY 2006, the IRS has reported. (Be...

DC - All retirement account distributions taxed at highest rate
Emergency legislation enacted by the District of Columbia amends the income withholding tax rules for retirement distributions. A distribution from a retirement account will be tax...

MD - Emergency status provided for green energy regulations
The Maryland Joint Committee on Administrative, Executive and Legislative Review (AELR) has granted emergency status for the corporate and personal income tax regulations pertainin...

VA - Domestic production deduction properly allocated
A taxpayer that filed a federal consolidated corporate income tax return and a separate return for Virginia corporate income tax purposes properly claimed the IRC §199 deduction on...

Burdette Smith & Bish LLC is a regional accounting firm based in Fairfax, Virginia. Our team of CPAs specializes in accounting and tax engagements for businesses and individuals. While most of our clients are based in the Washington, DC metropolitan area, many have business interests throughout the world. Our mission is to provide expert, customer-oriented accounting based on trust, commitment and service; our goal is to be your CPA of choice.

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