Stuart G. Lang, CPA, P.C. Certified Public Accountants Baldwin Long Island New York

Tax Tips - Stuart G. Lang, CPA, P.C. is a Certified Public Accounting (CPA) firm located in Baldwin, Long Island, New York, servicing all parts of the New York Tri-State area offering accounting; auditing; business formation; business projections; business valuations; estate planning; IRS representation; litigation support services; management consulting; mergers and acquisitions; probate administration; tax planning; tax preparation; peer review services to accounting firms; coop and condominium accounting; not for profit organizations including churches; governmental accounting including school districts.

May 2012
See whether one-year rule applies to your prepaid expenses
To capitalize or not to capitalize? Many businesses ask that question. And the answer depends on the circumstances.

April 2012
IRS responds to rise in identity theft
"Tax fraud through identity theft has become an ordinary street crime," Senator Bill Nelson said in a March 20 hearing. Nelson, chair of the Senate Finance Subcommittee on Fiscal Responsibility and Economic Growth, was speaking to a panel of witnesses during a hearing on the IRS's response to the identity theft problem.

March 2012
Payroll tax cut extended through 2012
Recent tax legislation has extended the 2 percent payroll tax cut through the end of 2012. President Obama signed the act into law on Feb. 22.

February 2012
IRS releases form for reporting specified foreign assets
The IRS has issued a draft of the long-awaited Form 8938, Statement of Specified Foreign Financial Assets, which will allow a specified person to report specified foreign financial assets.

January 2012
How to maximize investment interest deduction
Banks and the Federal Reserve have continued to keep interest rates low in an effort to spur the economy. For those people able and willing to borrow, it has been an advantageous time, especially for margin loans offered by investment brokers. However, sometimes the tax deduction for this interest expense is limited, pushed aside or even forgotten altogether. Read this brief summary of how the deduction is calculated and some reminders and tips to maximize the investment interest deduction.

December 2011
Required minimum distributions due by Dec. 30
If you have an IRA or other retirement plan and are over age 70-1/2 or have retired, the IRS requires that you take a distribution from the plan each year.

The technical information here is necessarily brief. No final conclusion on these topics should be drawn without further review and consultation. Please be advised that, based on current IRS rules and standards, the information contained herein is not intended to be used, nor can it be used, for the avoidance of any tax penalty assessed by the IRS.