Tax Changes That Took Effect Janaury 1, 2012

Submitted by taxman on January 3, 2012 - 9:15am.

I have come to expect that taxes will change virtually every year.  2012 is no different.  I ran across a good article that summarized the changes in the Journal of Accountancy.  So instead of writing my own article I decided to share the link with you.  http://www.journalofaccountancy.com/Web/20114954.htm

There is a little change for every body but the biggie for business is the drop in bonus depreciation form 100% to 50% beginning in 2012.  Individuals that receive earned income credit can expect more questions and signature papers this year as the government places a larger burden of compliance on the tax preparer by increasing the penalties associated with not meeting the due diligence requirements.  Just let us know if you have questions about any of this and have a great 2012.

( categories: tax code )