Connie Lawson, Secretary of State, warns businesses to ignore a fraudulent letter that may appear to come from the Business Services Division of her office. The press release describes:
"The letter solicits a $125 annual fee and claims it will be used for record keeping and processing of a company's annual minutes. It gives the appearance of coming from a legitimate government agency and uses state law out of context. It also includes a 'return by' date. The return address on some of the recent letters mailed to Indiana businesses goes to a box at a UPS Store in Speedway, Indiana."
To read more visit: ow.ly/hhpsa
From the CCH Tax Briefing:
The American Taxpayer Relief Act extends through 2013 enhanced Code Sec. 179 small business expensing. The Code Sec. 179 dollar limit for tax years 2012 and 2013 is $500,000 with a $2 million investment limit. The rule allowing off-the-shelf computer software is also extended.
IMPACT: Without the American Taxpayer Relief Act, the Code Sec. 179 dollar limit for tax years beginning in 2012 would have been $125,000 (subject to inflation adjustment) with a $500,000 investment limit (again, subject to inflation adjustment). In tax years after 2012, the dollar limit would have reverted to $25,000 with a $200,000 investment limit. This significant decrease in the value of the incentive has now been postponed to tax year after 2013.
From the CCH Tax Briefing:
The American Taxpayer Relief Act extends for two years, through December 31, 2013, the provision allowing tax-free distributions from individual retirement accounts to public charities, by individuals age 70 ½ or older, up to a maximum of $100,000 per taxpayer each year.
IMPACT: The Act provides special transition rules. One rule allows taxpayers to recharacterize distributions made in January 2013 as made on December 31, 2012. The other rule permits taxpayers to treat a distribution from the IRA to the taxpayer made in December 2012 as a charitable distribution, if transferred to charity before February 1, 2013.
We thought you might find these 2013 tax numbers just published by the IRS and SSA useful in your planning over the coming weeks. We are looking forward to another great season working with you!
* SOCIAL SECURITY taxable wage limit increases from 2012
limit of $110,100 to $113,700 for 2013. Retirees under
full retirement age can earn up to $15,120 without
* 401(k) MAXIMUM salary deferral increases from 2012
limit of $17,000 to $17,500. The catch-up limit for
50 and older remains unchanged at $5,500.
* SIMPLE maximum deferral increases from 2012 limit of
$11,500 to $12,000. The catch-up limit for 50 and
older remains unchanged at $2,500.
* IRA CONTRIBUTION limit increases from 2012 limit of
$5,000 to $5,500 ($6,500 for 50 and older).
* HSA CONTRIBUTION limit increases to $3,250 for
individuals and to $6,450 for families.
* KIDDIE TAX threshold increases from 2012 level of
$1,900 to $2,000.
* ANNUAL GIFT TAX EXCLUSION increases from 2012 limit
of $13,000 to $14,000.