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- 1099-Misc Reporting – If you paid someone more than $600, you may be required to send them a 1099-Misc. The IRS is starting to enfore the rules and asses larger penaltie if you fail to file 1099's and you were met the requirments.
- Schedule D reporting requirements – New Form 8949
- New Form 8938 – Foreign Asset Reporting - See Notice 2011-55 for more information
- New Reporting Requirements for Credit Card Sales and New Form 1099-K
- Last year for higher § 179 deduction
- Small Business Health Care Credit – Possible credit available if you provide Health Insurance for your employees
- Capital Gain Rates of 10% and 15% extended through 2012
- Charitable Contributions – documentation must met IRS requirements to be deductible
- IRS is now requesting and accepting electronic data files (i.e. Quickbooks).
- Estates – Portability of Unused Exemption - Amount is available to carryover to spouse if election is timely made by filing Form 706. See Notice 2011-82 for more information.
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