The IRS has offered more clarity about who is required to report the employer provided health insurance costs on employee W-2's. In 2011 it is optional for all employers, but in 2012 larger employers (250 or more employees) will have to begin reporting the value of health benefits provided. This does not mean that the benefits will be taxed, but is just additional information that is being provided to the IRS.
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Those living in counties declared a disaster area by FEMA (see link) will have penalties and interest waived for late filing and payment due to the storm systems and tornadoes that rolled through April 16th. More info here.
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If the recent tornadoes and storms caused you to file or pay late on your April 15th NC tax return, you can find relief by filing form 5500 with your return. More info is found on their website here:
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If you recently received a notice for NC DOR for tax year 2008, it may have been sent in error.
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If you enjoy the rewards of a credit card, but don't want the temptation of falling into consumer debt (or are trying to rebuild your credit), you may want to consider the Perkstreet Financial checking account. It pays 1-2% in rewards when you use your debit card (but ring it up as a credit card). The payment will immediately come out of your account, so no temptation to overspend, but you get a small cash back reward as well. Just another option that some might like.
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The AICPA has compiled a list of some of the authoritative accounting principles and rulings for homeowners associations. This could be a useful resource if you are trying to understand an audit better or to determine the appropriate accounting principle for your HOA.
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* The IRS does not guarantee a specific date that a refund will be deposited into a taxpayer's financial institution account or mailed. Taxpayers who e-filed can generally get refund information 72 hours after the electronic return data is acknowledged as accepted by the IRS. To check the status of a refund go to www.irs.gov and click on Where's My Refund? Taxpayers without internet access can get refund information by calling 1-800-829-1954 or 1-800-829-4477.2011 IRS e-file Refund Cycle Chart
| Transmitted & Accepted (by 11:00 am) between... | Direct Deposit Sent* | Paper Check Mailed* |
|---|---|---|
| Jan 14 and Jan 20, 2011 | Jan 28, 2011 | Feb 4, 2011 |
| Jan 20 and Jan 27, 2011 | Feb 4, 2011 | Feb 11, 2011 |
| Jan 27 and Feb 3, 2011 | Feb 11, 2011 | Feb 18, 2011 |
| Feb 3 and Feb 10, 2011 | Feb 18, 2011 | Feb 25, 2011 |
| Feb 10 and Feb 17, 2011 | Feb 25, 2011 | Mar 4, 2011 |
| Feb 17 and Feb 24, 2011 | Mar 4, 2011 | Mar 11, 2011 |
| Feb 24 and Mar 3, 2011 | Mar 11, 2011 | Mar 18, 2011 |
| Mar 3 and Mar 10, 2011 | Mar 18, 2011 | Mar 25, 2011 |
| Mar 10 and Mar 17, 2011 | Mar 25, 2011 | Apr 1, 2011 |
| Mar 17 and Mar 24, 2011 | Apr 1, 2011 | Apr 8, 2011 |
| Mar 24 and Mar 31, 2011 | Apr 8, 2011 | Apr 15, 2011 |
| Mar 31 and Apr 7, 2011 | Apr 15, 2011 | Apr 22, 2011 |
| Apr 7 and Apr 14, 2011 | Apr 22, 2011 | Apr 29, 2011 |
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