The American Taxpayer Relief Act of 2012 was signed into law on January 2, 2013. This new law modifies or extends many business tax breaks, and also contains many changes to individual income tax. There are substantial additional changes in this act, but the following are most likely to impact you and/or your business.

A multiemployer pension plan is used by an employer to provide a benefit to their employees in a plan that is shared with multiple employers, usually in similar industries. Under previous accounting principles, employers were only required to disclose their contributions to the plan without disclosing the funded status of the plan.

What We Have Seen in 2012: Credit unions have been more profitable in 2012, compared to 2011. Through the first six months of 2012, credit unions increased their return on assets 0.84%. The number of credit unions in the nation has been declining, but they are still seeing steady growth in number of members and total assets.

Organizations with fewer than 100 employees significantly trail their counterparts in the implementation of formal antifraud controls, according to a worldwide survey by the Association of Certified Fraud Examiners (ACFE).  Antifraud experts say formal controls can help small businesses prevent and detect instances of fraud that, left undiscovered, could lead to costly losses and possibly...

If you haven’t yet filed forms 1096 or W-3 with the IRS or SSA, it will be easier to fix a mistake on them without the need to file amended returns. However, if you have already filed forms 1096 or W-3 with the government, and there are errors on those forms, then you will also have to file amended reports which can be complicated and time consuming. So, file those 1096s and W-3s closer to their due date to avoid potential amended return filings.

Recent surveys indicate that individuals and businesses purchasing goods over the internet are not properly remitting sales or use tax, many times in violation of state law (the estimated non-compliance rate in California was greater than 98%).