EM NARI Newsletter February 2012 : 2
Eastern Massachusetts Chapter 2012 OFFICERS President Glenn Travis First Vice President Stephen Doucet, CR, CKBR and CLC Second Vice President Mark Paskell Third Vice President Jim Lavallee Treasurer Andrew T. Kofman, CPA Secretary Michael P. Sams, Esq Chairman of the Board Gary Morrison, CR Executive Director Ann Dubé EM NARI Offices Other Tax Changes for 2011 Landlords -Rules for Tax Year 2011 Individuals receiving rental income from real estate must file Form 1099 if they make payments for services (such as plumbing, painting, accounting etc.) to an individual totaling more than $600. This rule is similar to businesses and the IRS has included questions right on the tax returns inquiring as to if 1099s should be prepared and were they prepared. Retained Worker Credit If employees were hired after 2/4/10 and worked at least 52 consecutive weeks, the company may be eligible for a tax credit (other conditions apply). Health Care Tax Credit If the Company paid more than 50% in total of employee’s health insurance premiums other than owners, the company may be eligible for a tax credit (other conditions apply). Extension for 2 months 2% reduction in employee social security withholding for Tax Year 2012. It may be extended for the entire year. For January and February 2012, employee social security withholding drops from 6.2 % to 4.2%. The Employer’s matching contribution of 6.2% does not change. Self employed individuals will also benefit from the 2% decline for 2011 only. This article gives general information and not specific advice. Please consult with a qualified professional tax advisor on how this information applies to your specific situation. This information is not intended to be nor can it be used by any taxpayer for the purpose of avoiding tax penalties. 831 Beacon Street, #186 Newton Centre, MA 02459 Tel: 508-907-6249 Fax: 617-663-6566 firstname.lastname@example.org www.emnari.org NARI Headquarters 780 Lee Street, Ste 200 Des Plaines, IL 60016 847-298-9200 www.nari.org The EM NARI NEWS is dedicated to providing education and information to NARI Members in the remodeling field and related industries. Andrew T. Kofman, JD, CPA email@example.com EM KNow NARI News Issue members 00 | Month Year | 15 4 times | DID You that | NARI network a year? Become a member today.
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