企业税法复习资料1.docx

CHP 1,2,3FICA TAX - 2 portions: Social Security and Medicare- Employer share matches employee’s payments except 2011, 12. For 2011 and part of 2012, SSI employee share only reduced to 4.2%- SSI base in 2012 is $110,100 per employee, 6.2% SSI ($113,700 in 2013).- Medicare base is unlimited, 1.45% Medicare- Self employed TPs pay employer share and employee share based on their NI. ESTATE GIFT TAX Rates: Gift Estate rate in 2012 is 35%. (2013 is 40%.)- Subject to many year-to-year law changes. Based on value of assets transferred to another. Cumulative lifetime and death time calculation (called Unified Transfer Tax)- Gifts during life excluded from gift tax: $13,000 per done/ year (2012) plus $5,120,000 cumulative excess over lifetime in 2012 (2013 is $14,000 per donee + $5,250,000)- For gifts during life and at death an unlimited amount is allowed if made to spouse.- On death, allowed remaining balance of cumulative excess (called the unified credit equivalent amount) during life.- 2nd to die of married couple gets to use spouse’s unused unified credit. STATUTE OF LIMITATIONSDue Date Of Return For Individual- 3 ? months after year end (add if this falls on weekend or holiday)- Extension to file allowed for 6 additional months (No extension to PAY allowed though.) IRS Assessments - 3 years from the later of: April 15 or Date return filed- If gross income is understated by 25%, it’s 6 years.- If fraud or no return filed, no time limit.TP Refund Request. Later of: - 3 years date return was filed (or 4/15 if later) or- 2 years date tax was paid.- Interest is assessed by IRS from return due date to payment.- Interest is paid by IRS from 45 days after return due date to paymentTP PENALTIESFailure To File Return: 5% per month up to 5 monthsFailure To Pay Tax: 0.5% per Month up to 50 months * Partial month counts as a whole month* If both apply in any month, file penalty is reduced to 4.5%* Penalties start accruing upon April 15 Note: Interest is also assessed on tax +