President Obama signed a comprehensive transportation bill on July 6. The Moving Ahead for Progress in the 21st Century Act (MAP-21) (P.L. 112-141) extends highway excise taxes. Other provisions also provide for pension funding stabilization, enhance the ability of employers to transfer excess pension assets to fund retiree health benefits, provide for phased retirement authority for federal employees, and expand the definition of a tobacco manufacturer to include businesses operating roll-your-own cigarette machines.

Some individuals must pay estimated taxes or face a penalty in the form of interest on the amount underpaid. Self-employed persons, retirees, and nonworking individuals most often must pay estimated taxes to avoid the penalty. But an employee may need to pay them if the amount of tax withheld from wages is insufficient to cover the tax owed on other income. The potential tax owed on investment income also may increase the need for paying estimated tax, even among wage earners.

Stock is a popular and valuable compensation tool for employers and employees. Employees are encouraged to stay with the company and to work harder, to enhance the value of the stock they will earn. Employers do not have to make a cash outlay to provide the compensation, yet they still are entitled to a tax deduction.

In 2012, many taxpayers will have additional considerations when analyzing whether to sell investments before the end of the year or retain them in 2013. First, the Bush-era tax cuts are scheduled to expire at the end of 2012. This affects ordinary income rates, as well as rates on capital gains and dividends. Second, under the health care law, a new 3.8 percent Medicare tax on unearned income, including interest, dividends and capital gains, will take effect in 2013. Together, these real and potential changes may add up to hefty new taxes in 2013, unless Congress takes action otherwise.

The tax treatment of computer software can be a confusing area. Computer software is an intangible product itself, but it can be acquired in a variety of ways. It may be bundled with a computer processor (hardware), sold on a disc as computer software, downloaded over the Internet, accessed (but not downloaded) over the Internet, or developed by the taxpayer. It may be acquired by itself, or as part of a business. Thus, the treatment of computer software can vary, depending on the circumstances. In view of these variations, it is important to get proper advice as to the tax treatment of computer software.

When Congress passed the Patient Protection and Affordable Care Act and its companion bill, the Health Care and Education Reconciliation Act (collectively known as the Affordable Care Act) in 2010, lawmakers staggered the effective dates of various provisions. The most well-known provision, the so-called individual mandate, is scheduled to take effect in 2014. A number of other provisions are scheduled to take effect in 2013. All of these require careful planning before their effective dates.

As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important tax reporting and filing data for individuals, businesses and other taxpayers for the month of August 2012.

As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important tax reporting and filing data for individuals, businesses and other taxpayers for the month of July 2012.

The Supreme Court, in a 5 to 4 decision, has upheld the Patient Protection and Affordable Care Act of 2010, as amended by the Health Care and Education Reconciliation Act of 2010, the provisions together comprise the Obama health care laws. The landmark decision, handed down on June 28, focused on a key provision of the law the "individual mandate" and affirmed that it was constitutional under Congress's taxing power.

Yes, penalty relief under the IRS Fresh Start initiative was a one-time offer, which required individuals to file Form 1127-A, Application for Extension of Time for Payment of Income Tax for 2011 Due to Undue Hardship, by April 17, 2012.