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LATEST TAX NEWS
IRS to Regulate Tax Return Preparers
The Internal Revenue Service (IRS) kicked off the 2010 tax filing season with a proposal to impose new requirements for registration, testing and continuing education of tax return preparers. More on this story.
IRS Offers Tax Tips for 2009 Tax Returns
Before tax season really heats up, you may want to consider some tips from the Internal Revenue Service (IRS) to help you with your tax preparation and return filing this year. Here’s the advice the IRS has for you: More on this story.
Congress Leaves Tax Breaks in Limbo for 2010
So preoccupied is the Democratic leadership in the Senate with its massive health care restructuring effort that routine, yet essential, legislative work on important tax matters has been ignored. As a result, dozens of tax provisions benefiting individuals, businesses and charities–tax provisions that Senate leaders claim they support–were allowed to expire on December 31, 2009. More on this story.
Unemployment Taxes Will Rise in 2010
Businesses hit hard by the recession during the past two years are in for the tax system’s version of a follow-up sucker punch in 2010. In 35 states, the rate for unemployment taxes will rise (automatically, in most cases) due to the heavy toll absorbed by the state trust funds for the payment of unemployment benefits. More on this story.
Standard Mileage Rate Drops in 2010
Business travel is about to get more expensive–at least from a tax perspective. Starting on January 1, 2010, most of the standard mileage rates will drop, and your allowable expense deductions will drop with them. More on this story.
Last Chance Tax Savings on Car Purchases
Maybe you’re kicking yourself now for missing the Cash for Clunkers $4,500 giveaway that took place earlier this year. Maybe you think you’ve missed your best opportunity to buy a new car. Don’t fret. Purchasing a new vehicle (or two or three) before the end of the year could qualify you to take a special deduction on your 2009 tax return for the state and local sales and excise taxes you pay on your purchase. More on this story.
Don’t Add Tax Headache to Job Loss Heartache
If you are not alert to the tax considerations that come into play when job loss occurs, you may add a tax headache to the heartache of unemployment. There are things you should know to help you through the period after losing a job. More on this story.
Tip Income Reporting Program Extended
A tip income reporting program that has proven beneficial to employers and employees alike in the food and beverage industry has been extended for two additional years by the Internal Revenue Service. More on this story.
Year-End Tax Saving Tips
It’s that time of year again. We’re in December, the final month of the year, nearing the end of 2009. And as the calendar year ends, so does the tax year for most of us. In most cases, if we are going to do anything to reduce the 2009 tax bill, we need to do it by December 31. More on this story.
Five Year NOL Carryback for Businesses Big and Small
A new law enacted by Congress contains expanded net operating loss carryback provisions for businesses small and large. More on this story.
Save Taxes on Energy-Efficient Home Improvements
It’s November now. We’ve enjoyed the beauty of the dazzling fall colors, but now the leaves are brown and dropping steadily. The onset of winter could arrive before we know it, in the wink of an eye. Therefore, you may want to think seriously about getting started on those winterizing projects you’ve been planning for months. More on this story.
Congress Extends Greater Generosity to Homebuyers
You can ignore the warnings that you’ve been hearing recently that the first-time homebuyer tax credit is about to expire. You no longer need to rush out and close that deal for a new home by November 30, 2009. The homebuyer tax credit is alive and well–in fact, better than ever! More on this story.
Congress Acts to Extend Unemployment Benefits
The nation’s unemployment rate, now at 10.2 percent, continues to rise, the economy continues to shed jobs, and the total number of jobs lost since the recession began in late 2007 has reached over seven million. More on this story.
IRS Trying to Pay $123 Million in Undeliverable Refunds
Have you been waiting and wondering why you haven’t received the tax refund that you have been expecting? Well, it could be that the IRS just can’t find you. More on this story.
New Form Makes Requesting Your Tax Return Information Easy
The Internal Revenue Service has issued a new form with which you can request your own tax return information. It is intended to simplify and expedite the process. More on this story.
Health Care Reform October Update
Will there be a public option for health insurance coverage? Will Medicaid be expanded to cover more than 10 million newly eligible recipients? Will new excise taxes be imposed on various health sector industries? Will individuals and businesses be forced to buy health insurance, and will those that don’t be penalized with a new tax? And by the way, what’s the definition of “tax?” More on this story.
American Opportunity Credit Helps Parents and Students Pay for College
Many parents and college students will be able to offset up to $2,500 of the cost of college over the next two years under the new American Opportunity Tax Credit enacted as part of the American Recovery and Reinvestment Act of 2009. More on this story.
IRS Guidance Offered on Minimum Retirement Plan Distributions
Retirement plan administrators, plan participants and retirees have received guidance from the IRS regarding recent legislation–the Worker, Retiree, and Employer Recovery Act of 2008–that waives for 2009 the required minimum distributions from certain retirement plans. More on this story.
House Votes to Expand Unemployment Benefits and Extend FUTA Surtax
The annual extension of the 0.2 percent surtax paid by employers pursuant to the Federal Unemployment Tax Act (FUTA) has been linked to another expansion of the Emergency Unemployment Compensation (EUC) program in HR 3548, passed by the House of Representatives on September 22. More on this story.
White House Weighing New Homebuyer Tax Credit Extension
The White House is looking seriously at proposals to extend the first-time homebuyer tax credit, according to one of President Obama’s chief economic advisors. More on this story.
Six Recovery Act Tax Incentives for Individuals
With the current condition of our economy, you may be more concerned than ever about minimizing your income tax bill when it comes time to file returns again. Be sure you remain alert to the possibilities of reducing your tax bill by taking advantage of the tax credits authorized in the American Recovery and Reinvestment Act (the Recovery Act) earlier this year. More on this story.
Tax Breaks Help Pay Costs of College
As a new school year begins, you may be turning your attention more fully to the subject of how to pay for college education for yourself, your spouse, or your children. You will want to know how our tax laws attempt to support you in your efforts. More on this story.
IRS Offers Tips on Employee/Contractor Determination
As a small business owner, perhaps you have struggled with the question of how to obtain the services of an individual to perform a function needed in your business. Do you hire a new employee, perhaps on a part-time or temporary basis, that you will have to carefully supervise? More on this story.
IRS Gets Help From Swiss in Fight Against Tax Evasion
For those who thought their assets were safely tucked away in Swiss bank accounts, forever out of view of our American tax collectors, the day of reckoning will soon be here. More on this story.
$2.3 Billion Advanced Energy Project Tax Credit Program Announced
The Departments of Treasury and Energy jointly announced today the initiation of the $2.3 billion Qualifying Advanced Energy Project Program enacted by the American Recovery and Reinvestment Act (Recovery Act) earlier this year. The program will award $2.3 billion in tax credits to manufacturers of advanced energy equipment. More on this story.
Guidance Offered on Work Opportunity Tax Credit
A popular tax break for employers has undergone legislative amendment and expansion this year, and the Internal Revenue Service (IRS) recently offered guidance for implementation of the changes. More on this story.
Five IRS Tax Tips about the Home Office Deduction
With technology making it easier than ever for people to operate a business out of their home, many taxpayers may be able to take a home office deduction when filing their 2009 federal tax return next year. The IRS has just issued some Summertime Tax Tips that you may find helpful in determining whether you want to operate a small business from an office in your home. More on this story.
