IRS releases examinations and collections statistics

  • April 29, 2009

The IRS has released the numbers behind its activities from October 1, 2007 through September 30, 2008 in a publication called the 2008 IRS Data Book. This annually released information provides statistics on returns filed, taxes collected, and the IRS's enforcement efforts.

How Do I? Figure the first-time homebuyer tax credit?

  • April 13, 2009

The Housing Assistance Tax Act of 2008 (2008 Housing Act) gave a boost to individuals purchasing a home for the first time with a $7,500 first-time homebuyer tax credit. The credit was enhanced from $7,500 to $8,000 and extended for certain purchases under the American Recovery and Reinvestment Act of 2009 (2009 Recovery Act). This article explains how to determine the credit for eligible first-time homebuyers.

AICPA’s 1Q 2009 Economic Outlook Survey

  • April 7, 2009

Each quarter the AICPA posts the results of the AICPA/UNC Kenan-Flagler Business and Industry Economic Outlook Survey. The survey was conducted of AICPA Business and Industry members between January 28, 2009 and February 12, 2009 and had 1,183 respondents. Most of the respondents are CFO's and controllers from privately owned companies.

IRS Provides COBRA Guidance

  • April 2, 2009

The Internal Revenue Service has issued guidance to clarify the COBRA benefits offered under the recently passed stimulus bill.

President’s Tax Proposals Stir Controversy

  • April 1, 2009

Several tax provisions in President Obama's proposed federal budget for fiscal year (FY) 2010 have garnered significant criticism on Capitol Hill since the Obama administration released the budget. Obama's proposed budget would cost $3.5 trillion, make major long-term changes to individual and business tax, and includes proposals to limit tax deductions for mortgage interest and charitable contributions for higher-income taxpayers, in addition to long-term plans that raise tax rates from their current level for higher-income individuals

IRS guidance fine tunes tax breaks in 2009 Recovery Act

  • April 1, 2009

The IRS is moving quickly to issue guidance on the many tax incentives for individuals and businesses in the American Recovery and Reinvestment Act of 2009 (2009 Recovery Act). Since Congress passed the multi-billion dollar stimulus package in February, the IRS has released guidance on the extended net operating loss (NOL) carryback for small businesses, the new Making Work Pay credit, the enhanced first-time homebuyer tax credit, the new COBRA subsidy, and the new sales tax deduction for motor vehicles.

Social Security Trust Fund Projected to Vanish Next Year

  • April 1, 2009

The government has historically raided the Social Security trust fund using its surplus to make the deficit look smaller. Now the trust fund's annual surplus is forecast to vanish next year. President Obama has proposed applying payroll taxes to annual earnings over $250,000 to help fund the trust fund when the suplus vanishes.