Do You Do Business In More Than One State? Considering Expansion To Other States? New Tax Laws To Keep In Mind.

  • February 8, 2010

As if the economic downturn wasn’t bad enough, state taxing authorities are on the warpath — and your business may very well be in their crosshairs. With budget woes approaching crisis point across the country (witness California’s well-publicized meltdown), state treasuries are stretched painfully thin. In response to their empty coffers, state taxing authorities are actively targeting both in-state and out-of-state companies for income and sales tax compliance.

IRS Chooses To Wait For Congress To Act On Employer-Provided Cell Phone Tax Rules

  • February 1, 2010

IRS Commissioner Douglas Shulman has announced that the IRS will no longer attempt to draft rules on the taxation of employer-provided cell phones. Instead, Shulman reported that the agency will wait for Congress to take action. The commissioner made this announcement during a January 8 television interview. "We're quite hopeful Congress is going to act on this," Shulman stated, "In the meantime, we're not doing anything special or moving forward with any initiatives."

Fate Of Health Care Reform, Estate Tax Unclear As Congress Returns To Work

  • February 1, 2010

January brought two surprises to Capitol Hill. Health care reform, which appeared to be on a fast track to enactment, was significantly slowed by the Democrats' loss of their filibuster-proof majority in the Senate. Congress also did not pass a retroactive extension of the federal estate tax for 2010, leaving intact, at least for the immediate future, a new carryover basis regime. The new make-up of the Senate is expected to shift Congress' focus to more job creation measures, possibly with some targeted business tax cuts.

Hiring Additional Workers? New Info About The Work Opportunity Tax Credit.

  • January 25, 2010

With the economic conditions beginning to move in a positive direction many employers may find themselves needing to hire additional workers. The hiring of these new employees may qualify you for the Work Opportunity Tax Credit.

IRS Cuts Mileage Rate For Business Miles Driven

  • January 4, 2010

Low inflation contributed to a five cents drop in the standard business mileage reimbursement rate for 2010. Effective January 1, 2010, the standard business mileage rate will be 50 cents-per-mile, which is a drop from 55- cents-per-mile in 2009. The standard mileage rate for moving costs and medical expenses will also decline in 2010. The only mileage rate remaining the same is the rate for the charitable deduction, which is set by statute.

IRS Commissioner Outlines Agenda For 2010 And Beyond

  • January 4, 2010

In a major address in Washington, D.C. in December, IRS Commissioner Douglas Shulman described the agency's priorities for 2010 and beyond. As expected, the IRS chief promised that the agency would crack down on tax evasion, especially by wealthy Americans. Shulman also indicated that the IRS may explore joint audits with other tax authorities

Looking Back At 2009 And Getting Ready For Tax Time In 2010

  • January 4, 2010

Before 2010 begins in earnest, you may find it helpful to take one last look at important tax developments that occurred during 2009 to see what impact they may have on next year's tax strategies. To help, we have prepared a list of 2009 tax developments, selected from the perspective of their importance to you in 2010. Some of the developments on the list are ongoing, with endings yet to be written. With other developments, the law is firmly established, although application of some of them to New Year transactions may remain somewhat uncertain. In all cases, they are notable for their potential to play an important role in 2010 and beyond.

Congress’ New Year Resolution: Finish Work On Tax Bills

  • January 4, 2010

Although the Senate approved its massive health care reform bill, the Patient Protection and Affordable Care Act, Congress begins 2010 with a mountain of unfinished tax legislation from 2009. The unfinished tax bills mean practitioners and taxpayers face uncertainty, at least for the immediate future, over important issues such as estate tax, the alternative minimum tax (AMT), health care reform, and more. Some of these bills are on the fast-track for approval in early 2010; others will wait for Congress to finish work on higher priority items.

Deferred Tax Assets For Banks May Be Questioned By Regulators

  • December 7, 2009

Deferred tax assets on a bank's balance sheets have always been a problem for regulators. Most of the deferred tax assets are currently disallowed for capital purposes. And now with banks piling up losses and creating deferred tax assets due to net operating loss carryovers regulators are taking a harder look at these assets. Writedowns of these assets are expected and will more likely hurt regional and community banks.