Will I be under withheld for 2009 Taxes?

  • June 5, 2009

Your federal tax withholding has recently been reduced and there may be a consequence come tax time. In all likelihood, the reduction is attributable to the Making Work Pay Credit.

President Obama releases details about tax incentives for individuals

  • June 1, 2009

Just over 100 days into his administration, President Barack Obama is releasing more details about his tax policies. The Treasury Department's recently published "Green Book" (which is called green for the color of its cover) describes the president's tax proposals. As expected, many of the proposals build on the president's campaign promises to cut taxes for middle-income individuals. Congress has already begun drafting legislation and debating the president's proposals, which could be enacted into law later this year.

How Will Obama’s Tax Proposals Affect You?

  • May 29, 2009

CCH recently published their Tax Briefing on the Obama Administrations "Green Book" of tax proposals. The Obama administration released much-anticipated details about its proposed tax cuts and revenue raisers on May 11. The Treasury Department’s General Explanations of the Administration’s Fiscal Year 2010 Revenue Proposals (also known as the “Green Book”) describes the administration’s tax agenda.

Valuations for Financial Reporting in Today’s Market

  • May 13, 2009

The current economic environment has presented unprecedented circumstances for members of the business valuation profession. Those who perform valuations for financial reporting are grappling with issues surrounding impairment, market capitalization versus fair value determinations, reasonable rates of return, and active versus distressed and inactive markets, to name a few.

Energy credits can mean big tax savings, IRS reminds taxpayers

  • May 1, 2009

Taxpayers seeking to reduce their energy bills should not overlook valuable savings from energy tax credits. The IRS recently reminded both individuals and businesses that they can benefit from enhanced and extended energy-saving tax credits in the American Recovery and Reinvestment Tax Act of 2009 (2009 Recovery Act).

FAQ: Can the first-time homebuyer credit be claimed in advance of a purchase?

  • May 1, 2009

No. Many individuals may be considering buying a new home in 2009 as home prices continue to drop in many areas across the country. They may also be wondering if they can claim the $8,000 first-time homebuyer tax credit before actually purchasing the home. Although this might generate a refund you could use as a down payment, the IRS will not allow you to claim the credit in advance of a purchase.

How Do I? Determine if someone has been ‘involuntarily terminated’ for purposes of the new COBRA subsidy?

  • May 1, 2009

Individuals who have been “involuntarily terminated” from employment may be eligible for a temporary subsidy to help pay for COBRA continuation...

Using fringe benefits as an income substitute during the economic downturn

  • May 1, 2009

Many businesses are foregoing salary increases this year because of the economic downturn. How does a business find and retain employees, as well as keep up morale, in the face of this reality? The combined use of fringe benefits and the tax law can help. Some attractive fringe benefits may be provided tax-free to employees and at little cost to employers

Tax lessons from the 2009 filing season

  • May 1, 2009

You've just filed your 2008 tax return and the last thing you likely want to think about is the next filing season. However, it never hurts to have a leg up, and with the end of filing season and the 2009 tax year well underway, now is a great time to take a look back and learn some lessons from this filing season that can undoubtedly help you next year. The following is a list of top lessons individuals can learn from this year's filing season in anticipation of filing their 2009 returns for next year.