Second Quarter 2009 Brings Many Important Tax Developments

  • August 4, 2009

The second quarter of 2009 saw significant federal tax developments from the White House, Congress and the IRS. Many of the developments relate to temporary tax breaks in the American Recovery and Reinvestment Act of 2009 (2009 Recovery Act), which Congress passed in February to help stimulate the U.S. economy. Additionally, important guidance for individuals, businesses and pension plans also came from the IRS. This article describes some of federal tax developments that occurred during the second quarter of 2009.

Lawmakers Struggle To Pay For Health Care Reform

  • August 4, 2009

Health care reform continues to elude Congress as lawmakers struggle to find ways to pay for its estimated $1 trillion cost. The House is poised to pass a massive health reform bill, America's Affordable Health Choices Act (H.R. 3200), which includes a surcharge on higher income individuals. The Senate, however, is unlikely to pass its version of health care reform before Congress' August recess. A final bill is not expected to pass Congress until the fall or maybe later.

If You Are “Rich” Obama Wants Your Money

  • July 20, 2009

If you were taking a wait and see approach to assessing the Obama presidency you might want to read this article by Bill Carlino of Accounting Today. In his article he describes all of the changes implemented by the Obama administration so far and several of the proposed changes. If you are "rich" according to Obama's definition be prepared!

IRS Issues New Rules For 403(b) Retirement Plans

  • July 1, 2009

written by Joe Page Changes Are Substantial While the Internal Revenue Service and Department of Labor have collectively spent a considerable...

IRS Updates COBRA Premium Assistance Guidance For Employers And Dislocated Workers

  • July 1, 2009

Many unemployed individuals want to keep their former employer-provided health insurance but the cost is too high. To help pay for COBRA continuation coverage, the American Recovery and Reinvestment Act of 2009 (2009 Recovery Act) provides a temporary subsidy. COBRA premium assistance is available for individuals who are involuntarily terminated from employment between September 1, 2008 and December 31, 2009.

Roth Conversions – Should You Wait For 2010, If At All?

  • June 30, 2009

There are a number of advantages for starting a Roth IRA account, the most important being that all the investment earnings grow tax-free, and qualified distributions are tax-free. Additionally, you can continue to make contributions to your Roth after you turn 70 1/2 and are not subject to the required minimum distribution rules. Currently, only individuals who have a modified adjusted gross income (AGI) of less than $100,000 and/or who do not file their return as "married filing separately" can contribute to a Roth IRA, or convert their traditional IRA to a Roth.

How Business Can Leverage The Tax Benefits Of Recent Stimulus Package

  • June 9, 2009

I found a great analysis of the American Reinvestment and Recovery Act of 2009 published by the AICPA this week. The analysis is titled "ARRA Part 1: How Business Can Leverage the Tax Benefits of ARRA 2009" and it covers some key planning opportunities available for businesses. Please read the analysis and let me know your thoughts.

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.