Individual Tax Breaks in the Stimulus Package

  • February 23, 2009

With its new and expanded tax benefits for individuals, the American Recovery and Reinvestment Act of 2009 seeks to get more money into the pockets of American consumers. College students and their families, homebuyers, and buyers of new cars are among the potential beneficiaries, but so too are low-income Americans, with the act’s continuation and expansion of such tax breaks as a higher eligibility limit for the earned income tax credit.

Reminder: Support Your Auto Expenses

  • February 23, 2009

Auto expenses are a very common deduction for business owners and employees who must travel. Often the taxpayer does not know the exact amounts necessary to calculate the proper deduction and the tax preparer must estimate the mileage, business percentage, and ultimate auto deduction with the client’s help. Tax preparers should remind their clients to have proper substantiation or, if the IRS examines the return, the deduction will more than likely be denied.

American Recovery and Reinvestment Tax Act of 2009

  • February 21, 2009

The much-anticipated economic stimulus package, the American Recovery and Reinvestment Act of 2009 (ARRTA), is now law. President Obama signed this historic measure on February 17. Moving through Congress in less than four weeks, the new law won House approval on February 13 by a 246-183 margin, followed by same-day Senate passage 60-38.

Your Retirement Goals Pushed Back?

  • February 20, 2009

Despite tightening their wallets, Americans are now further from achieving their retirement goals amidst the weakening economy. That’s the word from Bank of America in its new 2008 Retirement Savings Survey which says that a growing number of Americans are concerned that the current economic crisis is threatening to leave them further behind on their retirement plans.

American Recovery and Reinvestment Tax Act of 2009

  • February 18, 2009

Special Report Senate Passes Tax Stimulus Bill; White House Expects Final Bill By February 16

Independent Contractor Misclassifications Get Worse

  • February 11, 2009

The problem of companies evading taxes by misclassifying employees as independent contractors appears to be growing.

American Recovery and Reinvestment Tax Act of 2009

  • February 6, 2009

House Passes $275 Billion Tax Stimulus Bill; Senate Vote Nears

Treasury Releases Special TARP Terms for S Corporation Financial Institutions

  • January 16, 2009

Under its administration of the troubled asset relief program (TARP), the Treasury has updated its term sheet and released answers to frequently asked questions (FAQs) to provide relief to qualified financial institutions thatare S corporations.

Many Taxpayers Stand to Gain From New Laws

  • January 7, 2009

Wealthy Likely to Benefit Most From 2009 Changes; Putting More in Your 401(k) New Year's Day brought relief for most taxpayers, especially upper-income ones -- even as President-elect Barack Obama is proposing new tax cuts as part of his wide-ranging economic-stimulus package