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Category Archives: Tax Alerts
IRS Commissioner Outlines Agenda For 2010 And Beyond
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 Continue reading
Posted in Tax, Tax Alerts, Tax Planning
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IRS Reminds Homeowners About New Energy Credits To Help “Winterize” Your Home
Two expanded home energy credits are available to help homeowners lower both their winter heating bills as well as their 2009 tax bill, the IRS is reminding taxpayers. The nonbusiness energy property credit and the resident energy efficiency property credit can both be claimed by eligible homeowners when filing their 2009 federal income tax return. The credits are available when you itemize your deductions or take the standard deduction Continue reading
Congress Has Busy Tax Agenda As 2009 Comes To A Close
December is poised to be an important month for federal tax legislation as members of Congress work to finalize heath care reform, a possible jobs bill and more before the new year. Their ambitious agenda may keep lawmakers in Washington, D.C. beyond their scheduled mid-December holiday recess. Continue reading
Businesses Should Consider Asset Purchases Before 2009 Tax Incentives End
As the economic downturn took a toll on businesses, small and large, Congress reacted with legislation aimed at stimulating business investment. The Economic Stimulus Act of 2008, Emergency Economic Stabilization Act of 2008, and American Recovery and Reinvestment Act of 2009 all provide tax incentives for businesses, including additional 50 percent bonus depreciation, higher limits for first-year expensing, and shorter recovery periods for asset depreciation. Continue reading
Posted in Tax, Tax Alerts, Tax Planning
Tagged Business Tax, Tax Alert, Tax Planning
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Legislative Watch-House Bill Would Stave Off Estate Tax Repeal
A move is underway in Congress to stave off the sunset of the estate tax in 2010 and prevent a wholesale revision of the transfer tax rules in 2011. Continue reading
Posted in Tax, Tax Alerts, Wealth Management
Tagged Estate Tax, House Bill, Individual Tax, Legislative Watch, Tax
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Debate Continues Over Health Care Reform And Tax Incentives During Congress’ Summer Recess
Congress’ summer recess has been anything but quiet, as lawmakers address concerned Americans throughout the country at town hall meetings on controversial health care reform. A number of health care reform proposals are on the table, as well as revenue raisers to pay for those reforms.
Posted in Employee Benefits, Tax, Tax Alerts, Tax Planning, Wealth Management
Tagged Tax, Tax Alerts, Tax Planning
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Second Quarter 2009 Brings Many Important Tax Developments
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. Continue reading
Posted in Employee Benefits, Tax, Tax Alerts, Tax Planning, Wealth Management
Tagged Tax
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IRS Issues New Rules For 403(b) Retirement Plans
Changes Are Substantial While the Internal Revenue Service and Department of Labor have collectively spent a considerable amount of time and effort overseeing the compliance of the rules governing 401(k) retirement plans, they have spent very little time, up until … Continue reading
Posted in Accounting & Auditing, Employee Benefits, Tax, Tax Alerts
Tagged 403(b), Employee Benefit Plans, Non-Profit, Tax
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How Will Obama’s Tax Proposals Affect You?
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. Continue reading
Posted in Community Banking, Employee Benefits, Tax, Tax Alerts, Tax Planning
Tagged Green Book, Tax, Tax Alert, Tax Planning
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Energy credits can mean big tax savings, IRS reminds taxpayers
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). Continue reading
