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.
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.
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.
Uncorking CDO’s (Collateralized Debt Obligations)
- May 13, 2009
Have you ever wondered what the heck is a CDO anyway? Or how did CDO's bring down the world's greatest economy and lead to a worldwide financial crisis? This is a great demonstration of how CDO's work and how they were related to the financial crisis.
Breathing Easier After Bank Stress Tests? You Shouldn’t
- May 13, 2009
Largely unnoticed in last week's government report on the condition of the nation's biggest banks was the disclosure that five of them, topped by Bank of America, could lose $99 billion from the kinds of exotic bets that sank the global economy.
AICPA’s 1Q 2009 Economic Outlook Survey
- April 7, 2009
Each quarter the AICPA posts the results of the AICPA/UNC Kenan-Flagler Business and Industry Economic Outlook Survey. The survey was conducted of AICPA Business and Industry members between January 28, 2009 and February 12, 2009 and had 1,183 respondents. Most of the respondents are CFO's and controllers from privately owned companies.
Social Security Trust Fund Projected to Vanish Next Year
- April 1, 2009
The government has historically raided the Social Security trust fund using its surplus to make the deficit look smaller. Now the trust fund's annual surplus is forecast to vanish next year. President Obama has proposed applying payroll taxes to annual earnings over $250,000 to help fund the trust fund when the suplus vanishes.
60 Minutes Interview With Bob Bernanke
- March 16, 2009
See Bernanke's first TV interview about the financial crisis on 60 minutes.