Archive for Taxes
Celebrity Tax Troubles
It seems the IRS has no intention of letting celebrities off the hook from their tax obligations either. Take a look at this list from WebCPA that has compiled some of the most noteworthy celebrities, politicians, and sport athletes in tax trouble. http://www.webcpa.com/channels/celebrity_tax.html
Alert: Annual Minutes Disclosure Solicitation
“Ohio Corporate Compliance,” has mailed solicitations titled “Annual Minutes Disclosure Statement” to corporations in Ohio. These solicitations offer to process corporate meeting minutes on behalf of the corporation for a fee of $150.00. Despite the implications contained in the solicitations, Ohio corporations are not required by law to file corporate minutes with the Ohio Secretary […]
New Federal COBRA Subsidy – Employer Actions Required
The American Recovery & Reinvestment Act of 2009 (ARRA) includes a federally-funded COBRA continuation subsidy of 65%, which lasts up to nine months for workers (and their families) involuntarily terminated between September 1, 2008 and December 31, 2009. The effect of this law is that the employer must pay the 65% subsidy and then recover […]
Business Provisions – 2009 Economic Stimulus Act
On February 17, President Obama signed into law the “American Recovery and Reinvestment Act of 2009” (the 2009 Economic Stimulus Act). This new legislation was passed to aid our ailing economy and includes a wide variety of tax provisions, many of which will affect small businesses. Included below are highlights of the more prominent provisions. […]
UPDATE! Tax Credit to Aid First-Time Homebuyers
To stimulate home sales, Congress established the first-time homebuyer credit in 2008 and then modified it for 2009, resulting in two significantly different sets of rules for each. Besides increasing the credit to $8,000 for 2009 ($7,500 for 2008), the most significant change is that the credit in 2008 was actually an interest-free 15-year loan, […]
Home Energy Credits-Favorable Changes
The “American Recovery and Reinvestment Act of 2009” (the 2009 Economic Stimulus Act) expanded the residential energy improvement credit for 2009 and 2010 (this credit was last available in 2007) and extended and expanded the tax credit for residential solar and fuel cell equipment through 2016. This gives taxpayers who want to “go green” a […]
2009 Economic Stimulus Act
On February 17, President Obama signed into law the “American Recovery and Reinvestment Act of 2009” (the 2009 Economic Stimulus Act). This new legislation was passed with the purpose of aiding our ailing economy and includes a wide variety of tax provisions, many of which will affect both individuals and small businesses. Included below are […]
Tax Benefit to Aid First-Time Homebuyers
Now may be a good time to purchase a home as a lot of good deals are awaiting those with a down payment to facilitate a purchase. If you are a first-time homebuyer, you can benefit from a limited-time tax break designed to help first-time homebuyers afford the down payment on a home. For home […]
Some Extension Due Dates Earlier for 2009
The extended due dates for returns of calendar year trusts and estates (1041), partnerships (1065), and certain other returns that generate form K-1s have historically been the same as for individual returns (1040). Since these returns generally include information that is required to complete the individual returns of beneficiaries or partners, having the same extended […]
A New Twist for Home Sales
With the advent of the home sale gain exclusion back in the 1990s, taxpayers have been using that provision of the law in a popular strategy to exclude gain, not just from their primary residence but from rentals and second homes as well. They do that by moving into and making the rental or second […]