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Tuesday March

  • 2011
  • 15
Taxpayers and businesses that wish to donate to the earthquake relief for Japan should be aware that in order for the contributions to be tax-deductible, it must be made through a U.S. tax-exempt charitable organization and cannot be made directly to individuals, non-U.S. charitable organizations or entities. Read More

Thursday February

  • 2011
  • 24
One thing is for sure in the past few years, our tax system has become quite fluid with numerous changes every year. Included in President Obama’s budget proposal are a number of more proposed tax changes. Read More

Tuesday June

  • 2010
  • 15
As a result of changes made by the recently enacted Affordable Care Act, health coverage provided for an employee's children under 27 years of age is now generally tax-free to the employee, effective March 30, 2010.  Generally, under pre-Act law, to be a qualifying child of a taxpayer for this purpose, the child must have been the taxpayer’s dependent under age 19 (or under age 24 in the case of a full-time student).   Read More

Tuesday April

  • 2010
  • 13
A new California state law allows taxpayers to immediately exclude from their income the amount of mortgage debt on their home loan that has been forgiven by their lender. The law is retroactive to January 1, 2009 and generally brings California statutes into conformity with current federal law but with a lower maximum exclusion amount. Read More

Tuesday April

  • 2010
  • 13
The IRS has posted the finalized Form W-11, Hire Act Employee Affidavit, that a new hire signs under penalty of perjury indicating that he or she was employed for a total of 40 hours or less during the 60-day period ending on the date the employment begins, thus qualifying the employer for the new HIRE incentives. Read More

Thursday April

  • 2010
  • 8
A new tax change has been initiated that will change the rules for Sec. 179 expenses. This article will cover these changes and clarify "qualifying property" for purposes of the expensing election.

Generally, taxpayers can elect under Sec. 179 to expense the cost of business machinery and equipment placed in service during the tax year, instead of depreciating it over a number of years. As part of the stimulus legislation, these amounts had been temporarily increased for 2008 and 2009 and were scheduled to return to normal levels in 2010. Read More

Tuesday April

  • 2010
  • 6
Businesses can now take advantage of the new employer tax credit opportunities. This article discusses the new law in detail, including the new employee qualifications, employee documentation, and the payroll tax holiday. 

The “Hiring Incentives to Restore Employment Act of 2010,” more commonly referred to as the HIRE Act, was passed by Congress and recently signed into law by the President. The Act provides employers with incentives to hire unemployed individuals. The provisions of this new legislation apply to workers hired after Feb. 3, 2010, but only for wages paid after March 18 (the date the legislation was signed into law). Read More

Thursday April

  • 2010
  • 1
One of the most heavily debated pieces of legislation was passed this year. The massive health care bill will result in dramatic changes that will impact everyone. This article summarizes the key elements of the new legislation.

On March 23, 2010, President Obama signed into law the new health care legislation. The legislation will affect virtually every individual in one way or another and will significantly impact tax returns in the future. The following overview of the tax-related provisions of the legislation is based upon the House of Representatives’ version and the one signed by President Obama on March 24, 2010. At the time this article was prepared, the Senate was taking up the measure, but it is expected to pass without changes since only a simple majority is required. Read More

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