IRS urged to issue pre-April 15 guidance for Madoff victims An influential voice in politics, former New York State Governor George Pataki, has asked IRS to issue pre-Apr. 15 guidance for victims of the Ponzi scheme alleged to have been perpetrated by dealer and advisor Bernard Madoff and his firm.…
While the new law tax changes in the Emergency Economic Stabilization Act of 2008 were the most significant developments in the final quarter of 2008, many other tax developments may affect you, your family, and your livelihood. These other key developments in the final quarter of 2008 are summarized below.…
As you start to organize your records for your 2009 tax preparation, I thought you might find this brief rundown of 2009 tax changes useful. * ADOPTION TAX CREDIT increases to $12,150 for adoption of an eligible child. * SECTION 179 maximum deduction decreases to $133,000. Phase-out threshold is $530,000.…
No More Tax Problems in 2009 Mike Habib, EA Here is a New Year resolution you can’t afford to ignore… No more tax problems!! Yes, you can get rid of your tax problems in 2009. You can solve your tax problems and get tax relief through our tax resolution services.…
IRS tips for year-end charitable contributions IR 2008-138 Mike Habib, EA IRS reminds individuals and businesses making contributions to charity that they should keep in mind several important tax law provisions that have taken effect in recent years. One provision offers older owners of individual retirement arrangements (IRAs) a different…
IRS boosts 2008 housing cost allowances for those working abroad in high-cost areas Notice 2008-107, 2008-50 IRB Mike Habib, EA A new Notice effectively increases the maximum housing cost exclusion for U.S. citizens and residents working abroad in specified high-cost locations. The increases are based on geographic differences in foreign…
Year-end tax planning client letter with checklist As the end of the year approaches, it is a good time to think of planning moves that will help lower your tax bill this year and possibly the next. Factors that compound the challenge include the stock market’s swoon, the difficult economic…
How businesses are affected by tax changes in the Emergency Economic Stabilization Act of 2008 As I’m sure you’re aware, on Oct. 3, 2008, the President signed into law the Emergency Economic Stabilization Act of 2008 (P.L. 110-343). Although virtually all of the press coverage of this law has concentrated…
Once is enough as far as collection of the trust fund recovery penalty is concerned Chief Counsel Advice 200838027 The IRS has issued a new Chief Counsel Advice (CCA) on the trust fund recovery penalty. The IRS notes that the CCA may not be used or cited as precedent. IRC…
Year end planning moves that optimize enhanced election to expense business property Thanks to the Stimulus Act of 2008, most small businesses, and even moderate-sized businesses that don’t have huge capital equipment needs, may be able to claim a full Code Sec. 179 expensing deduction for the cost of business…