Essential year end tax planning Year-end tax planning could be especially productive this year because timely action can nail down a host of tax breaks that won’t be around next year unless Congress acts to extend them. These include, for individuals: the option to deduct state and local sales and…
Roth IRA Rollovers Mike Habib, EA I am writing to tell you of an interesting new rollover opportunity that’s coming up in a few months. After 2009, you will be able to roll over amounts in qualified employer sponsored retirement plan accounts, such as 401(k)s and profit sharing plans, and…
Extended and liberalized homebuyer tax credit rules Mike Habib, EA On November 6, the President signed into law H.R. 3548, the ”Worker, Homeownership, and Business Assistance Act of 2009.” The new law extends and generally liberalizes the tax credit for first-time homebuyers, making it a much more flexible tax-saving tool.…
IRS Back Taxes Mike Habib, EA You incur IRS back taxes when you haven’t been filing your income tax returns religiously every year. Tax season can be a stressful time and there are a lot of people who tend to overlook the deadlines so they find themselves having to rush…
Tax Debt Relief Mike Habib, EA 877-788-2937 If you failed to file your returns and the IRS is already calling your attention so you can pay for back taxes, you need to seek tax debt relief. These back taxes are derived from the SFR (Substitute For Return) filings that the…
Year-end tax planning letter Mike Habib, EA As year-end approaches, taxpayers generally are faced with a number of choices that can save taxes this year, next year or both years. Employees too are faced with these choices. However, employees have some special considerations to take into account that retirees and…
Tax Impact of Job Loss JOB LOSS CREATES TAX ISSUES The Internal Revenue Service recognizes that the loss of a job may create new tax issues. The IRS provides the following information to assist displaced workers. > Severance pay and unemployment compensation are taxable. Payments for any accumulated vacation or…
Do You Barter? Mike Habib, EA Bartering is the trading of one product or service for another. Usually there is no exchange of cash. Barter may take place on an informal one-on-one basis between individuals and businesses, or it can take place on a third party basis through a modern…
IRS Commissioner Doug Shulman addressed the National Association of Corporate Directors Governance Conference WASHINGTON — I realize that the IRS Commissioner has not customarily addressed the NACD’s corporate governance conference…but what I want to discuss with you this afternoon is the important role that boards of directors can play in…
U.S. Citizens Residing in Canada Liable for AMT Based on Foreign Tax Credit Limitation (Jamieson, CA-DC) Married U.S. citizens residing in Canada were liable for the alternative minimum tax (AMT) because the amount of foreign tax credits they could claim was limited by Code Sec. 59(a)(2) (prior to repeal by…