Author Archives: Ronnie McClure
Direct IRA Charitable Distributions
As I reported in my post of December 17, the recently passed and signed tax act contained an extension for two years (i.e., 2010 and 2011) of the provision that permits tax-free distributions to charity from an Individual Retirement Account … Continue reading
Posted in Uncategorized
Leave a comment
New Withholding Details Now Available on IRS.gov
Wow, the Internal Revenue Service is really on top of things. The Service today released instructions to help employers implement the 2011 cut in payroll taxes enacted by Congress last night and signed by the President this afternoon, along with … Continue reading
Posted in Uncategorized
Leave a comment
Tax Act Passes House Without Amendment
The deed is done. Last night the House of Representatives by a vote of 277-148 passed the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 without amendment. The Act now goes to the President for signature. I … Continue reading
Posted in Uncategorized
Leave a comment
Tax Bill Passes the House Without Amendment
The deed is done. Last night the House of Representatives by a vote of 277-148 passed the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 without amendment. The Act now goes the President for signature. I summarized … Continue reading
Posted in Uncategorized
Leave a comment
The President’s Tax Deal and Resulting Proposal
As you know, I send these newsletters out when I feel there have been changes in tax law significant enough to warrant the attention of my clients and friends. While the health care legislation earlier this year contained sweeping tax … Continue reading
Posted in Uncategorized
Leave a comment
Tax-exempt Status May Be At Risk
In late July, the Internal Revenue Service announced that tax-exempt organizations that have not filed tax returns for 2007, 2008, and 2009 are at risk of losing their tax-exempt status on October 15 of this year. These organizations can preserve … Continue reading
Posted in Exempt Organizations
Leave a comment
Extension of Enhanced Small Business Expensing
The President recently signed into law the “Hiring Incentives to Restore Employment Act of 2010” (the Act; PL 111-147). The Act gives a one-year lease on life to enhanced expensing rules under section 179 of the Internal Revenue Code, which … Continue reading
Posted in Business, Individual
Leave a comment
Payroll Tax Holiday Under the New HIRE Act
This is the first of several articles I will post regarding recently passed federal tax legislation. Articles concerning tax provisions contained in the Patient Protection and Affordable Care Act (the Healthcare Act), signed by the president on March 23, will … Continue reading
Posted in Business, Individual
Leave a comment
Certain 2010 Haiti Earthquake Contributions Deductible in 2009
On January 22, 2010, President Obama signed into law “An Act to Accelerate the Income Tax Benefits for Charitable Cash Contributions for the Relief of Victims of the Earthquake in Haiti” (the Act). This legislation allows individuals and corporations to … Continue reading
Posted in Individual
Leave a comment
Status of the Transfer Tax System
I never thought the U.S. Congress would leave taxpayers hanging as it did at the end of 2009, particularly with respect to the status of the transfer tax system. The Senate got so hung up on healthcare legislation at the … Continue reading
Posted in Individual
Leave a comment
