Category Archives: Individual
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
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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
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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
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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
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Net Operating Loss Special Carryback Election
The Internal Revenue Service today issued a news release reminding eligible taxpayers that they must act soon if they want to take advantage of the expanded business loss carryback option included in this year’s American Recovery and Reinvestment Act (the … Continue reading
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Roth IRA Conversion Opportunity
You will hear of wars and rumors of wars, and tax increases and rumors of more tax increases to come. Tax year 2010 will offer at least one new tax planning opportunity for moderate to high income taxpayers, however. I … Continue reading
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Congress Gets Back to Work
Congress returns from its summer vacation tomorrow and has a lot on its plate. Health care reform will take most of Congress’ time. Wholesale tax reform is off the table until, my guess is, 2012. We can look for tax … Continue reading
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Starting a New Business
I haven’t cluttered your inbox with a tax update newsletter lately because, while a lot of tax proposals are floating around Washington, it is all posturing at this point. As things begin to jell somewhat, I’ll resume tracking legislation and … Continue reading
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Carryback of 2008 Net Operating Losses
The American Recovery and Reinvestment Tax Act of 2009 (also know as the Stimulus Act) contained important provisions that are applicable to 2008 business income tax returns currently being prepared. The amendments affects the carryback of 2008 net operating losses. … Continue reading
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COBRA Health Insurance Continuation Premium Subsidy
The American Recovery and Reinvestment Act of 2009 (the Stimulus Act), which became law February 17, includes 27 pages (by my count) of changes to the health benefit provisions of the Consolidated Omnibus Budget Reconciliation Act of 1985, commonly referred … Continue reading
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