December 21, 2010
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Individual and business extenders in the 2010 Tax Relief Act
In addition to extending the Bush tax cuts, providing relief from the AMT, and cutting the payroll tax by two percentage points, the recently enacted “Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010” (Tax Relief Act) extends a host of other important tax breaks for businesses and individuals. Individual tax relief. The […]
Read more- December 21, 2010
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Return of the estate tax in the 2010 Tax Relief Act
The estates of wealthy individuals who died in 2010 didn’t pay any federal estate tax, but that situation is about to change. Under the recently enacted “Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010,” the federal estate tax, which disappeared for 2010, springs back to life in 2011 and is imposed at […]
Read more- December 21, 2010
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AMT relief in the 2010 Tax Relief Act
There are two key provisions in the recently enacted “Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010.” The provisions extend partial relief to individual taxpayers from the alternative minimum tax, or AMT. Earlier temporary measures to deal with the unintended creep of the AMT’s reach expired at the end of 2009, meaning […]
Read more- December 21, 2010
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Overview of the tax provisions in the 2010 Tax Relief Act
The newly enacted “Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010” signed into law on December 17, 2010 is a sweeping tax package that includes, among many other items, an extension of the Bush-era tax cuts for two years, estate tax relief, a two-year “patch” of the alternative minimum tax (AMT), a […]
Read more- December 21, 2010
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2011 Withholding Tables Released
The Internal Revenue Service today released instructions to help employers implement the 2011 cut in payroll taxes, along with new income-tax withholding tables that employers will use during 2011. Millions of workers will see their take-home pay rise during 2011 because the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 provides a […]
Read more- December 20, 2010
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Displaced Workers and Deduction for Travel Expenses
In today’s economy, employees may be displaced from long-held jobs. They travel to new assignments and locations as businesses cut costs. Sometimes, employees may have to choose between being laid off or reassigned. In these situations, workers have often tried to deduct business or employment travel under IRC § 162(a)(2). Usually, CPAs must tell them […]
Read more- December 17, 2010
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Tax-cut deal wins final OK
The House passed an $858 billion package of extended tax cuts and stimulus spending late last night, saving at least hundreds of dollars for nearly all Americans and heralding the first broad bipartisan compromise of the Obama presidency. The 277-to-148 vote was a political victory for President Obama, who made the case for compromise over […]
Read more- December 13, 2010
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IRS Helps Small Employers Claim New Health Care Tax Credit
The Internal Revenue Service today released final guidance for small employers eligible to claim the new small business health care tax credit for the 2010 tax year. Today’s release includes a one-page form and instructions small employers will use to claim the credit for the 2010 tax year. New Form 8941, Credit for Small Employer […]
Read more- December 13, 2010
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Deficit Reduction: An Update on Capitol Hill Happenings
Deficit reduction is the hot topic in Washington with reports already released by the President’s bipartisan deficit commission and the bipartisan Rivlin-Domenici Debt Reduction Task Force. Co-chaired by former Congressional Budget Director Alice Rivlin and former Senate Budget Committee Chairman Pete Domenici, the task force’s mid-November proposals are the most far-reaching to date, with specific […]
Read more- December 13, 2010
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Technology: Best Smart Phone Apps
‘Tis the season when tech writers everywhere start compiling their year’s-end Top 10 Lists. When they turn their attention to iPhone apps, this is especially useful because it helps to know which ones among the hundreds of thousands can really save money and time. Most apps listed below, except where noted, offer versions for iPhone, […]
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