- August 13, 2010
- Andrew Presti
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President Obama Signs Bill Modifying Foreign Tax Credit
President Obama signed Aug. 10 legislation (H.R. 1586) that makes a handful of changes to the foreign tax credit as a way to help pay for a temporary increase in funding for Medicaid and education. The signing of the Education Jobs and Medicaid Assistance Act of 2010 followed House passage of the measure after a […]
Read more- August 05, 2010
- Andrew Presti
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Back to the Basics: Common Gift Tax Return Mistakes
Donors report gifts subject to the gift tax and gifts subject to the generation-skipping transfer (GST) tax on Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return. The proper reporting of gifts on Form 709 depends on a number of factors, including the type of gift, who the gift is given to, and whether […]
Read more- August 04, 2010
- Andrew Presti
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FAQ: What’s new in back-to-school tax savings?
It is no secret to students, working individuals going back to school, and their families that the cost of education is becoming continuously more expensive year after year. The Tax Code provides a variety of significant tax breaks to help pay for the rising costs of education, from elementary and secondary school to college and […]
Read more- August 04, 2010
- Andrew Presti
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How do I…Set up a retirement plan for employees of my small business?
Many small employers want to offer their employees the opportunity to save for retirement but are unsure of how to go about setting up a retirement plan. In this article, we’ll explore three options that are widely used by small businesses: payroll deduction IRAs, SEP plans, and SIMPLE IRAs. Payroll deduction IRAs Many small employers […]
Read more- August 04, 2010
- Andrew Presti
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Deducting receivables as bad business debts
While the economy continues to slowly recover, many businesses continue to face customers struggling to pay outstanding bills for services or goods. The Tax Code provides relief to businesses faced with the inability to collect on accounts receivable. Businesses that are unable to get customers to pay the bill can claim a deduction for the […]
Read moreRecent Posts
- October 2022 Newsletter
- IRS Warns Taxpayers of Dirty Dozen Tax Scams for 2022, IR-2022-113
- IRS Urges Business Owners to Take Advantage of Tax Benefits for 2022, IR-2022-100; IR-2022-101; IR-2022-103; IR-2022-104
- President Biden Signs Inflation Reduction Act Into Law
- Simplified Portability Election Relief Procedure Updated, Rev. Proc. 2022-32