The New York Times news analysis, Nationalization Gets a New, Serious Look by David E. Sanger, examines "one of the most politically delicate questions about the financial bailout: Is the president prepared to nationalize a huge swath of the nation's banking system?"...
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According to the New York Times article Senate Confirms Geithner for Treasury, dated January 27, Timothy F. Geithner was sworn in as secretary of the Treasury on Monday evening by a vote of 60 to 34. Posted by Min Young Choi, Associate Editor, Wealth...
IRS Tax Tip 2009-20 introduces ten things you may not know about the earned income tax credit. The following is a brief overview: 1. A quarter of all taxpayers that qualify don't claim the credit. 2. If you qualify, it...
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IRS News 2009-011 announces that for many investors, year-end forms are to arrive later. Many investors will receive their year-end tax statements later than in past years, but these forms are likely to be more accurate, according to the Internal Revenue Service. ...
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The Center on Budget and Policy Priorities released a report, "High Cost of Estate Tax Repeal," by Chye Ching Huang. The report, updated on January 28, 2009, argues that "making permanent the repeal of the estate tax after 2010 ... would add...
According to IRS News 2009-008, the Internal Revenue Service and community partners nationwide today kicked off EITC Awareness Day to promote a tax credit that could be a critical financial lifeline to many Americans this year. The agency also announced...
According to the CCH Tax News article, "Economic Stimulus Bill Passes House Without GOP Support" published on January 29, 2009, "House Democratic leaders successfully passed the American Recovery and Reinvestment Bill of 2009 (HR 1)" on January 28 by 244 to 188...
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Fed Prepared to Purchase Treasurys, Keep Rates Steady According to the Wall Street News Alert on Jan. 28, 2009, the Federal Reserve, unable to lower rates further, said it is prepared to purchase long-term Treasurys in order to keep rates...
IRS Publication 17, available on IRS.gov, contains helpful information for individual taxpayers. IRS experts have pulled together an overview of common tax issues in one convenient place -- Publication 17, Your Federal Income Tax.This year for the first time, the...
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IRS Special Edition Tax Tip 2009-2 advises taxpayers on how to avoid errors on the recovery rebate credit:Most taxpayers who received the economic stimulus payment last year will not be able to claim the Recovery Rebate Credit on their...
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IRS Tax Tip 2009-16 advises taxpayers to prepare and file federal tax returns electronically:If you have access to a computer and the Internet you may be eligible to prepare and file your 2008 federal tax return electronically -- for free....
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IRS Tax Tip 2009-19 advises taxpayers to have their federal tax refund deposited directly into their bank accounts:Don't wait around for a paper check. Have your federal tax refund deposited directly into your bank account. Choosing Direct Deposit is a...
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Notice 2009-15 sets forth the manner in which the Treasury Department and the IRS will determine and announce the credit rates for certain tax credit bonds for purposes of sections 54, 54A, 1400N(l), and similar provisions. It will be published...
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The IRS provides tips for recently married or divorced taxpayers:If you were married or divorced recently, there are a couple of things you'll want to do to ensure the name on your tax return matches the name registered with the...
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Revenue Procedure 2009-16 supplements Rev. Proc. 2008-65, 2008-44 I.R.B. 1082, to provide additional guidance under section 3081 of the Housing and Economic Recovery Act of 2008. It will be published in IRB 2009-6 dated Feb. 9, 2009.Posted by Min Young Choi, Associate...
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IRS Fact Sheet 2009-08 covers details about the National Disaster Relief Act of 2008 that provides tax relief for victims of federally declared disasters occurring after Dec. 31, 2007, and before Jan. 1, 2010. A brief overview:Section 706 provides relief to...
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The latest Tax Hints issue from the IRS is now available. Get ready for the filing season with these key messages from the IRS.Posted by Min Young Choi, Associate Editor, Wealth Strategies Journal....
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According to the IRS, the recovery rebate credit may be available for those of your clients who did not get the economic stimulus payment last year. But chances are if they did get the economic stimulus payment, they can't claim...
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Revenue Procedure 2009-16 supplements Rev. Proc. 2008-65, 2008-44 I.R.B. 1082 by providing guidance on the time and manner for making the new § 168(k)(4) election, the allocation of the credit limitation increases allowed by this election among members of a...
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IRS Tax Tip 2009-15 advises that If you changed your home or business address, you'll want to remember these six tips to ensure you receive any refunds or correspondence from the IRS. 1. You can change your address on file...
Corrected version of Notice 2009-15 sets forth the manner in which the Treasury Department and the Internal Revenue Service will determine and announce the credit rates for certain tax credit bonds for purposes of sections 54, 54A, 1400N(l), and similar...
IRS Tax Tip 2009-14 notes the easy accessibility of free tax forms and publications on a wide variety of topics. If you need IRS forms or information, try one of these easy options: Internet: You can access forms and publications...
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Deloitte will have a special edition webcast on January 29, 2:00 PM EST concerning foreign withholding and information reporting. With the recent elevation of IRC Section 1441 - foreign withholding and information reporting - to Tier I status, the IRS...
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Notice 2009-15 sets forth the manner in which the Treasury Department and the Internal Revenue Service will determine and announce the credit rates for certain tax credit bonds for purposes of sections 54, 54A, 1400N(l), and similar provisions. Notice...
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The following are some recent announcements by the IRS concerning small businesses:IR-2009-5, E-File Opens for 2009 with New Features to Expand Taxpayer Access, Help Speed Refunds REG-116699-07 contains proposed regulations that provide guidance on Form 2290, Heavy Highway Vehicle Use...
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Information on tax changes for businesses and business tax credits is available on IRS.gov.In addition, IRS.gov has Tax Tips and Fact Sheets to help you navigate the 2008 filing season. Posted by Min Young Choi, Associate Editor, Wealth Strategies Journal....
SBTV.com (Small Business Television Network) is expanding their news coverage of tax issues to Wednesdays and Thursdays.This month learn about keeping records, tip income, paying taxes electronically, bartering and morePosted by Min Young Choi, Associate Editor, Wealth Strategies Journal....
The IRS wants taxpayers to know that the EITC Information for Employers can help you increase your employees' take-home income at no cost to you. Nearly one in four workers miss out on thousands of dollars every year because they...
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The National Taxpayer Advocate's 2008 Annual Report to Congress is now available. It addresses issues that due to the current economic situation are affecting small businesses. The report includes legislative recommendations, the most litigated issues, and case and systemic advocacy.Posted...
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Starting in 2009 there will be new processes for correcting errors on employment tax returns.Form 941-X, the Adjusted Employer's Quarterly Federal Tax Return or Claim for Refund, makes correcting errors on employment tax returns easier. Additional forms for adjusting and correcting...
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Ernst & Young provides information about the insurance industry on its Global Insurance site. The inaugural study published on E&Y's site, Ernst & Young's inaugural Insurance Finance 2010 study (pdf, 611K) asked CFOs to take a forward-looking view of how...
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TD 9443 contains final regulations relating to postponement of certain tax-related deadlines either due to service in a combat zone or due to a federally declared disaster. The regulations reflect changes in the law made by the Victims of Terrorism...
Revenue Ruling 2009-04 holds that Dubai Mercantile Exchange, a United Arab Emirates Authorized Market Institution, is a qualified board or exchange within the meaning of section 1256(g)(7)(C) of the Internal Revenue Code. This ruling is effective for Dubai Mercantile Exchange...
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Revenue Ruling 2009-05 provides various prescribed rates for federal income tax purposes including the applicable federal interest rates, the adjusted applicable federal interest rates, the adjusted federal long-term rate, the adjusted federal long-term tax-exempt rate. These rates are determined...
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REG-116699-07 contains proposed regulations that provide guidance on mandatory electronic filing of Form 2290, "Heavy Highway Vehicle Use Tax Return," for 25 or more vehicles; credits or refunds for sold, destroyed or stolen vehicles; and paying tax on the...
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IRS Tax Tip 2009-10 advises tax payers to file prior year returns now. The failure to file a federal tax return can be costly, whether by ending up owing more or missing out on a refund. If you owe taxes,...
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According to A.E. Feldman, an executive search and consulting firm, in their blog entry, Demand for Accountants to Remain Strong in 2009, "despite the current recession, demand for accountants remains strong. Although a number of industries are cutting back, the...
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According to Holland & Knight, Steven Nesmith, TARP II - Proposed Congressional Amendments to TARP (Jan. 14, 2009), House Financial Services Committee (the "Committee") Chairman Barney Frank (D-MA) introduced H.R. 384, the TARP Reform and Accountability Act of 2009 on...
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According to Holland & Knight, Steven Nesmith, President Bush, on Behalf of President-Elect Obama, Requests that Congress Authorize the White House to Spend the Second Half of the $700 Billion Troubled Asset Relief Program Financial Bailout Fund (Jan. 14, 2009), the...
Deloitte is hosting the following webcast regarding multistate tax at 2:00 PM EST on February 3:State Income Apportionment: What Lies Ahead? States are modifying the corporate apportionment factors and formulas in ongoing attempts to push the state tax burden to...
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Deloitte is hosting the following webcast regarding private companies at 2:00 PM EST on January 28:International Financial Reporting Standards: Why Private Companies Should Take Note The International Accounting Standards Board is expected to complete its project on IFRS for Private...
Deloitte is hosting the following webcast regarding tax controversy at 2:00 PM EST on January 27:Claiming Large Losses, Including NOLs, and Defending Your Position In today's economic environment many businesses will have large losses that will be carried back and...
An expanded IRS e-file program for 2008 federal tax returns will open with new features to help speed refunds. The program will be available from January 16. New features will allow expanded access to electronic filing and help people looking...
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Notice 2009-1 amends the provisions of Notice 2001-55 to permit a qualified tuition program to change the investment strategy selected for an account twice per calendar year (rather than once per year) for 2009, as well as upon a change in...
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Deloitte will have the following webinar on February 3 at 11:00 AM EST: Federal Tax Proposals: What Lies Ahead For Real Estate? With attention turning from the election to debates over tax changes, what are implications for the real estate industry?...
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The following advice comes from Ginsberg & Helfer, PLLC, Certified Public Accountants & Management Consultants.This year, as a result of the recession and general economic challenges, companies and organizations are more likely to fall victim to crime; whether it be...
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According to Bernard Condon & Daniel Fisher, Mutual Respect, publicly owned insurers used to scoff at their stodgy competitors, mutual insurers. Not anymore according to Mr. Condon and Mr. Fisher. Thanks to Gordon Kimpel, CLU, CFBS, CLTC, ChFC, of Capitol...
In IRS Tax Tip 2009-07, the IRS gives taxpayers advice on selecting a tax preparer. Specifically, if you will be paying someone to do your tax return, choose a tax preparer wisely. You are legally responsible for what's on your...
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Jonathan Weisman, Obama Plans to Keep Estate Tax, in today's Wall Street Journal, writes that President Elect Obama and other Democrats feel repealing the estate tax -- set to vanish in 2010 -- at a time when states and the...
According to the New York Times, Lynnley Browning, Pressured by IRS, UBS Is Closing Secret Accounts (Jan. 8. 2009), the Swiss bank UBS is closing the hidden offshore accounts of its US clients due to pressure from the IRS, potentially...
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Notice 2009-09 provides guidance to financial institutions on the reporting rules applicable to required minimum distributions ("RMDs") for 2009 in light of the enactment of the Worker, Retiree, and Employer Recovery Act of 2008, P.L. 110-458 (the Act). Section 201...
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The following is a quarterly update from Brown Advisory. It's probably safe to say that almost everyone in the investment world (not to mention the many who have departed it) is absolutely delighted that 2008 is now officially over. As...
National Taxpayer Advocate, Nina E. Olson, yesterday released her annual report, urging Congress to greatly simplify the tax code and recommending measures to reduce the burden on taxpayers who are struggling to pay their tax bills. The report takes note...
Notice 2009-08 provides interim guidance on recently enacted § 457A which became effective January 1, 2009. Section 457A generally provides that compensation deferred under a nonqualified deferred compensation plan of a nonqualified entity is includible in gross income when there...
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The IRS kicked off the 2009 tax filing season yesterday by announcing a number of new steps to help financially distressed taxpayers maximize their refunds and speed payments while providing additional help to people struggling to meet their tax obligations....
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The 2008 Forms 990 and 990-EZ information returns for tax-exempt organizations are now finalized, along with schedules and instructions, for filing in 2009. Posted by Lewis J. Saret, General Editor, Wealth Strategies Journal....
Notice 2009-01 provides guidance to IRC Section 529 qualified tuition programs and participants in 529 plans regarding the restriction on investment direction described in section 529(b)(4). Notice 2009-01 sets forth a special rule under which a program may permit...
Revenue Procedure 2009-14 supersedes Rev. Proc. 2007-17, 2007-4 I.R.B. 368, provides guidance that makes the existing Pre-Filing Agreement (PFA) program permanent. It provides the framework within which a taxpayer and IRS may work together in a cooperative environment to resolve, after...
In TD 9441, the IRS released temporary and proposed regulations that provide guidance and clarification regarding methods under IRC Sec. 482 to determine taxable income in connection with a cost sharing arrangement. The temporary regulations potentially affect controlled taxpayers, within...
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Deloitte will have the following webcast on January 7:Economic Cycle Planning: HR Decision Making in a Down EconomyToday many companies are simply trying to preserve cash, reduce volatility, and maintain shareholder value. How can HR executives effectively support these objectives?...
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Deloitte will have the following webcast on January 6:Franchise Taxes: Who Needs Income to Owe the State?Could your company lose money and still owe taxes? In an economic downturn, state franchise taxes may be a large component of a company's...
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Notice 2009-07 designates a Transaction of Interest and outlines the disclosure requirements for situations where a domestic partnership is used to prevent the inclusion of subpart F income. The notice also indicates that these structures may be challenged under current regulatory...
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Notice 2009-05 provides guidance regarding implementation of the tax return preparer penalty under IRC Sec. 6694(a), as amended by the Tax Extenders and Alternative Minimum Tax Relief Act of 2008, Div. C. of Pub. L. No. 110-343, 122 Stat. 3765 (October...
The next IRS Tax Talk Today is January 13, 2009 and is on Getting Ready for Filing Season 2009-Individual and Business.Posted by Lewis J. Saret, General Editor, Wealth Strategies Journal....
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The IRS has information on its website about the Recover Rebate Credit. The Recovery Rebate Credit is a one-time benefit for people who didn't receive the full Economic Stimulus Payment last year and whose circumstances may have changed, making them...
The IRS is taking a multi-prong approach to reduce the number of erroneous EITC claims. The IRS estimates that 23 to 28 % of EITC claims filed for tax year 2007 were erroneous and resulted in overpayments of $11 billion...
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When the economy gets bad, tax lawyers get busy according to the Long Island Business News. Claude Solnik, in When the Economy Falters, Tax Attorneys Get Busy (Jan. 5, 2009), states that "while the soft economy may mean hard times...
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