Archive for the ‘tax laws’ Category
Thursday, July 22nd, 2010
Taxpayers with high income will be subject to a 3.8% tax on net investment income. The tax will be limited to the lesser of 3.8% times the net investment income or the taxpayer’s modified adjusted gross income, according to the applicable threshold. For MFJ, the threshold is $250,000; for MFS, ...
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Thursday, July 22nd, 2010
The federal Form 1040X was recently changed. Instead of three columns (Original amount, Net change, and Correct amount), the new form only has the Correct Amount column. The entries in this column represent entries the taxpayer would have made on the original return had it been done correctly. The key ...
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Wednesday, February 25th, 2009
I found an interesting article on accounting fraud. CPA Australia president Alex Malley shared his thoughts regarding the role of CPAs and how it has evolved from "from a book-keeper of accounts to gate-keeper of the whole business."
Click HERE and give it a read.
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Tuesday, August 19th, 2008
The 2008 Heroes Act passed unanimously in the House on May 20, 2008, and in the Senate on May 22, 2008. President Bush signed this act into law on June 17, 2008.
Military reservists who are called to active duty are taken into special consideration in the 2008 Heroes Act. This ...
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Wednesday, August 13th, 2008
The IRS reported, "Third party designees, indicated by checking the box on Form 1040, now have the same authority extended to them on an amended return filed for the year in question. For details, see IRM 11.3.3.1 on IRS.gov."
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Thursday, July 31st, 2008
The earthquake in California reminds us of others who have faced natural disasters. The IRS is extending the deadline, until August 29, for victims of natural disasters in the Midwest to file certain returns, make tax payments and perform time-sensitive acts. This announcement affects counties in Indiana, Iowa, Illinois, Nebraska, ...
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Wednesday, July 23rd, 2008
2008 Farm Act
The 2008 Farm Act became law on May 22, 2008, and includes many provisions that are very specific to farmers. For example, a new business tax credit allows manufacturers and retailers of certain chemicals and pesticides a credit for 30% of the costs of protecting those chemicals. This ...
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Tuesday, July 8th, 2008
As of July 1, the tax credit for purchasing a Honda hybrid was halved again. The credit is now $525. The credit is set up so when a manufacturer sells 60,000 hybrid vehicles, the credit begins to diminish until it is no longer available. Toyota hybrids are already ineligible for ...
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Wednesday, June 4th, 2008
With all the planning that goes into a move, don't forget to let the IRS know where to find your clients. Come tax time, you want to be sure they have their correct mailing address - especially if they are due a refund. If you received pre-printed address labels with ...
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Friday, March 21st, 2008
When you will get your economic stimulus rebate depends whether you chose direct deposit on your return and on the last two digits of your social security number.
Direct-deposit Payment
If the last two digits of your Social Security number are: Your payment should be sent to your account by: 00-20 – ...
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