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| Small and mid-sized companies benefit from new law |
| Wednesday, April 22, 2009 |
| It is expected that the American Recovery and Reinvestment Act of 2009 will provide a boost to the construction industry. The new law also contains a passel of tax breaks that can benefit construction firm owners and other small to med-sized businesses. Make sure that you confer with your trusted advisor regarding opportunities such as Section 179 deductions, bonus depreciation, debt cancellation income and built in gains tax. Click through for several key provisions that may result in reduced tax liability.
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| New tax-saving opportunity for net operating losses |
| Wednesday, April 22, 2009 |
| The economic recovery law includes a special tax provision that could help struggling companies get back on their feet. If a company qualifies as a "small business," it is permitted to carry a net operating loss (NOL) for up to five years. The law defines a "small business" as one with average gross receipts of $15 million or less for the year of the NOL and the previous two years. There is no reason to wait. It makes sense to file the necessary paperwork as soon as possible to recover a tax refund. Click through for details.
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| New retirement plan relief and tax rules |
| Wednesday, March 18, 2009 |
| The Worker, Retiree, and Employer Recovery Act of 2008 - signed into law during the waning days of 2008 - provides greater flexibility to retirees who normally must take required minimum distributions from their IRAs and qualified retirement plans. This new legislation temporarily suspends the rule for required minimum distributions for some retirees, provides relief from certain pension requirements, and clarifies other retirement plan tax rules. But the special relief is only available for the 2009 tax year and IRA rollovers need to follow the rules or could be denied. Click through for details.
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| Loss recovery and relief for investment fraud victims |
| Wednesday, March 18, 2009 |
The Madoff scandal and other recent Ponzi schemes have raised many questions about how investors may recoup some or all of their losses if they have been defrauded. Loss recovery is a complicated business and it may take months, or even years, for Madoff investors to get a portion of their money back. Your relief options in the Madoff case depend on your specific circumstances, including where you invested and whether you received any payments. Help is available, however. Click through for a summary of a few potential forms of near-term relief. |
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| Estate tax laws may be changing again soon |
| Wednesday, March 18, 2009 |
| Some significant changes in the federal estate tax laws have come about over the past few years and there are several updates for you to be aware of. Avoiding the federal estate tax may be easier in 2009 than in the past. The federal estate tax exemption increased to $3.5M on January 1, 2009 and is currently scheduled to sunset next year. The annual gift tax exclusion was also increased, as was the generation-skipping tax exemption. With several new bills introduced in the House of Representatives, Congress and the new administration appear to be focusing on the federal estate tax issue as a potential new revenue source. Is your estate plan flexible enough to accommodate recent changes as well as potential new legislation? Click through for details about the estate tax law updates.
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| 2009 Stimulus Act - Tax Benefits for Individuals |
| Wednesday, February 18, 2009 |
| The recently enacted American Recovery and Reinvestment Act of 2009 ("ARRA") primarily promotes new spending programs in an effort to revitalize our country's economy. However, there are a number of tax incentives in the new law that may benefit businesses, provide tax relief for certain individuals and families, and encourage greener energy practices and investments. Many of the new rules are complicated and most are temporary. This article highlights the tax benefits aimed at individuals that are included in the new Act.
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| 2009 Stimulus Act - Energy Incentives |
| Wednesday, February 18, 2009 |
| The American Recovery & Reinvestment Act of 2009 ("ARRA") has numerous clean-energy provisions and plans. $50 billion is aimed at providing a clean-energy future. This includes $5 billion for the weatherization of one million modest-income homes (expected to save homeowners about $350 per year), and $6.3 billion for insulation, windows, and furnaces in federally backed and public housing projects. Some credits are available for higher-income households as well. Clean-energy measures are expected to save $3 in electricity for every dollar spent. Following are the highlights for some of the more widely-applicable provisions. This article focuses on the provisions in the new law that relate to energy savings.
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| 2009 Stimulus Act - Business Tax Incentives |
| Wednesday, February 18, 2009 |
The recently enacted American Recovery and Reinvestment Act of 2009 ("ARRA") primarily promotes new spending programs in an effort to revitalize our country's economy. However, there are a number of tax incentives in the new law that may benefit businesses, provide tax relief for certain individuals and families, and encourage greener energy practices and investments. Many of the new rules are complicated and most are temporary. This article highlights the business tax incentives included in the new Act.
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