Archive for the ‘Uncategorized’ Category
Wednesday, August 25th, 2010
The new Angel investment tax credit is a nonrefundable credit that is available for tax years 2011 through 2016. The maximum amount of each investment that may be used to calculate the credit is 25% of each qualified investment (up to $2 million) made directly in a qualified new business ...
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Friday, August 20th, 2010
The IRS announced yesterday the fees involved with being a registered tax preparer. See the link below for the official IRS announcement.
View IRS Announcement Here
Also, do not forget that tax preparers must take an IRS certification test. More information on this will be posted here as it becomes available.
Click here ...
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Wednesday, August 11th, 2010
The Affordable Care Act provides for an exclusion for certain amounts received by health care professionals under programs intended to increase the availability of health care services in areas the state determines are either undeserved or that have a shortage of health professionals. The exclusion, which is retroactive to 2009, ...
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Wednesday, August 4th, 2010
For Tax Season 2011, the due date for the 1040 family of returns for 2010 is April 18, 2011.
Although April 15 falls on a Friday in Tax Season 2011, Washington, D.C. will observe the Emancipation Day holiday on that day. All federal and municipal offices will be closed.
Emancipation Day, a ...
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Wednesday, July 28th, 2010
The Homebuyer Assistance Improvement Act of 2010 was signed into law on July 2, 2010. This legislation was enacted in response to the backlogs of lenders and federal programs providing mortgage loans which, in turn, has caused a delay in processing loans. This legislation is designed to provide relief to ...
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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 Section 36 First-Time Homebuyer Credit applies to principal residence purchases occurring after 4/8/08 and before 5/1/10. Under current law, the purchase of a principal residence will qualify for the credit if the taxpayer entered into a binding written contract before 5/1/10 to close on the purchase by 7/1/10. Because ...
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Thursday, July 22nd, 2010
Earlier this year President Obama signed the new health care bill into law. There are several provisions of this health care reform that will become effective over the next several years. Here are a few that may have a significant impact on you and your clients.
Small Business Health Care Premium ...
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Thursday, July 22nd, 2010
Roth IRA rollovers are now available to high income taxpayers. The income limit of $100,000 MAGI has been removed for 2010. An added benefit of converting in 2010 is the extra time to pay the tax. Upon conversion, half of the income can be reported on the 2011 tax ...
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Wednesday, July 21st, 2010
In IR-2010-84, the IRS announced that taxpayers who have questions about BP payments or who are experiencing tax filing or tax payment hardships because of the oil spill may contact the IRS at 866-562-5227. The line is open weekdays from 7 am to 10 pm local time. The IRS will ...
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