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Tax Articles

Retirement and Death

Should you convert your taxable retirement account to a tax-free Roth individual retirement account and how should you deal with the uncertainty over the estate tax? ROTH CONVERSION Starting in 2010, there will no longer be an income limit for Roth I.R.A.’s, which allow people to contribute post-tax money that can appreciate tax-free. The income…


Plug in electric vehicle tax credit

The new qualified plug-in electric drive motor vehicle credit of $5,836.00 [IRC §30D, as added by the 2008 Energy Act] is not phased out for high income taxpayers. For 2009, it is allowed to offset the taxpayer’s regular tax reduced by the foreign tax credit plus AMT [IRC §26(a)(2), as amended by the 2009 Recovery…


IRS – Transfer Pricing crack down

IRS Commissioner Douglas Shulman said the agency would focus more of its efforts on closely scrutinizing transfer pricing arrangements that allow U.S. companies to avoid taxes on income earned abroad, as well as conduct joint audits with tax authorities in other countries. Shulman said the IRS is establishing a Transfer Pricing Practice within its Large…


Bartering – Some tax tips

In today’s economy, small-business owners sometimes look to the oldest form of commerce — the exchange of goods and services, or bartering. The Internal Revenue Service wants to remind small-business owners that bartering transactions generally have associated tax reporting, accounting and record-keeping responsibilities. Bartering is the trading of one product or service for another. Usually…


Tips for Year End Donations

WASHINGTON — Individuals and businesses making contributions to charity should keep in mind several important tax law provisions that have taken effect in recent years. Some of these changes include the following: Special Charitable Contributions for Certain IRA Owners This provision, currently scheduled to expire at the end of 2009, offers older owners of individual…


1st Time Home Buyer Credit Facts

If you are in the market for a new home, you may still be able to claim the First-Time Homebuyer Credit. Congress recently passed The Worker, Homeownership and Business Assistance Act Of 2009, extending the First-Time Homebuyer Credit and expanding who qualifies. Here are the top 10 things the IRS wants you to know about…


5 year N.O.L. carry back expands

Large and midsized companies can now take advantage of expanded net operating loss carryback rules to use the losses they incurred during the economic downturn to reduce their income from prior tax years. The Worker, Homeownership and Business Assistance Act of 2009, which President Obama signed earlier this month, allows midsized and large businesses to…