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...
Brush up on EITC law changes and your due diligence responsibilities with the new online training module and other materials in the updated tax preparer toolkit you may even get CPE credits....
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...
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...
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 Tax Court yesterday allowed a nurse to deduct the cost of an M.B.A. degree from the University of Phoenix. Singleton-Clarke v. Commissioner, T.C. Summ. Op. 2009-182 (Dec. 2, 2009) (citations omitted): Petitioner began taking courses at the University of Phoenix in March 2005, graduating...
The Internal Revenue Service today issued the 2010 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2010, the standard mileage rates for the use of a car (also vans,...
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...
The IRS has mandated six (6) new security, privacy, and business standards to better serve taxpayers and protect their information collected, processed and stored by Online Providers of individual income tax returns. Individual income tax returns generally refer to the 1040 family of returns. Refer to...
There has been much commentary on the revenue that could be raised by legalizing and taxing marijuana: American Journal of Economics and Sociology, Potential Tax Revenue From a Regulated Marijuana Market: A Meaningful Revenue Source Business Week, Legalize Marijuana for Tax Revenue Christian Science Monitor, A Marijuana Tax...
