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Changing tax laws and recent tax acts can be confusing. How do they affect you, your business or your life? Let our professionals help you understand the details and apply them to your unique situation. We'll help simplify the information and develop the right strategies to meet your needs.

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The hardest thing in the world to understand
is the income tax.
—Albert Einstein
 

Record Retention Guide for Businesses
Let us help keep you up to date on recent legislation.

 

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2008 Economic Stimulus Package 2/2008
2007 Year-End Tax Legislation
12/2007
Small Business & Work Opportunity Tax Act 7/2007
Tax Relief and Health Care Act of 2006 12/2006
Pension Protection Act of 2006
8/2006
Tax Increase Prevention and Reconciliation Act 5/2006
Gulf Opportunity Zone Act of 2005 12/2005
Energy Tax Incentives Act of 2005 8/2005
American Jobs Creation Act of 2004 10/2004
American Families Tax Relief Act of 2004 9/2004

November 2008

Treasury and IRS respond quickly to financial markets crisis
Annual COLAs raise Social Security FICA wage base, retirement savings contribution/withdrawal levels
IRS updates simplified per diem rates for employee travel
FASB approves one-year deferral of FIN 48 for private enterprises
Sixth Circuit reverses Tax Court in employment classification dispute

 

October 2008

Congress works on moving extenders package and AMT relief before recess
IRS reminds taxpayers of October 15 deadline for requesting economic stimulus payments
IRS issues initial first-time homebuyer tax credit guidance; highlights repayment requirement
Tax Court denies innocent spouse relief to wife of "compulsive spender"
IRS releases guidance on tax-exempt bond provisions in the 2008 Housing Act

 

September 2008

Charitable contributions held to strict contemporaneous substantiation; clear proof not enough
Rigorous investment seminar cannot trump tax code's blanket disallowance of such "convention" expenses
IRS Releases Instructions for Redesigned 2008 Forms 990
IRS eases rules for divorced/separated parents to claim tax-favored medical or fringe benefits for their child
More than 1 million businesses cheat on payroll taxes, Congress says

 

August 2008

Housing Tax Bill now law; extenders, second stimulus package and more under consideration
Congress, IRS, prosecutors crack down on offshore tax evasion
IRS reduces extension period for filing partnership, estate and trust returns
IRS creates "bright-line" test for counting child's nights in divorce situations
Repayments to wife carry no presumption of constructive dividend to shareholder-husband

 

July 2008

$75 billion in stimulus payments now distributed; Is a second stimulus package far behind?
Child care expenses for work: summer camp to after-school programs to babysitting: what's deductible and what's not
FAQ: If business is suddenly slower than usual, should you adjust your estimate tax payments?
Family limited partnership rebuts IRS charge of indirect gifts
Treasury "fact sheet" addresses choosing a business structure

 

June 2008

Billions in economic stimulus payments already distributed
Tax relief at the gas pump?
IRS reminds small business/self-employeds about income reporting rules
Upswing in audits not from personal contact with taxpayers, IRS official acknowledges
IRS announces 2009 inflation adjustments for Health Savings Accounts

 

May 2008

IRS reports Economic Stimulus Payments on schedule
IRS to publish guidance on special 50-percent bonus depreciation allowance
IRS Small Business Campaign offers tips on avoiding pitfalls
IRS renews Political Activities Compliance Initiative for 2008 election year
Reasonable notice procedure clarified for third-party employee wages and withholding investigations

 

April 2008

New IRS data book reveals audit rates
IRS issues 2008 depreciation limits for business vehicles
IRS issues new rules on the capitalization of tangible property costs
IRS grants nongrantor trusts and estates temporary relief from the unbundling of fiduciary fees
IRS won't back down on tough abandonment test for loss deductions on worthless stock

 

March 2008

IRS creates safe harbor for like-kind exchanges of vacation homes
IRS releases 2008 FMVs for business autos and trucks
Supreme Court allows 401(k) participants to sue employer-sponsor for losses
IRS warns taxpayers about frivolous return arguments
IRS delays effective date of new funding rules for single employer pension plans

 

February 2008

Economic stimulus package likely to include tax rebates
IRS reveals stepped up audits of high-income individuals and pass-through entities
Final IRS regulations protect confidentiality of taxpayer return information
IRS warns taxpayers about frivolous return arguments
IRS wins big victory in tax shelter case

 

January 2008

IRS allows medical deduction for self-initiated medical diagnostic tests
IRS allows two-percent S-corporation shareholders to deduct health insurance premiums
IRS unveils Code Sec. 409A deferred compensation voluntary corrections program
IRS develops new form for misclassified workers to claim social security and medical taxes

 

December 2007

Flurry of federal tax legislation predicted just before filing season
IRS increases business standard mileage rate 50.5 cents-per-mile for 2008
IRS and states launch initiative to combat questionable employment tax practice
New IRS rules encourage automatic 401(k) contributions
IRS describes suspension of interest under 2007 Small Business Tax Act