NEWSLETTER More details emerge about the economic stimulus payments
Since Congress passed the Economic Stimulus Act of 2008 in February, more details have emerged about how the IRS will distribute economic stimulus payments, or rebates. Payments should be electronically deposited into recipients' bank accounts starting May 2 and paper checks will be in the mail starting May 16. While the IRS anticipates distributing tens of millions of payments, higher income individuals will not receive a payment. (At the same time, it's important not to overlook the business incentives in the Economic Stimulus Act. The business incentives are generous but you have to act soon to take full advantage of them. See the next article in our newsletter for details.)
Decision making needed to maximize important business incentives in new tax law
The business incentives in the Economic Stimulus Act of 2008 have been overshadowed by the economic stimulus payments. That's unfortunate because they may be very valuable. The two business incentives in the Economic Stimulus Act are enhanced Code Sec. 179 expensing and bonus depreciation. But if you want Uncle Sam to subsidize an expansion or equipment purchases in your business, you need to act quickly. Both incentives apply to 2008 only.
FAQ: Are fees paid for trash pickup and homeowners association dues deductible as property taxes?
No. Even though trash pickup and neighborhood oversight provided by a governmental entity such as a town or county can be figured into the amount of deductible property taxes paid by a homeowner, a payment to a nongovernmental entity is not a deductible tax.
The ups and downs of falling interest rates in tax planning
Falling interest rates and the current slowdown in the U.S. economy are having a widespread affect on today's economy and individuals' financial resources, from savings accounts to personal loans and credit card debt. The drop in interest rates that has occurred over the course of the last few months has also produced strategic tax planning opportunities for individuals contemplating certain types of asset transfers.
April tax compliance calendar
As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important tax reporting and filing data for individuals, businesses and other taxpayers for the month of April 2008.
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New IRS data book reveals audit rates...
IRS won’t back down on tough abandonment test for loss deductions on worthless stock...
IRS grants nongrantor trusts and estates temporary relief from the unbundling of fiduciary fees...
IRS issues new rules on the capitalization of tangible property costs...
IRS issues 2008 depreciation limits for business vehicles...
AL - Extension granted to corporate e-filers...
AK - Challenge to nonprofit's gaming permit properly dismissed...
AZ - Return filing extensions addressed...
AR - Taxability of rebates and discounts discussed...
CA - FTB follows IRS extension for farmers and fishermen...
CA - Interest rates drop for second half of 2008...
CO - Voluntary contribution designation for military family relief fund extended...
CT - 2008 tax holiday announced...
CT - Federal rebate checks will not be subject to state tax...
DE - Online filing questions answered...
DC - College savings plan deduction increased...
FL - Exemption for tangible personal property discussed...
FL - Governor recommends continuation of tax holidays, new energy exemptions and credits...
FL - Advertising materials exemption requirements provided...
GA - Tax holiday bill passes house...
HI - Bill would update IRC conformity, decouple from IRC §179 changes...
ID - Bill conforming state law to economic stimulus act enacted...
IL - Tax on Illinois vehicle sales to Indiana residents increased...
IN - Exemption extension and other changes enacted...
IN - Income tax changes included in property tax reform...
IA - Some farmers granted additional time to file tax returns...
KS - Senate approves retaliatory addback provision, new exemptions...
KY - 2007 return updates and tips discussed...
LA - Emergency rule regarding hurricane preparedness holiday adopted...
LA - Wind and solar energy systems credit rule revised...
ME - LLC annual report excuse, resumption certificate provisions enacted...
MD - Taxability of land in federal enclaves discussed...
MA - Manufacturing corporation cases discussed...
MI - ESA payments not subject to tax...
MN - Omnibus Tax Bill introduced...
MS - Homestead exemption extended for unoccupied homes damaged by hurricane Katrina...
MS - Bonus depreciation, asset expense discussed...
MO - Bill would decouple from IRC, require combined reporting and more...
MT - Rules clarify treatment of married taxpayers, other matters...
NE - New electronic fund transfer account numbers announced...
NV - Rule regarding partial abatement for remainder parcels implemented...
NH - Exemption inapplicable to improvements that did not aid mobility...
NH - Research and development credit details released...
NJ - Retroactive S corporation election explained...
NM - Alternate effective date for locomotive fuel exemption enacted...
NY - Rabbi's duties entitled property to full exemption...
NC - Losses from dog breeding and showing expenses disallowed...
ND - Treatment of military personnel addressed...
OH - Senate passes SST origin sourcing bill...
OK - Governor's budget proposal revealed...
OR - Senior and disabled tax deferral applications due April 15...
PA - Corrective revision made to rule for correcting mistakes...
RI - Bonus depreciation, enhanced asset expense would not be adopted...
SC - Federal coupon for TV converter box included in gross proceeds...
SD - Credit for renewable energy system using anaerobic digester enacted...
TN - 2008 spring tax holiday dates changed...
TN - Agricultural exemptions, certificates discussed...
TN - Payment warehousing announced for online filing...
TX - Taxing unit entitled to recover delinquent taxes from resale purchaser...
UT - New construction exemptions for airports enacted...
VT - Discrimination complaint dismissed...
VA - Legislation requiring notice of earned income tax credit enacted...
VA - Changes to federal AMT will not impact state tax return filing...
WA - Items used in weatherization of residence exempt...
WV - Senate approves tax holiday for energy-efficient products...
WI - Senate passes combined reporting legislation...
WY - Distribution of impact assistance payments amended... |