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Newsletters &
IRS Tax Changes and Alerts
Newsletters from Cape Coral Accounting Service
IRS Tax Changes and Alerts
- 1099 Repeal Eases Some Requirements, but Leaves New Ones for 2011
The Comprehensive 1099 Taxpayer Protection and Repayment of Exchane Subsidy Overpayments Act of 2011, which passed Congree on April 5, 2011, eliminates two recently enacted 1099 reporting requirements that were to take effect in 2012. Still on the books, however, are a couple of new 1099 reporting requirements effective for 2011. Read More - Payroll Tax Cut To Boost Take-Home Pay for Most Workers; New Witholidng Details Now Available
The Internal Revenue Service tpday released instructions to help eomplyers implement the 2001 cut in payroll taxes, along with the new income-tax withholding tables that employers will use during 2011. Read More - 7 Tax Saving Year End Tax Planning Tips
Despite confusing created by recnt and probable year-end tax legislation changes, the 2010 federal income tax environment is still quite favorable. Read More - Obama Strikes Deal on Bush Tax Cuts and Unemployment
President Obama strikes a deal Monday evening to extend the Bush-era tax rates for two years, as well as other tax breaks and unemployment benefits, after Republican and Democratic congressional leaders forged a compromise in meetings wth administration officials. Read More
- S- Corp SECA Tax Hike Catches Most Small Businesses Off-Guard
If you are a owner of a small bsuiness engaged in delivering professional services who has an adjusted gross income of under $200,000 and thought you were going to skate by the massive income tax hikes coming in 2011 and 2013, think again. Many business owners with salaries under $107,000 are about to see a significant increase in their taxes. Read More - 2010 Hiring Incentives To Restore Employment Act
The $18 billion job creation package, the Hiring Incentives to Restore Employment (HIRE) Act (H.R. 2847), is now law. President Obama signed this first major tax bill of 2010 on March 18. The Seante approved the HIRE Act on March 17, 2010, by a bi-partisan 68-29 vote, following House passage on March 4, 2010, by 217 to 201. The new Law provideds incentives for hiring and retaining workers, along with a one-year extension of enhanced COde Sec. 179 expensing and changes to Build American Bonds. Read More
- IRS Offers Info on Small BIz Tax Credits in Health Bill
The Internal Revenue Service said that many small businesses and tax exempt organizations that provide health insurance coverage to employees now qualify for a new tax credit, thanks to the health care reform bill. Read More - Health Care Bill
President Obama signed historic legislation reforming health care insurane, providing tax credits to individuals and small businesses to help them buy insurance through state-based exchanges. Read More
- Congress Set to Extend First-Time Homebuyer Credit and Crack Down on Abuses
Congress is poised to extend the first-time homebuyer tax credit to encourage a fragile recovery in the housing sector. The first-time homebuyer credit is scheduled to expire after November 30, 2009 but lawmakers from both parties support an extension, although they disagree for how long. At the same time, Congress is prodding the IRS to curb abuses of the credit. Read More - Businesses Should Consider Asset Purchases Before 2009 Tax Incentives End
As the economic downturn took a toll on businesses, small and large, Congress reacted with legislation aimed at stimulating business investment. The Economic Stimulus Act of 2008, Emergency Economic Stabilization Act of 2008, and American Recovery and Reinvestment Act of 2009 all provide tax incentives for businesses, including additional 50 percent bonus depreciation, higher limits for first-year expensing, and shorter recovery periods for asset depreciation. Read More - Expanded Recovery Act Tax Credits Help Homeowners Winterize their Homes, Save Energy; Check Tax Credit Certification Before You Buy, IRS Advises
WASHINGTON — People can now weatherize their homes and be rewarded for their efforts. According to the Internal Revenue Service, homeowners making energy-saving improvements this fall can cut their winter heating bills and lower their 2009 tax bill as well. The American Recovery and Reinvestment Act (Recovery Act), enacted earlier this year, expanded two home energy tax credits: the nonbusiness energy property credit and the residential energy efficient property credit. Read More - How Do I? Net Capital Gains and Losses for Year-End Tax Planning?
In order to effectively plan your investment transactions, you have to understand how, under federal tax law, you need to net or "offset" capital gains and losses that you experience. Netting your capital gains and losses can help achieve lucrative tax savings benefits and should be part of your year end tax strategy if you sell capital assets that result in gains and losses in 2009. Read More - FAQ: Can I Prepay Mortgage Interest and Taxes to Maximize 2009 Deductions?
If you own a home, the interest you pay on your home mortgage may be one of your most valuable tax breaks available each year. The home mortgage interest deduction is a particularly important tax break in the early years of a home loan, when most of a homeowner's payments each month go toward interest. In addition to home mortgage interest, two other valuable home-related deductions include the "points" (also known as loan origination fees or loan charges) associated with the loan as well as your property taxes. Read More - Obama Signs Homebuyer Tax Credit Extension
President Barack Obama has signed the extension of the First-Time Homebuyer Tax Credit, along with an extension of unemployment benefits. The bill allows those buying a primary residence for the first time to claim 10 percent of its purchase price, up to $8,000 for single taxpayers or married taxpayers filing jointly. Read More
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