We are dedicated to keeping clients abreast of the latest tax law changes, planning strategies and vital tax-related information. This section includes a library of timely articles, due date reminders and much more. The articles are categorized by subject matter, which can be accessed from the links.
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» IRS Tax Problems

When Will Congress Act On the Next Set of Tax Changes?

Congress has been in stalemate most of 2011 rankling over issues to make them selves look better for the November elections. Below is the last set of changes passed by Congress extending many of the changes through 2012 but many of them expired at the end of 2011.

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Recently Enacted Tax Breaks for Small Businesses: Keeping track of tax changes these days is quite a task. Congress is constantly tweaking the tax laws in an effort to stimulate the economy and deal with the budget deficit. The following is a compilation of recent changes to keep you up date.

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Employer Tax-Free Medical Benefits Available to Children Under Age 27: As a result of changes made by the recently enacted Affordable Care Act, health coverage provided for an employee's children under 27 years of age is now generally tax-free to the employee, effective March 30, 2010. Generally, under pre-Act law, to be a qualifying child of a taxpayer for this purpose the child must have been the taxpayer’s dependent under age 19 (or under age 24 in the case of a full-time student).
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How Will the Health Care Bill Affect Your Taxes?: On March 23, 2010, President Obama signed into law the new health care legislation. The legislation will affect virtually every individual in one way or another and will significantly impact tax returns in the future. The following overview of the tax-related provisions of the legislation is based upon the House of Representatives’ version and the one signed by President Obama on March 24, 2010. At the time this article was prepared, the Senate was taking up the measure, but it is expected to pass without changes since only a simple majority is required.
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Tax Credit to Aid First-Time Homebuyers: To stimulate home sales, Congress first established the first-time homebuyer credit in 2008, then modified it for 2009 (through November 30, 2009), and then extended it again through the middle of 2010 (2011 for certain service members) resulting in some complicated rules.
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Roth Conversion Limitations Eliminated: Beginning in 2010, legislation: (1) Eliminates the $100,000 modified AGI limit on conversions of traditional IRAs to Roth IRAs, and (2) Permits married taxpayers filing a separate return to convert amounts in a traditional IRA into a Roth IRA. Under prior law, married taxpayers who filed separate returns were restricted from making conversions.
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Plug-In Electric Vehicle Credit: For vehicles bought after February 17, 2009 and before January 1, 2012, the Recovery Act creates a new 10% nonrefundable personal credit for low-speed vehicles, motorcycles, and three-wheeled vehicles that meet the criteria of a qualified plug-in electric...
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