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Property Expenditures: Capitalizing versus Expensing |
On March 7, 2008, the IRS issued new proposed regulations to
clarify the treatment of expenditures incurred in selling,
acquiring, producing or improving tangible assets. These
latest proposed regulations replace the earlier regulations
proposed in August 2006. A new article by Nancy Faussett, CPA.
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Listed Property |
Listed property is a special classification for assets that lend themselves to both personal and business use. The designation is for tax purposes only and has no meaning for financial reporting. A new article by Nancy Faussett, CPA.
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| 2008 Tax Legislation |
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Heroes Earnings Assistance and Tax Relief Tax Act of 2008 |
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This latest tax legislation was signed into law on June 17, 2008. It provides tax relief to members of the military who are receiving combat pay, saving for retirement, or purchasing a residence.
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Economic Stimulus Act of 2008 |
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The Economic Stimulus Act of 2008, signed into law on February 13, 2008, is intended to jump start the economy. The Act provides rebate checks to the majority of taxpayers and gives significant incentives to businesses to invest in new capital equipment.
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| 2007 Tax Legislation |
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Tax Increase Prevention Act of 2007 |
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This Act, signed into law on December 26, 2007, increases the AMT exemption amount for 2007 and also extends the AMT relief for nonrefundable personal credits.
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Mortgage Forgiveness Debt Relief Act of 2007 |
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The Mortgage Forgiveness Debt Relief Act of 2007 (H.R. 3648)
was signed into law on December 20, 2007. Its primary
objective is to protect todays home owners in a difficult
housing market that is in the midst of a subprime mortgage
crisis.
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| Small Business and Work Opportunity Tax Act of 2007 |
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This newest Act was signed by the President on May 25, 2007. It contains over $4.8 billion in tax breaks for small businesses. Read about the new tax benefits, as well as the revenue raisers.
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| 2006 Tax Legislation |
| Tax Relief and Health Care Act of 2006 |
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This newest Act was signed by the President on December 20, 2006. It represents the last tax legislation of the 109th Congress and contains $45 billion in tax breaks for individuals and businesses.
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| 2005 Tax Legislation |
| Tax Increase Prevention and Reconciliation Act of 2005 |
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Learn what's in this latest legislation and why it has "2005" in its title. While the Act includes an extension of the lower capital gain and dividend tax rates, as well as Alternative Minimum Tax relief , there is so much more. A new article by Nancy Faussett, CPA.
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| Gulf Opportunity Zone Act of 2005 |
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This Act is intended to assist the Gulf Coast in its recovery from last year's hurricane season. It defines three "GO Zones" for the areas hit by hurricanes Katrina, Rita, and Wilma. There are two new Code Sections 1400M and 1400N.
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| Katrina Emergency Tax Relief Act of 2005 |
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This Act provides over $6 billion in tax incentives to help individuals and businesses recover from Hurricane Katrina. We have included an explanation of the additional guidance provided in IRS Notice 2005-92.
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| Energy Tax Incentives Act of 2005 |
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$14 billion in energy tax cuts, with over 150 tax code changes, are contained in this latest Tax Act. There are tax incentives for businesses, consumers, and energy producers.
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| Green Vehicles and Alternative Fuels |
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The Energy Tax Incentives Act of 2005 created several new tax credits aimed at encouraging the purchase of more fuel-efficient vehicles. Learn about the new alternative fuels and how you can take advantage of these new tax credits.
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| In-Depth Analysis |
FAS 109Read an in-depth explanation of the Statement of Financial Accounting Standards (FAS) No. 109, Accounting for Income Taxes. Learn when deferred tax accounts are needed and when to establish a valuation account. More
Read about FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes, which applies to FAS 109.
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| The Tax Benefit Rule |
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Did a prior year deduction actually produce a tax benefit? The answer is not always obvious and you need to know if you receive a refund of a previously deducted amount. Read this in-depth discussion and learn how to determine if a tax benefit was generated.
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Special Tax Benefits for Military Personnel
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Individuals serving in the U.S. Armed Forces are entitled to certain tax benefits.
Read about these benefits and who qualifies for them.
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Read about the additional benefits included in the Military Family Tax Relief Act of 2003.
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The Pension Protection Act of 2006 gives military reservists relief from penalties for early distributions from retirement plans.
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| State Conformity with Federal Depreciation Rules |
The Economic Stimulus Act of 2008 reactivated the 50% Additional First-Year Depreciation deduction (a.k.a., bonus depreciation) for qualifying property placed in service in 2008 (and for certain property placed in service in 2009). This deduction for bonus depreciation is very similar to that allowed earlier, as defined under IRS Code Section 168(k).
Not all of the states will follow the federal rules and, as their legislatures meet, we will let you know what they decide. See what each state is doing.
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| Expert Centers |
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Corporate Tax Expert CenterArticles, best practices, questions and answers, and tips regarding Corporate Tax Accounting |
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Fixed Assets Expert CenterArticles, best practices, questions and answers, and tips regarding Fixed Asset Management |
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Individual Income Tax Expert CenterArticles, best practices, questions and answers, and tips regarding Individual Income Tax |
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