02/08/2010 BNA Software
CCA Issued on Whether to Disallow Credit Where ITIN/SSN Mismatch
The Internal Revenue Service Office of Chief Counsel in a chief counsel advice memorandum released Feb. 5 explained considerations IRS personnel should take into account in determining whether to disallow a credit for federal income tax withholding when there is a mismatch of Social Security and individual taxpayer identification numbers.

 

02/05/2010 BNA Software
Future of Physical Presence Standard in State Tax Landscape Debated
Utah State Tax Commissioner R. Bruce Johnson Feb. 4 urged Congress to abandon the physical presence standard for sales taxes and not to consider it for income or business activity taxes in the new economy, as lawmakers look at legislation (H.R. 1083) to require physical presence for certain such activity taxes.

 

02/04/2010 BNA Software
House Members Question Obama's Call to End LIFO Accounting
House Ways and Means members crossed party lines in Feb. 3 budget hearings to criticize the Obama administration's proposal to raise an additional $59 billion in tax revenues by eliminating firms' ability to use the last-in, first-out accounting method.

 

02/03/2010 BNA Software
Uncertain Tax Positions Proposal Seen Changing Disclosure Landscape
The Internal Revenue Service's proposal to require taxpayers to report all their uncertain tax positions and associated dollar amounts on a new tax schedule will change the landscape of disclosure and provide tax authorities with sharply increased information as they select returns and issues for audit, practitioners told BNA in a series of interviews in late January.

 

02/02/2010 BNA Software
Obama's Tax Priorities Shift Modestly to Reflect Gloomy Deficit Outlook
The vast majority of President Obama's tax policy priorities were left unchanged in his fiscal year 2011 budget unveiled Feb. 1, but the handful of modifications reflect some of the hard decisions he has to confront with an expected $1.56 trillion budget deficit.

Fixed Assets Management Articles

State Conformity with Federal Depreciation Rules
UPDATED! The Economic Stimulus Act of 2008 reactivated the 50% Additional First-Year Depreciation deduction (a.k.a., bonus depreciation) and the American Recovery and Reinvestment Act of 2009 extended it for one year. Currently the deduction for bonus depreciation is for qualifying property placed in service in 2009 (and for certain property placed in service in 2010). Although many states have decided to follow the federal rules and have adopted the bonus depreciation provision, others have opted to "decouple" or disassociate from the new law.

 

Wealth Management Articles

Planning for Testamentary Transfers of Property
This article is intended as an overview of basic planning for testamentary transfers of property and the alternative approaches that are available to you.

 

Tax Acts Articles

2009 Worker, Homeownership, and Business Assistance Act of 2009
The Worker, Homeownership, and Business Assistance Act of 2009 (H.R. 3548) was signed into law by President Obama on November 6, 2009. The bill began as a simple extension of unemployment insurance benefits but then several tax provisions were added to it, namely the expansion and extension of both the home buyer tax credit and the net operating loss (NOL) carryback rules.

 

Individual Income Tax Articles

Tax Tips for the Unemployed
It is especially important for anyone unemployed and currently looking for work, to be able to take full advantage of any deductible expenses when filing their tax return. While one usually thinks of job-related expenses as being deductible, there are also certain expenses relating to a job search that may also qualify for a deduction.