Via CPAWeb
The Internal Revenue Service has announced that the sales tax deduction available to new-car purchasers this year can also be taken in states that do not have a sales tax. This deduction can be taken by all taxpayers, either as an itemized deduction or as an addition to the standard deduction. "This special tax break is available for people purchasing a new car this year, and that can include people in states without a sales tax," IRS Commissioner Doug Shulman said in a statement.
Filed under: Tax Legislation
Via Investment News
The most current AMT patch exempts 26 million people from Alternative Minimum Tax, but is set to expire after 2009. So, as always, the future of the alternative minimum tax remains uncertain, Joseph W. Walloch writes in an InvestmentNews commentary. It is unclear what Congress will do for 2010 and beyond. Congress is not expected to repeal the AMT altogether.
Filed under: AMT, Tax, Tax Legislation
Via ABC News
President Barack Obama and Treasury Secretary Timothy Geithner announced plans for tax law overhauls intended to crack down on companies that avoid corporate taxes. The effort is expected to focus on tax laws that involve companies sending jobs overseas and on international tax shelters.
Filed under: Tax Legislation
Via InvestmentNews
The estate tax is currently set to expire in 2010, and without further legislation will be reinstated in 2011 with higher rates and reduced exemptions. Proposed legislation by Senate Finance Committee Chairman Max Baucus, D-Mont., would make permanent the 2009 estate-tax exemption of $3.5 million for an individual.
Filed under: Estate & Gift Taxes, Tax, Tax Legislation
February 27, 2009 • 7:54 pm
The AICPA has released a very useful document with frequently asked questions about the American Recovery and Reinvestment Tax Act of 2009 which was signed into law on February 17, 2009. You can find the document here.
Filed under: Tax, Tax Legislation
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