CPA411 » Tax Legislation

New Car Sales Tax Deduction Available in States with No Sales Tax

Paul — Mon, 15 Jun 2009 01:48:17 +0000

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.

The Current Future of AMT

Paul — Wed, 20 May 2009 15:12:55 +0000

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.

Obama Tax Plan Aims at Corporate Tax Avoidance and Outsourcing

Paul — Tue, 05 May 2009 18:33:47 +0000

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.

Legislation Would Make Estate-Tax Exemptions Permanent

Paul — Tue, 05 May 2009 18:27:29 +0000

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.

Frequently Asked Questions About the Tax Provisions in the Economic Stimulus Bill

Paul — Fri, 27 Feb 2009 19:54:15 +0000

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.