Articles

The House passed the American Jobs and Closing Tax Loopholes Act on May 28, 2010. The House bill provides extensions to a handful of individual, business,  charitable and energy incentives. As of June 8, 2010, the Senate has yet to pass the American Jobs and Closing Tax Loopholes Act. The Senate is expected to  vote on the bill the week of June 14, 2010....

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The Hiring Incentives to Restore Employment (HIRE) Act was enacted into law on March 18, 2010. Employers who hire qualified workers may qualify  for a 6.2 percent payroll tax incentive, effectively exempting them from their share of Social Security taxes on wages paid to these workers after  March 18, 2010. The firm must still collect the worker’s 6.2 percent share of Social Security tax and send it to the IRS, along with the employer and employee shares of the 1.45 percent Medicare tax. If the newly hired worker replaces an individual, that worker must have quit or been fired for  cause.....

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Under prior income tax law, a Roth IRA conversion was not allowed for a taxpayer whose modified adjusted gross income (MAGI) exceeded $100,000  or whose filing status in the year of conversion was married filing separately. However, beginning on January 1, 2010, all taxpayers will be eligible to  convert to a Roth IRA due to the repeal of the $100,000 MAGI and filing status limitations. Furthermore, the income from 2010 conversions will be  recognized on the client's 2011 and 2012 income tax returns.

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Friday, 13 November 2009 00:00

2009-2010 Tax Update, Including the Tax Provisions of the Worker, Homeownership and Business Assistance Act of 2009 (11-06-09) and a Look Ahead to 2010

With the end of the 2009 tax year approaching, now is an excellent time to take advantage of year end tax planning; which could help reduce your 2009 tax bill. Congress has enacted a handful of powerful; however, temporary tax breaks to stimulate the ailing economy, the most recent is the Worker, Homeownership, and Business Assistance Act of 2009 signed into law on November 6, 2009. The following list highlights some of the key tax changes to be aware of for 2009 and 2010.

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Thursday, 05 November 2009 00:00

This is an update to an earlier memo dated June 3, 2009 relating to the disregarded entity provision in Assembly Bill 75. The Wisconsin Legislature passed 2009 Wis. Act 28 which changes the sale tax treatment of single-owner disregarded entities. These changes became effective July 1, 2009. Many of the changes were made to conform to the Streamlined Sales and Use Tax Agreement (SSUTA) and to allow Wisconsin to join the Streamlined Sales and Use Tax Governing Board, a coalition of states who have agreed to operate under SSUTA.

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