Tax news December 2010

Tax

IRS assists small employers claim new health care tax credit

The Internal Revenue Service recently released final guidance for small employers eligible to claim the new small business health care tax credit for the 2010 tax year.
Tax

Tax Foundation releases state business tax index

South Dakota's tax system is most welcoming to economic activity while New York's tax code ranks 50th as the least hospitable, according to the Tax Foundation's most recent edition of the State Business Tax Climate Index, which ranks the tax systems of the 50 states.
A&A

Hobby or business? Tax preparer due diligence (Part 1)

This is the first of two articles about expenses incurred by clients who are engaged in an activity, and whether such activity can be considered a business or a hobby. In the first article, the scenario of a freelance writer is used to discuss the business vs. hobby issue.
Tax

Obama strikes tentative deal to extend tax cuts, unemployment compensation

President Barack Obama announced a compromise with Republican congressional leaders to extend the Bush-era income tax rates, extend unemployment compensation, and cut payroll taxes.
AccountingWEB Life

Deadlines set to take advantage of exclusion on gain from sale of qualified small business stock

A partnership or LLC that is expecting substantial appreciation in the next few years might benefit greatly from making the conversion to a C corporation by January 1.
Tax

IRS will face 'major challenge' if Congress fails to extend tax breaks, AMT patch

The IRS has warned that although the agency's computers have been programmed to assume that Congress will pass a fix to the AMT, the computers do not assume that any other tax breaks that have already expired will be extended.
A&A

Intuit offers chance to win Lacerte or ProSeries for a year

Intuit is offering free Lacerte Tax or ProSeries Tax for one year to two winners. Participants enter by registering for and watching one of two webinars featuring Intuit’s new Web-based products, ProLine Tax Research powered by BNA or ProLine Tax Import.
Tax

IRS announces increase for 2011 standard mileage rates

The 2011 standard mileage rates have been announced. Taxpayers can expect an increase in the allowance for business miles, and also for medical and moving miles.
Tax

Democrats in House vote to extend Bush tax cuts for middle class only

The House on Thursday passed legislation H.R. 4853, extending the Bush tax cuts for middle class Americans, but not for the highest earners.
Tax

Year-end tax planning tips

As 2010 winds down, there is still plenty of time to put last-minute tax-planning techniques into play, according to Grant Thornton LLP.

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