CPA Client Bulletin articles

Recent articles from CPA Client Bulletin

Another patch for the AMT.
January 1, 2009... The Emergency Economic Stabilization Act of 2008, which President Bush signed into law on October 3, contains an estimated $150 billion in tax incentives for individuals and businesses. The key provision in the new law for individual taxpayers is a yet another one-year "patch" for the...

The new law revives old tax benefits.
January 1, 2009... Several important tax breaks for individuals expired at the end of 2007; the new law extended them for 2008 and 2009. Some of these extensions are even longer. Tuition and fees deduction. Individuals with modified adjusted gross income (MAGI) below a threshold amount can deduct up to...

Businesses get some breaks.(2007 business tax breaks extened to 2008)
January 1, 2009... Several business tax breaks expired at the end of 2007 or were scheduled to expire at the end of 2008. The new law extends some of those tax benefits: * Research credit. The new law restores the research credit for 2008 and 2009. This credit generally is 20% of incremental research...

Save energy, save taxes.
January 1, 2009... The new law also contains several extensions, as well as new tax code provisions, designed to encourage energy conservation and use of alternative energy sources. These provisions take effect in 2009. Home improvements. A tax credit of up to $500 is available for certain home energy...

Tax calendar.(Calendar)
January 1, 2009... JANUARY 2009 January 12 Employees who work for tips. If you received $20 or more in tips during December, report them to your employer. You can use Form 4070. January 15 Individuals. Make a payment of your estimated tax for 2008 if you did not pay your income tax for the...