Tax News Headlines
Affecting Tax Preparation & Income Tax Planning
Congress extended economic stimulus measures for small business,
including increased Section 179 expensing and the 50% "Bonus" depreciation
option for business assets put into service in 2009.
Click Here for Details.
In November of 2009, Congress passed The Worker, Homeownership and
Business Assistance Act of 2009. This bill extended and expanded the
first time home-buyer credit and extended the expanded net operating loss
carryback provisions for businesses. For details on the patch,
see the summary prepared by the National Association of Tax Professionals (NATP).
In February of 2009, Congress passed the American Recovery and
Reinvestment Act of 2009. This bill contained numerous
stimulus-oriented tax breaks for individuals and business.
Click Here for NATP Summary.
BUSINESS MILEAGE DEDUCTIONS FOR 2009 & 2010
The IRS standard mileage allowance or business use of a vehicle
for 2009 was 55 cents per mile. For 2010 the allowance is 50 cents per mile.
IRS MAINTAINS INTEREST RATES FOR FIRST QUARTER 2010
4 percent for overpayments (corporations 3 percent)
4 percent for underpayments
6 percent for large corporate underpayments
1.5 percent for corporate overpayments exceeding $10,000
DETAILS OF TAX BREAKS FOR THE MILITARY
Congress has added several
tax benefits for active duty service personnel as well as for members of
the reserves and National Guard over the last several years.
Details on the IRS Military Tax Page.
WATCH OUT FOR FRAUDULENT TAX SCAMS
The Internal Revenue Service has stepped up investigations of scams and
fraudulent tax shelters. Stay out of trouble by keeping up with
current tax scams.