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TAX LAW NEWS - TAX LITIGATION
From the category archives:
This week, President Obama signed into law the Car Allowance Rebate System (C.A.R.S.) – a program that pays consumers up to $4,500 in tax credit for trading in their cars or trucks for more fuel efficient vehicles.
As the New York Times reports, you will need to check if your vehicle qualifies for the trade-in [...]
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President Obama roiled the business community Monday by proposing to hike taxes on income generated outside the United States. The changes, which supposedly would close loopholes and remove incentives to export jobs and investment, would bring an estimated $210 billion to the Treasury over the next decade. We’re all for closing loopholes and ending tax [...]
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There is quite a bit of movement in this week’s list of the Top 5 Recent Tax Paper Downloads, with a new #1 paper and new papers debuting on the list at #4 and #5:
1. [250 Downloads]: 2008 Developments in Connecticut Estate and Probate Law, by Jeffrey A. Cooper (Quinnipiac) & John R. Ivimey (Reid [...]
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A couple of days ago, I mentioned my fleeting feeling of wealth each tax season. That rich feeling comes from adding up the various amounts I collected the previous year from an interesting collection of clients. Invariably, there’s a job or two I forgot about.
I know I should do a better job of tracking my [...]
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President Obama’s plan to expand health care coverage by raising taxes on the wealthy is drawing accusations that he wants to do it at the expense of charitable giving.
“I don’t understand why the administration would try to create any disincentive that reduced any donations to charity,” Sen. Pat Roberts, R-Kan., said.
Yet critics say that is [...]
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The American Recovery and Reinvestment Act of 2009 expands the first-time homebuyer credit to include purchases made before Dec. 1, 2009.
The IRS announced Feb. 25 that for first-time homebuyers who purchase in 2009, the maximum credit is $8,000 and can be claimed on a buyer’s 2008 federal tax return.
The credit is claimed using Form 5405.
For [...]
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Here’s a handy list of codes for the 1099-R:
1 Early distribution, no known exception
2 Early distribution, exception applies
3 Disability
4 Death
5 Prohibited transaction
6 Section 1035 exchange
7 Normal distribution
8 Excess contribution
9 Cost of life insurance protection
A May be eligible for 10-year tax option
D Excess contribution
E Excess annual additions
F Charitable gift annuity
G Direct rollover
J Early distribution from Roth IRA
L Loans treated as deemed distributions
N Recharacterized IRA contribution
P Excess contribution
Q Qualified distribution from a Roth IRA
R Recharacterized IRA contribution
S Early [...]
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If you’re unemployed, your tax bill will probably decline:
Deduction for medical expenses. Co-payments, deductibles and other unreimbursed medical expenses are deductible only if they exceed 7.5% of your adjusted gross income.
The income cut-off prevents most people with jobs and employer-provided health insurance from deducting medical expenses. But if your income has declined and you’re paying [...]
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As we near the final days of 2008, what continues to weigh heavy on the minds of many people is the slowing U.S. economy — unemployment has reached the highest percentage in years at 6.7 percent*, layoffs and business closures continue and the housing market remains weak. This year, lawmakers have passed more than a [...]
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Effective for the year 2008, some taxpayers can save for retirement and earn a special tax credit. This credit, referred to as the “saver’s credit” can offset the first $2,000 contributed to the taxpayer’s IRA, 401(k) and other retirement plans.
There is a catch. The credit is only available to taxpayers which meet certain income criteria. [...]
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