Posts Tagged ‘economic stimulus’

With Tax Revenue Down and Government Spending Up, Individuals with Tax Problems Will Be Targeted By IRS

Tuesday, April 21st, 2009

I recently appeared as the tax expert on Financial Lifeline Radio with hosts Dave Harbison and John March.We talked about all the tax buzz this year. It’s almost become a cultural movement in this bad economy with everyone struggling with tax debt -  we’re seeing all the tax tea parties and stimulus packages making headlines.
Not to mention, it seems like you must have tax problems to be nominated by the
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Small Business Tax Incentives and Credits in American Recovery and Reinvestment Tax Act of 2009

Monday, March 2nd, 2009

The American Recovery and Reinvestment Act includes approximately $300 billion of net tax cuts. The new stimulus act includes tax provisions that may impact you and your small business. You will want to familiarize yourself with the plan’s new tax relief provisions.
Several key tax provisions include:

New 5-year net operating loss (NOL) carryback rule.
Deferral of certain income from the discharge of indebtedness
Extension of the existing bonus depreciation rules, which allows businesses
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Tax Changes in the American Recovery and Reinvestment Act of 2009

Monday, March 2nd, 2009

The IRS is implementing tax-related provisions of this new program as quickly as possible. I recently blogged about how this new economic stimulus law could affect your tax bill, and how heightened tax compliance efforts could impact small businesses.
The IRS has outlined key highlights of the plan as follows:

COBRA: Health Insurance Continuation Subsidy. The IRS has extensive guidance for employers, including an updated Form 941, as well as information for qualifying
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Cracking Down on Businesses with Payroll Taxes Problems: New Economic Stimulus Plan Calls for Heightened IRS Enforcement

Friday, February 27th, 2009

I recently blogged about the new economic stimulus package and how it affects your IRS bill. In addition to funding deficit-reduction activities, the federal government is looking at ways to close the tax gap by taking a closer look at employment tax returns.
According to the most recent estimates, payroll tax mistakes cost the IRS $15 billion – and tax experts agree that today’s figure is much greater! For several years
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