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| What are the new NOL Carryback provisions for businesses under the ARRA Act for 2009? | |
Jul 03, 2009 - 9:57 AM - by TaxGuru | 
The IRS has announced that "Small businesses with deductions exceeding their income in 2008 can use a new net operating loss tax provision in the American Recovery and Reinvestment Act (ARRA) to get a refund of taxes paid over the past five years instead of the usual two."
This will enable businesses to file their NOL carryback over a considerablely longer period and claim a refund for taxes paid in prior year when business conditions were favorable.
... [Read More] | | | | The ARR Act of 2009 offers a Sales Tax Deduction for purhase of new vehicle in 2009. | |
Jul 03, 2009 - 9:50 AM - by TaxGuru |
The IRS has announced that "the American Recovery and Reinvestment Act of 2009 provides a deduction for state and local sales and excise taxes paid on the purchase of new cars, light trucks, motor homes and motorcycles through 2009. It also provides for the deduction of other taxes or fees paid in states with no sales tax. The deduction is available regardless of whether a taxpayer itemizes deductions on Schedule A."
However, the IRS has stated that "purchases... [Read More] | | | | The IRS announces rules on "Withholding on Foreign Partners". | |
Jun 18, 2009 - 12:16 PM - by TaxGuru |
The IRS has stated that "a foreign partner can provide to a partnership a certification to reduce or eliminate the partnership's withholding tax obligation under section 1446 on the partner's allocable share of effectively connected taxable income from the partnership. Any certificate (including any updated certificates and status reports) submitted, or required to be submitted, after July 28, 2008, must comply with Regulations section 1.1446-6."
In addition, the... [Read More] | | | | What States are offering Tax Amnesties to delinquent taxpayers? | |
Jun 11, 2009 - 12:03 PM - by TaxGuru |
During the Tax Year 2009, seven state tax departments have held or will offer tax amnesties to its taxpayers, these are listed below as follows;
1. Alabama,
2. Arizona,
3. Connecticut,
4. Massachusetts,
5. New Jersey,
6. Virginia,
7. Wisconsin.
The purpose of a tax amnesty program is for the state to "collect as much back taxes" as they can so as to balance... [Read More] | | | |  | » Categories |  | | Individual Corporations Financial Planning | |
