We are dedicated to keeping clients abreast of the latest tax law changes, planning strategies and vital tax-related information. This section includes a library of timely articles, due date reminders and much more. The articles are categorized by subject matter, which can be accessed from the links.
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NEW TAX LAW & PROVISIONS FOR 2010 & BEYOND

Congress and the Administration are struggling to get the economy back on track and have passed new or extended old tax provisions that they feel will help stimulate the economy. There are also provisions that were in prior legislations that are just taking effect. The new administration has vowed to quickly provide more stimulus incentives right after taking office in January of 2009, so you may wish to revisit the articles from time to time during the year. This section includes the more prominent changes affecting individuals and small businesses in 2010 and later years.

President's Budget Proposal Includes Tax Increases: On February 26, President Obama released his 2010 federal budget proposal totaling a record $3.55 trillion. Entitled "The New Era of Responsibility," President Obama's budget contains a minimum of $1 trillion in tax increases over the next decade on higher...
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Non-Itemizers Get a Real Property Tax Deduction: For 2008 and 2009, taxpayers who do not itemize were able to add to their standard deduction the cost of their real property taxes, not to exceed $500 ($1,000 for joint filing taxpayers).Possible Extension - An extension of this benefit for 2010 in included...
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A New Twist For Home Sales: With the advent of the home sale gain exclusion back in the 1990s, taxpayers have been using that provision of the law in a popular strategy to exclude gain not just from their primary residence but also from rentals and second homes as well. They do...
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Tax Credit to Aid First-Time Homebuyers: To stimulate home sales, Congress first established the first-time homebuyer credit in 2008, then modified it for 2009 (through November 30, 2009), and then extended it again through the middle of 2010 (2011 for certain service members) resulting in some...
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Years of Inflation and the AMT Pose a Growing Tax Threat: Your tax will be the higher of the tax computed the regular way or the Alternative Minimum Tax. Anticipating when the AMT will affect you is difficult, because it is usually the result of a combination of circumstances. In addition to those items listed...
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2010 Inflation Adjustments: Every year, many of the various tax limitations, deductions, allowances, etc., are inflation adjusted. The following are the more commonly-encountered values that apply to 2010, along with the prior year's amounts. Click here for the table.Please note...
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Tax-Free IRA to Charity Distributions May Be Extended: A provision that permits taxpayers age 70½ and over to make direct distributions (up to $100,000) from their IRA account to a charity was available in 2008 and 2009. The distribution is tax-free, but there is no charitable deduction. This...
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Tax-Free Provisions for Mortgage and Debt Relief Workouts: If the decline in the real estate market or the nation’s economic downturn has caused you to lose your home by foreclosure or short sale, or you voluntarily signed the deed over to the lienholder, you will probably be faced with debt relief income....
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Home Energy Credits: Tax Credit for Residential Energy Improvements – Energy property improvements to a principal residence located in the United States and placed in service during before the end of 2010 qualify for the residential energy improvement credit. 2010...
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Fiduciary & Partnership Extension Due Dates Earlier: The extended due dates for returns of calendar-year trusts and estates (1041), partnerships (1065), and certain other returns that generate form K-1s have historically been the same as for individual returns (1040). Since these returns generally include...
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Roth Conversion Limitations Eliminated: Beginning in 2010, legislation:(1) Eliminates the $100,000 modified AGI limit on conversions of traditional IRAs to Roth IRAs, and (2) Permits married taxpayers filing a separate return to convert amounts in a traditional IRA into a Roth IRA. Under...
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