The Washignton Post reported on the International Economic Summit. The governments are "taking action" which means a government-induced economic disaster. If it is anything like the "help" of FDR's "New Deal" it will extend economic dislocations for far longer than a normal business cycle. Here...
2009 Inflation Adjustments AnnouncedThe IRS has released Revenue Procedure 2008-66 announcing increases in deductions, exemptions, limitations, and credits for 2009, as well as widened tax brackets. Key changes affecting 2009 returns include the following:The value of each personal and dependency exemption increases to $3,650. ...
2009 Social Security Cost of Living AdjustmentsBeginning January 1, 2009, the maximum earnings subject to social security tax withholding increases to $106,800. The earnings needed for one quarter of coverage is $1,090. The threshold for coverage for domestic employees increases to $1,700.see: http://www.TaxEsq.com...
The IRS announced the following inflation adjustments for 2009:The value of each personal and dependency exemption, available to most taxpayers, is $3,650, up $150 from 2008.The new standard deduction is $11,400 for married couples filing a joint return (up $500), $5,700 for singles and married...
IRS Form 1042 - Report Payments to Foreign BusinessesBusinesses paying U.S. source income ( including interest, dividends, rents, royalties, wages, fees) to any foreign company, foreign individual, foreign partnership, etc. (foreign persons”) must report the payments and the amount of U.S. tax, if any, that...
The Internal Revenue Service has an onerous and expensive 2-step process for approval of exempt organizations. Because of the new IRS 990 annual filing requirement for non-profits, the IRS is changing the process. Instead of giving a 5-year preliminary approval requiring a review after...
The IRS seized $97,000 from Raceland, Ky. The Mayor told a startled city council at an emergency meeting Wednesday night that the Internal Revenue Service has seized close to $100,000 from the city coffers because of non-payment of 2006-2007 taxes. This means the...
New PIN Requirement for 2009 Filing SeasonStarting with the 2009 filing season, all 1040 taxpayers filing electronic returns must sign their returns using an electronic personal identification number (PIN). A taxpayer's electronic signature will include a five-digit PIN that they create and either their...
Interest Rates Increase for the Fourth Quarter 2008The IRS announced that interest rates for the calendar quarter beginning October 1, 2008, will rise by a full percentage point. The interest rates are:6 % for overpayments (5 percent in the case of a corporation);6% for underpayments;8%...
Economist Robert Shiller (of the Case-Shiller Housing Index) announced his findings concerning housing price trends. He predicts the nationwide average price decline for homes will likely exceed the 30% decline that America experienced in the 1930's Great Depression. Since average price declines already are in...