Editor's Note
Congress has jumped into the Madoff cauldron and come up with a
juicy apple in its mouth. Taxpayers who got stung in the Madoff
Ponzi scheme and others like it will be able to take a tax
deduction for up to 95 percent of their loss. Don't worry about
the taxpayers having to foot the bill for this benefit. The Feds
have every intention of recouping as much of the money as
possible from the perpetrators of the schemes.
Meanwhile, Helio Castroneves enters Week Two of what is expected
to be a four- to six-week trial centering around the timing of
tax liabilities on income earned from his racing career. We will
continue to follow the trial to its conclusion.
Best regards,
Gail Perry, CPA
Managing Editor
editor@accountingweb.com
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New tax law extends NOL carryback period
The Internal Revenue Service has announced that small businesses
with deductions exceeding their income in 2008 can use a new net
operating loss tax provision to get a refund of taxes paid in
prior years.
more >>
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Stay Informed with CCH Audio Seminars
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Invite colleagues, customers, prospects and business referral sources to join you for a CCH Audio Seminar. Each seminar includes supporting CCH research materials forwarded to you after the seminar.
State Tax Issues for Service Businesses - March 24
This tax-saving and time-saving two-hour audio seminar on March 24th will focus upon the unique state tax issues encountered by service businesses and suggest compliance and planning strategies for dealing with various situations.
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Illinois State Taxation - March 26
Corporate Income Tax, Sales Tax, and Procedural Issues
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Estate and Financial Planning During Turbulent Times - March 31
Charting Your Clients’ Course for Smoother Sailing
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Castroneves tax trial diary
Racecar driver Helio Castroneves's former accountant, Kevin
Savoree, told jurors last week that he didn't believe the
defendant had the intent to evade taxes. The prosecution still
maintains that Castroneves had control over the Dutch account
where the $5 million in fees were parked, therefore, he had
constructive receipt of the funds on which he should have paid taxes.
more >>
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Tax Mama Blog: Are You Deducting Too Much Mortgage Interest?
In this week's MarketWatch.com article I talk about the mortgage
interest deduction. In the course of working on this article, I
tried to track down specific information from the IRS. Our
taxpayer education coordinator here in LA did some research for
me about this and, after a bit of phone tag, we connected this
morning. Here's the scoop: Yes, IRS has been running a mortgage
interest audit project. The details are confidential, but...
more >>
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Tax Office Operations Manual
Successful tax practices require much more than just knowing how to prepare tax returns. This comprehensive manual outlines effective company policies and procedures and communicates them to your employees and clients. Help your staff understand your company's philosophy, ultimately leading to consistency in your operations.
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