Editor's Note
AccountingWEB is grateful to Grant Thornton LLP for providing
us with an in-depth analysis of the new Housing and Economic
Recovery Act signed into law on July 31. Learn the intricacies
of breaks for (kind of) first-time home buyers and homeowners
who are having trouble paying for the mortgages to which they committed.
But wait! Some of the breaks aren't really breaks, just loans
from the federal government that have to be paid back. AccountingWEB Bloggers Crew member, Jerry Davis, welcomes your comments on this topic.
Best regards,
Gail Perry, CPA
Managing Editor
editor@accountingweb.com
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Housing bill summary includes many tax provisions
The provisions of the recent housing bill are aimed at both
businesses and individuals and will have a significant impact
on a large number of taxpayers. The changes will affect real
estate investment trusts (REITs), provide incentives for first-time
homebuyers, change tax rules for housing bonds and credits,
allow some taxpayers to accelerate AMT and R&D credits, and,
beginning in 2010, impose new payment card reporting requirements.
more >>
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IRS releases instructions for new Form 990
The Internal Revenue Service has released the revised
instructions that tax-exempt organizations will need to fill
out the redesigned Form 990, which will be used for 2008 tax
returns, filed in 2009.
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Sales tax holidays: Love them or hate them?
More than a dozen states and the District of Columbia have
sales tax holidays that last at least a couple of days each
year, some last much longer. Usually the holiday coincides with
back-to-school time to give parents a break on outfitting their
kids with necessities.
more >>
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Blog: Explain This One To Your Client
Here is a real doozy from Congress. New tax legislation allows
home buyers who have not owned a home in the last three years
to take a tax credit up to $7,500 for buying a new home. But
wait...you do not get to keep the credit...you have to pay it
back at $500 per year over the next fifteen years.
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New tax rules for companies with heavy vehicles
Individuals and organizations with 25 or more trucks, tractors
or other heavy vehicles used on highways now are required to
make their excise tax filings with the Internal Revenue Service
electronically, rather than by paper.
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Tax Talk Today announces EITC program
Tax preparers are encouraged to attend the next Tax Talk Today
monthly Webcast scheduled for September 9 when the topic will
be "EITC Due Diligence...It's Your Responsibility."
more >>
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