The American Recovery and Reinvestment Act of 2009 was recently enacted as a means of stimulating the economy. The most noteworthy real estate aspect of the Recovery Act is a refundable tax credit of up to $8,000 for first-time homebuyers. This article will summarize the main qualifications and limitations for…
In today’s tough economic times, more and more companies are finding themselves unable to meet their financial obligations and pay their debts. The ripple effect is being felt throughout the commercial world, in particular by those who do business with these struggling entities. Suppose a manufacturer or a distributor sells…
While each of us is feeling the impacts of an economic slowdown in different ways, for shareholders of a C corporation, this could be a great time to participate in tax planning for the future. In general, many assets that may be held by C corporations, such as real property…
The gift tax annual exclusion has been increased from $12,000 to $13,000 per donee. The annual exclusion for gifts to non-citizen spouses has been increased from $128,000 to $133,000. In addition, the estate and generation-skipping transfer tax exclusions are increasing from $2 million to $3.5 million. However, the lifetime gift…
On October 3rd, the Emergency Economic Stabilization Act of 2008 was signed into law. This law is more commonly known as the “bailout bill” and its main purpose is to provide the Federal Government with authority to purchase and insure certain types of troubled assets. While the bailout bill received…