Time is running out to retroactively create a 2009 tax loss eligible to be carried back up to five years for a refund of federal income tax paid in the prior years. This past November, Congress amended the Internal Revenue Code to allow 2009 business tax losses to be carried…
There is a tendency to stop thinking about tax planning during recessions. After all, during recessions many individuals and businesses do not pay income tax because they do not have income. In many cases, however, a loss can be carried back to a prior year when the individual or business…
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…
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…