Earlier today (January 6, 2011), the Internal Revenue Service issued new proposed regulations which, if finalized, will require annual reporting of interest paid on deposits maintained by nonresident aliens at U.S. offices of certain financial institutions. These new proposed regulations replace ones that were issued in August 2002 (the “2002 Proposed Regs”), which themselves replaced […]
Even better than that sweater your Aunt gave you for Christmas
Most people are aware that the federal government imposes a tax on large gifts made by a person. “Large” for gift tax purposes generally means a gift over the annual exclusion amount. The annual exclusion amount, currently $13,000, is the amount in cash or property that each of us can give annually to any number […]
Just Published: Federal Tax Committee Estimates Cost of Federal Tax Laws
On December 15, 2010, the Staff of the Joint Committee on Taxation (JCT) published its Estimates of Federal Tax Expenditures for Fiscal years 2010-2014 (the “JCT Report”). The JTC Report may be especially important in the coming months as the next Congress tackles the growing federal deficit. The reason for this lies in the President’s […]
Obama Reaches Deal with Republicans on Bush Tax Cuts and other Tax Provisions
Last night, President Obama announced a compromise with Republicans to extend the Bush tax cuts to all Americans for another two years. What this means for a typical American family is not having to face an approximately $3,000 increase in their tax bill next year. For businesses, this includes an extension of the research and […]
Houses Passes Small Business Lending Fund Act (H.R. 5297)
Yesterday we noted that the House would soon vote on the Senate’s changes to the small business lending and tax bill. Earlier today, the House voted 237-187 to pass H.R. 5297. The vote sends the bill to President Obama, who is expected to sign it into law within the next week. In addition to the […]
H.R. 5297 – small-business lending and tax bill affects 401K
H.R. 5297 will be voted on by the House shortly. It is a small-business lending and tax bill and already passed last week in the Senate 61 to 38. It will include a provision that if permitted by a 401K plan, would allow a participant who had attained age 59 ½ to “convert” elective deferrals […]
