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Cause and Effect
In a Sunday interview with ABC News’ “This Week,” Vice President Biden said the Obama administration misread how bad the economy was and didn’t foresee the potentially double-digit unemployment levels. Biden’s comments already have some economists and politicians clamoring for another round of stimulus spending on top of the $787 billion recovery bill passed in February of this year. This merits more debate. Ron Kramer explains.
IRS Allows September 23, 2009 Deadline for Some FBAR Filings
The Internal Revenue Service (IRS) has announced that it will permit taxpayers who meet certain requirements to file Form TD F 90-22.1, the Report of Foreign
ALERT: Expanded Reporting Requirements for Foreign Bank Account Reports (FBAR)
U.S. persons with an interest in a private investment fund organized outside the United States during 2008 must report ownership to the U.S. Treasury on Form TD F 90-221.1, Report of Foreign Bank and Financial Accounts (FBAR) by June 30, 2009.
Place Assets in Service by December 31, 2009 for Enhanced Expensing
The stimulus package signed by President Obama earlier this year provides businesses with two valuable tax incentives in the form of enhanced expensing and bonus depreciation for fixed asset additions. These accelerated depreciation expenses are only available to offset federal taxable income in 2009.