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Tax
Ron Kramer | 7.8.2009

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.
Tax
Ron Kramer | 6.29.2009

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
Tax
Ron Kramer | 6.24.2009

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.
Tax
Bob Bandi | 6.24.2009

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.

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Tax
Mark Cobetto | 6.24.2009

Manufacturers With Export Sales Should Consider a DISC

One of the often overlooked federal income tax incentives for U.S. manufacturers with export sales involves the use of a Domestic International Sales Corporation
Tax
Jeffrey Wlahofsky | 6.19.2009

PA Governor Proposes Individual State Income Tax Increase

Pennsylvania Governor Ed Rendell proposed an increase in the state personal income tax. Jeff Wlahofksy provides insight into what may happen next.
Tax
Martin DiGiovine | 5.15.2009

Is Cap and Trade Legislation a Disguised Tax Increase?

On March 31, 2009, Reps. Henry Waxman (D-CA) and Edward Markey (D-MA) released a discussion draft of the American Clean Energy and Security Act of 2009 in the U.S. House Committee on Energy and Commerce. The proposed bill includes a “cap and trade” program in which the government will set a steadily declining ceiling on greenhouse gas emissions, then sell “credits” to energy producers in order to limit their greenhouse gas emissions
Tax
Ron Kramer | 4.10.2009

IRS Cracking Down on Offshore Bank Accounts

The IRS recently announced new steps to encourage U.S. taxpayers with previously undisclosed foreign bank accounts to voluntarily come forward. In return for paying back taxes for the past six years, plus interest and stiff penalties, the IRS will promise not to bring criminal charges or to assess the 75-percent fraud penalty.

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Tax
Ron Kramer | 4.10.2009

Have You Benefited from the Stimulus Package?

President Obama’s Stimulus Package (The American Recovery and Reinvestment Act of 2009, ARRA) has been law now for almost 60 days. Have any of the stimulus measures had an impact on you or your business? 
Tax
Martin DiGiovine | 3.25.2009

Home Sales Surge Due to First Time Homebuyer Credit

In what seems a rare instance of encouraging news about the economy, the Wall Street Journal reported on March 24 that existing home sales were up 5.1%

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