Tax Edge

Income Tax News and News Articles on Tax Issues

This up-to-date Tax News section will help you stay current with any new or pending tax legislation, as well as how it affects your current and future tax situation.

Last Chance Tax Savings on Car Purchases

Maybe you're kicking yourself now for missing the Cash for Clunkers $4,500 giveaway that took place earlier this year. Maybe you think you've missed your best opportunity to buy a new car. Don't fret. Purchasing a new vehicle (or two or three) before the end of the year could qualify you to take a special deduction on your 2009 tax return for the state and local sales and excise taxes you pay on your purchase.   More on this story.

Don't Add Tax Headache to Job Loss Heartache

If you are not alert to the tax considerations that come into play when job loss occurs, you may add a tax headache to the heartache of unemployment. There are things you should know to help you through the period after losing a job.   More on this story.

Tip Income Reporting Program Extended

A tip income reporting program that has proven beneficial to employers and employees alike in the food and beverage industry has been extended for two additional years by the Internal Revenue Service.   More on this story.

Year-End Tax Saving Tips

It's that time of year again. We're in December, the final month of the year, nearing the end of 2009. And as the calendar year ends, so does the tax year for most of us. In most cases, if we are going to do anything to reduce the 2009 tax bill, we need to do it by December 31.   More on this story.

Five Year NOL Carryback for Businesses Big and Small

A new law enacted by Congress contains expanded net operating loss carryback provisions for businesses small and large.   More on this story.

Save Taxes on Energy-Efficient Home Improvements

It's November now. We've enjoyed the beauty of the dazzling fall colors, but now the leaves are brown and dropping steadily. The onset of winter could arrive before we know it, in the wink of an eye. Therefore, you may want to think seriously about getting started on those winterizing projects you've been planning for months.   More on this story.

Congress Extends Greater Generosity to Homebuyers

You can ignore the warnings that you've been hearing recently that the first-time homebuyer tax credit is about to expire. You no longer need to rush out and close that deal for a new home by November 30, 2009. The homebuyer tax credit is alive and well--in fact, better than ever!   More on this story.

Congress Acts to Extend Unemployment Benefits

The nation's unemployment rate, now at 10.2 percent, continues to rise, the economy continues to shed jobs, and the total number of jobs lost since the recession began in late 2007 has reached over seven million.   More on this story.

IRS Trying to Pay $123 Million in Undeliverable Refunds

Have you been waiting and wondering why you haven't received the tax refund that you have been expecting? Well, it could be that the IRS just can't find you.   More on this story.

New Form Makes Requesting Your Tax Return Information Easy

The Internal Revenue Service has issued a new form with which you can request your own tax return information. It is intended to simplify and expedite the process.   More on this story.

Health Care Reform October Update

Will there be a public option for health insurance coverage? Will Medicaid be expanded to cover more than 10 million newly eligible recipients? Will new excise taxes be imposed on various health sector industries? Will individuals and businesses be forced to buy health insurance, and will those that don't be penalized with a new tax? And by the way, what's the definition of "tax?"   More on this story.

American Opportunity Credit Helps Parents and Students Pay for College

Many parents and college students will be able to offset up to $2,500 of the cost of college over the next two years under the new American Opportunity Tax Credit enacted as part of the American Recovery and Reinvestment Act of 2009.   More on this story.

IRS Guidance Offered on Minimum Retirement Plan Distributions

Retirement plan administrators, plan participants and retirees have received guidance from the IRS regarding recent legislation--the Worker, Retiree, and Employer Recovery Act of 2008--that waives for 2009 the required minimum distributions from certain retirement plans.   More on this story.

House Votes to Expand Unemployment Benefits and Extend FUTA Surtax

The annual extension of the 0.2 percent surtax paid by employers pursuant to the Federal Unemployment Tax Act (FUTA) has been linked to another expansion of the Emergency Unemployment Compensation (EUC) program in HR 3548, passed by the House of Representatives on September 22.   More on this story.

White House Weighing New Homebuyer Tax Credit Extension

The White House is looking seriously at proposals to extend the first-time homebuyer tax credit, according to one of President Obama's chief economic advisors.   More on this story.

Six Recovery Act Tax Incentives for Individuals

With the current condition of our economy, you may be more concerned than ever about minimizing your income tax bill when it comes time to file returns again. Be sure you remain alert to the possibilities of reducing your tax bill by taking advantage of the tax credits authorized in the American Recovery and Reinvestment Act (the Recovery Act) earlier this year.   More on this story.

Tax Breaks Help Pay Costs of College

As a new school year begins, you may be turning your attention more fully to the subject of how to pay for college education for yourself, your spouse, or your children. You will want to know how our tax laws attempt to support you in your efforts.   More on this story.

IRS Offers Tips on Employee/Contractor Determination

As a small business owner, perhaps you have struggled with the question of how to obtain the services of an individual to perform a function needed in your business. Do you hire a new employee, perhaps on a part-time or temporary basis, that you will have to carefully supervise?   More on this story.

IRS Gets Help From Swiss in Fight Against Tax Evasion

For those who thought their assets were safely tucked away in Swiss bank accounts, forever out of view of our American tax collectors, the day of reckoning will soon be here.   More on this story.

$2.3 Billion Advanced Energy Project Tax Credit Program Announced

The Departments of Treasury and Energy jointly announced today the initiation of the $2.3 billion Qualifying Advanced Energy Project Program enacted by the American Recovery and Reinvestment Act (Recovery Act) earlier this year. The program will award $2.3 billion in tax credits to manufacturers of advanced energy equipment.    More on this story.

Guidance Offered on Work Opportunity Tax Credit

A popular tax break for employers has undergone legislative amendment and expansion this year, and the Internal Revenue Service (IRS) recently offered guidance for implementation of the changes.    More on this story.

Five IRS Tax Tips about the Home Office Deduction

With technology making it easier than ever for people to operate a business out of their home, many taxpayers may be able to take a home office deduction when filing their 2009 federal tax return next year. The IRS has just issued some Summertime Tax Tips that you may find helpful in determining whether you want to operate a small business from an office in your home.    More on this story.

Tax News Archive

For more news stories and features on federal, state and payroll tax issues and how they may affect you, view a listing of articles.