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WASHINGTON “For those thinking about buying a new car this year, this deduction may give them a little more drive to make their purchase this year,” said IRS Commissioner Doug Shulman. The deduction is limited to the state and local sales and excise taxes paid on up to $49,500 of the purchase price of a […]
NEW YORK (CNNMoney.com) — “The unemployment rate jumped last month in 49 states, with Michigan leading the way, the U.S. government reported on Friday. Nebraska was the only state to escape rising joblessness.” Seven states are reporting unemployment rates over 10%: Michigan (12%), South Carolina (11%), Oregon (10.8%), North Carolina (10.7%), California and Rhode Island […]
IRS Tips on Preparing for a Disaster Planning what to do in case of a disaster is an important part of being prepared. The Internal Revenue Service encourages taxpayers to safeguard their records. Some simple steps can help taxpayers and businesses protect financial and tax records in case of disasters. Listed below are tips for […]
More information on the COBRA reduction act can be found on the IRS web site. http://www.irs.gov/newsroom/article/0,,id=204708,00.html There are now four sections of questions covering: Administration and eligibility Form preparation Reporting and documentation Taxability and recapture Much of the material here was updated on 3/19/09. Important Highlight: FP-17 Q. Does a COBRA premium assistance credit reduce […]
NEW YORK – State labor officials said Wednesday they recovered a record $2.3 million in back wages for more than 800 workers at nine restaurants. The restaurants violated numerous labor laws including those dealing with minimum wage and overtime. The recovery is the largest collection for a single wage-violation case in the state Labor Department’s […]
Complete Article. If AIG execs won’t return their $450 million in bonuses, lawmakers threatened Tuesday to pass a special new law taxing the payouts at anywhere from 60% to 100%. “To those of you getting these bonuses: be forewarned, you will not be getting to keep them.” Schumer called it “Alice in Wonderland business practices” […]
http://www.irs.gov/newsroom/article/0,,id=204708,00.html Please see the article for full details… Under the American Recovery and Reinvestment Act of 2009, certain individuals who are eligible for COBRA continuation health coverage, or similar coverage under State law, may receive a subsidy for 65 percent of the premium. These individuals are required to pay only 35 percent of the premium. […]
IR-2009-15, Feb. 26, 2009 WASHINGTON — The Internal Revenue Service today released new detailed information that will help employers claim credit for the COBRA medical premiums they pay for their former employees. The IRS unveiled new information on this Web site, IRS.gov, that includes an extensive set of questions and answers for employers. In addition, […]
On Feb 21 2009, the IRS has released new tax tables that implement the ‘Making Work Pay’ stimulus package. Available for tax years 2009 and 2010, the credit is 6.2 percent of a taxpayer’s earned income with a maximum credit of $800 for a married couple filing a joint return and $400 for other taxpayers, […]
CNNMoney – President tells U.S. Treasury to implement cuts for 95% of Americans; by April 1, workers will see less taxes withheld from paychecks. The tax cuts are part of a $787 billion economic recovery plan passed by the Democratic-controlled Congress over Republican opposition. The aim is to put more money in the pockets of […]