Congress’ New Year resolution: finish work on tax bills
Although the Senate approved its massive health care reform bill, the Patient Protection and Affordable Care Act, Congress begins 2010 with a mountain of unfinished tax legislation from 2009. The unfinished tax bills mean practitioners and taxpayers face uncertainty, at least for the immediate future, over important issues such as estate tax, the alternative minimum tax (AMT), health care reform, and more. Some of these bills are on the fast-track for approval in early 2010; others will wait for Congress to finish work on higher priority items. more…

Looking back at 2009 and getting ready for tax time in 2010
Before 2010 begins in earnest, you may find it helpful to take one last look at important tax developments that occurred during 2009 to see what impact they may have on next year’s tax strategies. To help, we have prepared a list of 2009 tax developments, selected from the perspective of their importance to you in 2010. Some of the developments on the list are ongoing, with endings yet to be written. With other developments, the law is firmly established, although application of some of them to New Year transactions may remain somewhat uncertain. In all cases, they are notable for their potential to play an important role in 2010 and beyond. more…

FAQ: I’m an employer…how do I claim the COBRA premium assistance credit?
The American Recovery and Reinvestment Act of 2009 allows employers to claim a credit against certain employment taxes for providing COBRA premium assistance to assistance eligible individuals, including former employees who were involuntarily terminated from employment any time during the period beginning on September 1, 2008, and ending on December 31, 2009. The 2010 defense bill extends eligibility for COBRA premium assistance through February 28, 2010. The 2010 defense bill also extends the maximum duration of COBRA premium assistance to 15 months and provides an election to pay premiums retroactively and maintain COBRA coverage. more…

How Do I? Convert my traditional IRA to a Roth IRA?
Beginning in 2010, the income limitations that have prevented taxpayers with modified adjusted gross incomes of $100,000 or more and married taxpayers that filed their returns separately from converting a traditional individual retirement account (IRA) to a Roth IRA are eliminated entirely. As a bonus to kick off “unlimited Roth conversions,” any income tax payments due on 2010 conversions may be deferred into 2011 and 2012. For higher-income individuals, 2010 presents a long-awaited and much anticipated opportunity to convert their savings into a Roth IRA providing tax-free distributions during their retirement years. more…

January 2010 tax compliance calendar
As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important tax reporting and filing data for individuals, businesses and other taxpayers for the month of January 2010. more…