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Recent Developments

The following summarizes some of the more important tax developments occurring in the past three months that may affect you, your family, your investments, or your livelihood. Please call us for more information about any of these developments and what steps you should implement to take advantage of any recommendations. We will have more to say on some of these topics in the weeks ahead.

 

New guidance and rollover relief for waiver of 2009 RMDs. IRS has issued additional guidance on the waiver of 2009 required minimum distributions (RMDs). It provides transition relief through Nov. 30, 2009, so that a plan won't be treated as having an operational failure for allowing waivers of 2009 RMDs and related payments before being amended, and rollover relief for 2009 RMD waivers and related payments. In general, retirement plan or IRA withdrawals that were made despite the 2009 RMD waiver won't face tax if rolled over to a retirement plan within 60 days. Similar rules apply to IRAs. The new guidance includes an extension of the 60-day rollover period to Nov. 30, 2009, for certain distributions. The rollover relief gives older taxpayers an unusual opportunity to correct an inadvertent mistake that otherwise would unnecessarily increase their taxable income for 2009. It also gives some individuals a "retroactive" chance to reduce their tax bill if their financial circumstances have improved during the course of 2009.

 

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The American Recovery and Reinvestment Act of 2009 - Business

Numerous new business income tax provisions have been passed, all intended to stimulate the economy. Time will tell if the new rules will have the desired effect. However, small businesses can benefit currently with these new rules, detailed below. If you have any questions on these items, please contact one of the members of our tax team.

The American Recovery and Reinvestment Act of 2009 (the Recovery Act), which was signed into law on Feb. 17, 2009, makes a number of beneficial changes for business. Here is a review of the more widely applicable provisions that could have an impact on small businesses.

 

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The American Recovery and Reinvestment Act of 2009 - Individual

Keeping track of changes in the income tax rules is becoming a full-time endeavor for some people. Our tax team has committed to keeping you up-to-date on the major rules that could put more money where it belongs, in your pocket.

 

The American Recovery and Reinvestment Act of 2009 (the Recovery Act), which was signed into law on Feb. 17, 2009, makes a number of beneficial tax changes for individuals. However, most of them are temporary in nature. Unless extended by future legislation, they apply for 2009 only or in some cases for 2009 and 2010. The following is a quick review of the more widely applicable provisions that could have an impact on individuals and their families. Please see your tax advisor about how to apply these rules to your specific circumstances. There are many planning opportunities available.

 

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Your Charitable Contribution Deduction - Don't Give It Away!

Taking a charitable contribution deduction is one way to lower your taxes. However, it is important that your documentation support the deduction. The IRS is taking more interest in the charitable deductions of individuals. I speak from personal experience; I was audited specifically for my charitable contributions.

 

The rules for substantiating the deductions have become increasingly complex. The following attempts to steer you through the maze of rules so that you don't give away your charitable contribution deduction.

 

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