On Monday, the U.S. Supreme Court granted a writ of certiorari in the case of Bilski v. Doll, Sup. Ct. Dkt. No. 08-964. The Court has agreed to review the Federal Circuit’s earlier decision in the case and address the question of when business methods are eligible for patent protection.
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Personal financial planning
IRS Notice Provides Work Opportunity Credit Definitions
The IRS has released a notice that defines the terms “unemployed veteran” and “disconnected youth,” for purposes of the IRC § 51 work opportunity credit (Notice 2009-28). The notice also gives transition relief to employers who hire employees from those targeted groups after Dec. 31, 2008, and before July 17,
Retirement Planning Using a Client’s Tax Return
Many CPAs never follow up with clients after tax season, but CPAs can provide valuable assistance by taking some time after busy season to use the tax return as a guide to helping clients prepare for retirement. A tax return is an excellent starting point for the personal financial planning
Help for Homebuyers: A Guide to the New First-Time Homebuyer Credit
The first-time homebuyer credit, introduced by the Housing and Economic Recovery Act of 2008, PL 110-289 (the 2008 act), has been substantially modified and clarified by two developments this year: the passage of the American Recovery and Reinvestment Act of 2009, PL 111-5 (the 2009 act), and the issuance of
CPAs Head to the Hill to Discuss Reform, Economy, Taxes
CPAs wrapped up the 2009 AICPA Spring Meeting of Council in Washington on Tuesday with visits to Capitol Hill to discuss regulatory reform, the economic crisis and tax issues. Before heading into discussions with legislators, the group heard briefings from members of Congress. “We have a lot of work before
IRS Provides Guidance on the Residential Energy Efficient Property Credit
On Wednesday, the IRS issued Notice 2009-41, providing guidance to manufacturers and consumers on satisfying the requirements of the residential energy efficient property credit. The notice outlines procedures manufacturers must follow to certify that property satisfies the credit’s conditions. Taxpayers received guidance on when they may rely on a manufacturer’s
Taxes in Troubled Times
The IRS has acknowledged there’s plenty of pain to go around in the current economic downturn. Financially strapped taxpayers can take advantage of several relief initiatives and provisions that could lessen their tax bite. Those with investments posting a loss may be able to “harvest” it or at least reposition
Tax Considerations for Buying and Selling Property With a Burdensome Lease
An economic downturn like the current one can cause fixed lease obligations to become burdensome and trigger a significant negative impact on leasing in many markets. Real property and other business assets may have been leased in a sale-leaseback transaction, or the lessee may have simply desired use but not
Diamond Receives Personal Financial Planning Award
Irvin F. Diamond, CPA/PFS, of Albuquerque, N.M., received the AICPA’s 2008 Personal Financial Planning Distinguished Service Award. Presented at the 2009 Advanced Personal Financial Planning Conference in San Diego, the award is given to an AICPA volunteer who significantly contributes to the advancement of personal financial planning as a practice
The Complete Guide for Investing During Retirement
by Thomas MaskellAdams Media, 2009, 256 pp. If you, or a client, have reached retirement age with only a modest savings for retirement, this book is for you. With no market experience, former engineer Thomas Maskell started his investing career during retirement and learned the business of buying and selling
The Other Other Side of Annuities
I just read the article “Annuities and the Other Side of the Retirement Savings Coin” (Jan. 09, page 36). The article discusses many of the benefits of annuities but does not seem to discuss in much detail the risks of purchasing an annuity, such as the risk of the insurance
Stimulus Act Eases Taxes for Individuals, Small Businesses
With the enactment of the American Recovery and Reinvestment Act of 2009 on Feb. 17, Congress delivered a smorgasbord of tax relief items to individual taxpayers and small businesses. While the specifics of those measures were the subject of whirlwind conference negotiations in Congress, the outcome reflects an attempt to
Representing Clients With Tax Delinquencies and Deficiencies
It’s not unusual for CPAs to encounter clients delinquent in filing individual, corporate or payroll returns. CPAs can establish a rewarding practice niche if they are prepared to offer a full range of tax resolution options and be a trusted ally to clients who need to atone for their lapses
IRS Revises Inflation Adjustment Amounts
On Friday, the IRS issued Rev. Proc. 2009-21, which modifies the inflation-adjusted amounts to be used for certain tax credits in 2008 and 2009. The modified numbers reflect recent statutory changes by the Tax Extenders and Alternative Minimum Tax Relief Act of 2008, PL 110-343 (Tax Extenders Act), and the
Service Gives Guidance on New 5-year Carryback of NOLs
The IRS issued guidance on how eligible small businesses may take advantage of the enhanced net operating loss (NOL) carryback provisions of the American Recovery and Reinvestment Act of 2009, PL 111-5 (ARRA). Under those provisions, eligible small businesses may carry back a 2008 NOL up to five years instead
The Redesigned Form 990
Most nonprofit organizations are now reviewing their first redesigned IRS Form 990 and its many new information requirements designed to enhance transparency and accountability. CPAs with nonprofit clients now are seeing the pieces fit together with satisfaction or, if drawing together the information has been difficult, perhaps with some concern.
Free Opt-In E-Newsletters Launched
The Institute launched two free, opt-in e-newsletters in January. Financial Planning Digest debuted Jan. 13. On Jan. 20, AICPA members were sent the inaugural issue of Forensic & Valuation Reporter. The newsletters include: Links to important stories, culled from hundreds of top news sources. Summaries of research, analysis, videos and
Best of Both Worlds?
Over the past several years many companies pursued extremely aggressive growth, resulting in an accumulation of fixed assets on balance sheets. Many of these assets (especially land and buildings) have enjoyed an unprecedented appreciation in value. However, the current recession and accompanying credit crunch have caught some companies in a
Creating Joint Ownership: Avoiding the Tax Traps and Other Pitfalls
Last month’s column showed how adding a child or other nonspouse family member to the title of property as a joint tenant can create unintended consequences of deemed gifting for gift tax purposes. In that illustration, Jack added his daughter, Liz, as joint owner of rental property, immediately triggering a
IRS Issues Final Regs on Automatic Contribution Arrangements
The Service on Tuesday issued final regulations on automatic contribution arrangements for 401(k) and other eligible plans. The regulations (TD 9447) adopt with modifications the 2007 proposed regulations (REG-133300-07) providing guidance on implementing provisions of the Pension Protection Act of 2006 and the Worker, Retiree, and Employer Recovery Act of
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SPONSORED REPORT
Preparing clients for new provisions next tax season
As the 2025 filing season approaches, H.R. 1 introduces significant tax reforms that CPAs must be prepared to navigate. These legislative changes represent some of the most comprehensive tax updates in recent years, affecting both individual and corporate taxpayers. This report provides in-depth analysis and guidance on H.R. 1.
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