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Here you will find
an evolving collection of information that we feel may be relevant and useful for our clients, including: narratives, access to forms, articles, Austin Associates E-Newsletters and more. If
there are particular resources which you would like
to have access to or see added to this page, please
let us know via the contact link above. |
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Tax Law Updates |
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Construction Clients:
Changes in Workman's Comp
There have been significant changes to Workman's Comp laws, effective January 1, 2010, particularly in the construction industry.
Anyone who is on a construction site is presumed to be an employee.
We advise you to contact your insurance agent to discuss the details.
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2009 First Quarter Federal Tax Developments The first three months of 2009 have seen a flood of new federal tax developments. We'd like to highlight some of the more important federal tax developments for you. As always, please give our office a call or send us an e-mail if you have any questions about these developments. Read More  (23kb) |
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February 20, 2009 -2009 AMERICAN RECOVERY AND REINVESTMENT ACT The much-anticipated economic stimulus package, the American Recovery and Reinvestment Act of 2009, is now law. The tax title in the new law --the American Recovery and Reinvestment Tax Act of 2009 --is itself a massive piece of legislation. The tax provisions add many new tax breaks and significant enhancements to existing deductions and credits.
Read More (21kb)
COBRA. Individuals who are involuntarily separated from employment between September 1, 2008 and January 1, 2010 can elect to pay 35 percent of their premiums for COBRA coverage and will be treated under the new law as paying the full amount. The former employer will pay the remaining 65 percent of the premium. In return, the employer will be able to credit its share of this temporary COBRA subsidy against wage withholdings and payroll taxes. The new law is extremely technical application, especially with notice requirements and time-frames for eligibility for coverage.
The American Recovery and Reinvestment Tax Act of 2009 (2009 Recovery Act) provides benefits
to homeowners like you by reinstating the Credit for Non-business Energy Property (CNEP) for 2009
and 2010, and enhancing the Residential Energy Efficient Property (REEP) credit. Read More  (18 kb)
The American Recovery and Reinvestment Tax Act of 2009 (2009 Recovery Act), which provides
billions of dollars of tax relief, includes a tax credit for individuals seeking a college education. This
provision may benefit you as a parent of a child working toward a college degree. Read More (12 kb)
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December 4, 2008 -CCH Tax Briefing: President-Elect Obama's Tax Proposal: An Update
Read More |
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October 3, 2008 -CCH Tax Briefing: Emergency Economic Stabilization Act of 2008
Read More |
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April 22, 2008
- IRS Launches Campaign to to Help New Small Businesses
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WASHINGTON — The Internal Revenue Service today launched a campaign to help educate new self-employed small business owners about federal tax responsibilities.
The campaign will provide new Schedule C, Profit or Loss from Business, filers with improved and updated educational materials through a variety of channels, including IRS.gov, small business workshops and other outreach events.
In this introductory phase of the campaign, IRS is offering some basic tips to avoid potential problems:
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Classify workers properly as employees or independent contractors as determined by law, not the choice of the worker or business owner;
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Deposit federal employment taxes, called trust fund taxes, according to the appropriate schedule;
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Start making quarterly estimated-tax payments to cover your own income tax and social security self-employment tax liability;
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Keep good records to protect your personal and financial investment and to make tax filing easier;
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Consider a tax professional to help you with Schedule C;
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File and pay your taxes electronically; it’s fast, easy, and secure;
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Protect financial and tax records to ensure business continuity in the event of a disaster; and
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Avoid abusive tax avoidance schemes such as the IRS’s 2008 "Dirty Dozen."
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March 2008
- Estimated Tax Payment Vouchers
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The IRS has discontinued mailing paper Form 1040-ES, Estimated Tax for Individuals, vouchers and envelopes to those who file electronically. 1040-ES filers who file a paper return will receive only one mailing instead of quarterly mailings. More information is in the Form 1040-ES instructions available on the IRS
website. |
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February 7, 2008
- Congress passes
Economic Stimulus Act
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The new law allows a refundable credit against tax (the “recovery rebate credit”) to low and middle-income individuals for 2008 in an amount calculated as the greater of: (1) Net income tax liability, not to exceed
$600 ($1,200 for joint filers), or (2) $300 ($600 for joint filers) if the
individual has either: (a) At least $3,000 of any combination of earned income, Social Security benefits and certain veterans’ benefits (including survivors of disabled veterans), or (b) Net income tax liability of at least $1 and gross income greater than the sum of the applicable basic standard deduction amount and one personal exemption (two if a joint return). |
| Facts about the Economic
Stimulus Act of 2008 |
(24kb) |
Tax Updates courtesy of |
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| March 13, 2008 - Covering the Cost of College While Saving Tax Dollars |
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Whether you have years to go before your children are ready for college or you already have a coed in the house, there are options available to help minimize your expenses by taking advantage of tax benefits.
Read More (37Kb) |
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February 28, 2008 - IRS Explains How to File to Claim the Rebate
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The IRS has issued Notice 2008-28 explaining what individuals who are not otherwise required to file an income tax return for 2007, must do so to receive an economic stimulus rebate. Basically, the individual must file a return containing certain information. For eligible individuals (or married couples filing jointly) who are not required to file an income tax return, but who had qualifying income in 2007 that equals or exceeds $3,000, the IRS will treat a Form 1040A for 2007 as a valid claim for refund in the amount of the 2008 economic stimulus payment. Eligible individuals should do the following:
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Write the words
"Stimulus Payment" in the blank
space at the top of page 1 of
Form 1040A above the title of
the form.
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Enter names,
mailing address, and social
security numbers on the
appropriate lines of Form 1040A
and enter filing status and
exemption information on lines 1
through 6d of the form.
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Enter wages and
other compensation (including
net earnings from
self-employment) received in
2007 on line 7 of Form 1040A.
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Enter qualifying
income received in 2007 in the
form of social security
benefits, Tier 1 railroad
retirement benefits, and certain
veterans' disability or survivor
benefits on line 14a of Form
1040A. Individuals who do not
have documentation of the exact
amount of these
government-provided benefits may
estimate their annual benefit by
multiplying their monthly
benefit, before any deductions
for withheld taxes or Medicare
premiums, by the number of
months during 2007 that they
received the benefit.
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If they are
members of the U.S. Armed
Forces, enter any nontaxable
combat zone compensation
received in 2007 that they elect
to treat as earned income on
line 40b of Form 1040A.
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Complete lines
44b through 44d of Form 1040A if
they want to request direct
deposit of their economic
stimulus payment into their
account at a bank or other
financial institution.
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Sign and date the
form under the penalties of
perjury statement, and enter the
identifying information of any
third party designee or paid
preparer, if applicable, at the
bottom of page 2 of Form 1040A.
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| Filing Instructions for Certain Individuals Not
Otherwise Required to File an Income Tax Return (19kb) |
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January 24, 2008
- IRS Makes Changes to Check Processing
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On a recent Tax Talk Today program, Pamela Walker, Deputy Director of Submission Processing, indicated that the IRS would be implementing what it calls a paper-check conversion. The IRS will begin using a micro-reader for check processing which means that the tax payment will be immediately debited from the taxpayer's account. Taxpayers who are used to having some float time aren't going to have that any longer. Eventually, the IRS plans to use this technology at walk-in sites as well. |
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-Permission Granted, NATP Copyright 2008 |
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