The Keiter Stephens Accounting Blog http://blog.kshgs.com CPAs in Richmond and Charlottesville Virginia Mon, 10 Jan 2011 19:11:23 +0000 en hourly 1 http://wordpress.org/?v=3.0.4 Recent IRS Rulings Result in Favorable Outcomes for Energy Conservation Taxpayers http://blog.kshgs.com/2011/01/10/recent-irs-rulings-result-in-favorable-outcomes-for-energy-conservation-taxpayers/ http://blog.kshgs.com/2011/01/10/recent-irs-rulings-result-in-favorable-outcomes-for-energy-conservation-taxpayers/#comments Mon, 10 Jan 2011 19:11:23 +0000 General http://blog.kshgs.com/?p=249 As taxpayers move to renewable energy technologies, the income tax consequences are important considerations.  For business taxpayer’s, qualifying tax credits may substantially reduce the cost on taxpayers’ investments.  In other circumstances, utilities or governmental units may offer incentives to install systems at no cost to the taxpayers.  In recent private letter rulings, the IRS addressed these matters, and ruled in favor of taxpayers in the area of energy conservation.

We have posted a summary of these rulings on our website.

]]> http://blog.kshgs.com/2011/01/10/recent-irs-rulings-result-in-favorable-outcomes-for-energy-conservation-taxpayers/feed/ 0 Extension of American Opportunity Credit in the 2010 Tax Relief Act http://blog.kshgs.com/2010/12/31/extension-of-american-opportunity-credit-in-the-2010-tax-relief-act/ http://blog.kshgs.com/2010/12/31/extension-of-american-opportunity-credit-in-the-2010-tax-relief-act/#comments Fri, 31 Dec 2010 17:36:13 +0000 General http://blog.kshgs.com/?p=244 The recently enacted “Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010” includes a two-year extension of the American Opportunity tax credit for college costs. Added to the tax code in 2009 as a temporary replacement of the previous Hope tax credit, the American Opportunity credit both increased the tax relief available for students from middle-income families and extended relief for the first time to students from lower-income families.  Read more.

If you would like more details about these provisions or any other aspect of the new law, please do not hesitate to contact your Keiter Stephens engagement partner.

]]> http://blog.kshgs.com/2010/12/31/extension-of-american-opportunity-credit-in-the-2010-tax-relief-act/feed/ 0 AMT Relief in the 2010 Tax Relief Act http://blog.kshgs.com/2010/12/30/amt-relief-in-the-2010-tax-relief-act/ http://blog.kshgs.com/2010/12/30/amt-relief-in-the-2010-tax-relief-act/#comments Thu, 30 Dec 2010 17:31:40 +0000 General http://blog.kshgs.com/?p=240 The recently enacted “Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010” extends partial relief to individual taxpayers from the alternative minimum tax, or AMT. Earlier temporary measures to deal with the unintended creep of the AMT’s reach expired at the end of 2009, meaning that more than 20 million additional taxpayers would have faced paying the tax on their 2010 returns without the new relief. Read more.

If you would like more details about these provisions or any other aspect of the new law, please do not hesitate to contact your Keiter Stephens engagement partner.

]]> http://blog.kshgs.com/2010/12/30/amt-relief-in-the-2010-tax-relief-act/feed/ 0 Extension of expanded child tax credit in the 2010 Tax Relief Act http://blog.kshgs.com/2010/12/30/extension-of-expanded-child-tax-credit-in-the-2010-tax-relief-act/ http://blog.kshgs.com/2010/12/30/extension-of-expanded-child-tax-credit-in-the-2010-tax-relief-act/#comments Thu, 30 Dec 2010 10:33:38 +0000 General http://blog.kshgs.com/?p=242 The recently enacted “Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010,” made several important changes to the child tax credit, which is an up-to-$1,000 credit (i.e., dollar-for-dollar reduction in tax) for each qualifying child under the age of 17 that taxpayers with incomes below certain levels can take against their federal tax liability. Read more.

If you would like more details about these provisions or any other aspect of the new law, please do not hesitate to contact your Keiter Stephens engagement partner.

]]> http://blog.kshgs.com/2010/12/30/extension-of-expanded-child-tax-credit-in-the-2010-tax-relief-act/feed/ 0 Expensing and additional first year depreciation in the 2010 Tax Relief Act http://blog.kshgs.com/2010/12/29/expensing-and-additional-first-year-depreciation-in-the-2010-tax-relief-act/ http://blog.kshgs.com/2010/12/29/expensing-and-additional-first-year-depreciation-in-the-2010-tax-relief-act/#comments Wed, 29 Dec 2010 17:28:48 +0000 General http://blog.kshgs.com/?p=235 The recently enacted 2010 Tax Relief Act includes a wide-ranging assortment of tax changes affecting both individuals and business. On the business side, two of the most significant changes provide incentives for businesses to invest in machinery and equipment by allowing for faster cost recovery of business property. Read more.

If you would like more details about these provisions or any other aspect of the new law, please do not hesitate to contact your Keiter Stephens engagement partner.

]]> http://blog.kshgs.com/2010/12/29/expensing-and-additional-first-year-depreciation-in-the-2010-tax-relief-act/feed/ 0 Individual and business extenders in the 2010 Tax Relief Act http://blog.kshgs.com/2010/12/29/individual-and-business-extenders-in-the-2010-tax-relief-act/ http://blog.kshgs.com/2010/12/29/individual-and-business-extenders-in-the-2010-tax-relief-act/#comments Wed, 29 Dec 2010 10:29:32 +0000 General http://blog.kshgs.com/?p=238 In addition to extending the Bush tax cuts, providing relief from the AMT, and cutting the payroll tax by two percentage points, the recently enacted “Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010” (Tax Relief Act) extends a host of other important tax breaks for businesses and individuals. Read more.

If you would like more details about these provisions or any other aspect of the new law, please do not hesitate to contact your Keiter Stephens engagement partner.

]]> http://blog.kshgs.com/2010/12/29/individual-and-business-extenders-in-the-2010-tax-relief-act/feed/ 0 Payroll Tax Cut in the 2010 Tax Relief Act http://blog.kshgs.com/2010/12/28/payroll-tax-cut-in-the-2010-tax-relief-act/ http://blog.kshgs.com/2010/12/28/payroll-tax-cut-in-the-2010-tax-relief-act/#comments Tue, 28 Dec 2010 17:23:06 +0000 General http://blog.kshgs.com/?p=231 The biggest new tax break for individuals in the recently enacted “Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010” is the one-year payroll tax reduction. Under this new provision, which is intended to supplement income and boost economic growth, the payroll tax—which funds Social Security—will be cut by two percentage points during 2011. Read more.

If you would like more details about these provisions or any other aspect of the new law, please do not hesitate to contact your Keiter Stephens engagement partner.

]]> http://blog.kshgs.com/2010/12/28/payroll-tax-cut-in-the-2010-tax-relief-act/feed/ 0 Extension of Bush Tax Cuts in the 2010 Tax Relief Act http://blog.kshgs.com/2010/12/28/extension-of-bush-tax-cuts-in-the-2010-tax-relief-act/ http://blog.kshgs.com/2010/12/28/extension-of-bush-tax-cuts-in-the-2010-tax-relief-act/#comments Tue, 28 Dec 2010 10:24:54 +0000 General http://blog.kshgs.com/?p=233 The heart of the recently enacted “Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010” is a two-year extension of the Bush tax cuts. But what, exactly, are the Bush tax cuts? Read more.

If you would like more details about these provisions or any other aspect of the new law, please do not hesitate to contact your Keiter Stephens engagement partner.

]]> http://blog.kshgs.com/2010/12/28/extension-of-bush-tax-cuts-in-the-2010-tax-relief-act/feed/ 0 IRS releases final regulation requiring corporate disclosure of uncertain tax positions http://blog.kshgs.com/2010/12/27/irs-releases-final-regulation-requiring-corporate-disclosure-of-uncertain-tax-positions/ http://blog.kshgs.com/2010/12/27/irs-releases-final-regulation-requiring-corporate-disclosure-of-uncertain-tax-positions/#comments Mon, 27 Dec 2010 20:42:34 +0000 General http://blog.kshgs.com/?p=246 The IRS recently issued a final regulation that marks the culmination of its efforts to require certain corporations to submit information related to uncertain tax positions along with their income tax returns, beginning with 2010 returns. The new requirements represent a significant shift in the extent of information corporations must disclose to the IRS. Read More.

]]> http://blog.kshgs.com/2010/12/27/irs-releases-final-regulation-requiring-corporate-disclosure-of-uncertain-tax-positions/feed/ 0 Overview of the 2010 Tax Relief Act for Businesses http://blog.kshgs.com/2010/12/27/overview-of-the-2010-tax-relief-act-for-businesses/ http://blog.kshgs.com/2010/12/27/overview-of-the-2010-tax-relief-act-for-businesses/#comments Mon, 27 Dec 2010 17:16:15 +0000 General http://blog.kshgs.com/?p=223 Author: Gary Wallace, CPA, Principal

The recently enacted Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 provides major new incentives for businesses to invest in machinery and equipment. We have created an overview of the tax cuts that were extended for businesses for two years. Read more.

If you would like more details about these provisions or any other aspect of the new law, please do not hesitate to contact your Keiter Stephens engagement partner.

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