In life, George Steinbrenner beat the Red Sox. In death, he beat the IRS.Steinbrenner’s death on July 13 occurred six months after the federal estate tax expired. Forbes magazine estimates the Yankees owner’s net worth was $1.15 billion, so the timing of Steinbrenner’s death could save his heirs up to $500 million in federal estate […]

Congress will likely act to extend tax cuts for the middle class to avoid choking off the fragile economic recovery, key congressional Democrats said on Tuesday.
House Democratic Leader Steny Hoyer said he expected the House of Representatives to push to extend middle class tax cuts before they expire at year end, but suggested cutting […]

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In recent years, the Internal Revenue Service has paid individual awards as high as $1 million to folks informing on tax cheats. And that was under an old program in which amounts were discretionary and capped at 15 percent.
In 2006, a new federal law restructured the IRS whistleblowers program to pay 15 to 30 percent […]

First-Time Homebuyer’s Credit Extended
President Obama signed the Worker, Homeownership and Business Tax Act of 2009. The provision of most interest is the extension of the $8,000 home buyer tax credit until April 30, 2010 for purchases under contract and June 30, 2010 for sale closing. The benefits have expanded to include a $6,500 credit […]

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.
2009 Recovery ActIn February, Congress passed […]