COBRA subsidies extended
The COBRA subsidy program was scheduled to expire on Dec. 31, 2009. But a late reprieve from the government keeps
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Special Limitation Period for Retroactively Excluding Military Retirement Pay
If you retire from the armed services based on years of service and are later given a retroactive service-connected disability
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Residential Energy Credits
2009 Nonbusiness energy property credit. This credit, which expired after 2007, has been reinstated. You may be able to claim
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New homebuyer credit rules
The “first-time homebuyer credit” isn’t just for first-time homebuyers anymore. Thanks to a new tax law change, longtime homeowners may
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Qualified Transportation Fringe Benefits
Beginning January 1, 2009, the monthly exclusion for commuter highway vehicle transportation and transit passes increased to $120 and the
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Personal Exemptions
2008 Changes The amount you can deduct for each exemption has increased to $3,500 for 2008. You lose part of
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Double tax benefit for NOLs
The new “Worker, Homeownership and Business Assistance Act of 2009” extends and expands the tax break for net operating losses
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New Rules for Children of Divorced or Separated Parents
Revocation of release of claim to an exemption. For tax years beginning after July 2, 2008 (the 2009 calendar year
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Increase in Limit on Long-Term Care and Accelerated Death Benefits Exclusion
2009 The limit on the exclusion for payments made on a per diem or other periodic basis under a long-term
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IRS raises per diems for 2010
Keeping detailed records of employee travel expenses is a hassle. But there’s a way your business can simplify matters without
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Income Averaging for Farmers and Fisherman
Exxon Valdez litigation. If you received qualified settlement income made up of interest and punitive damages in connection with the
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Home/Residence-Related Tax Changes
Discharge of Qualified Principal Residence Indebtedness The Emergency Economic Stabilization Act of 2008 extended the exclusion from gross income for
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New mortgage interest break
The tax law permits generous deductions for mortgage interest paid in connection with “acquisition debt” and “home equity debt” of
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Health/Medical-Related Tax Changes
Archer Medical Savings Accounts (MSAs) 2010 Changes For Archer MSA purposes for 2010, the minimum annual deductible of a high
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Simplified Employee Pension Plan
What is a SEP? A SEP is a simplified employee pension plan. A SEP plan provides employers with a simplified
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