Don't Rush On Mandatory Withdrawals From Retirement Accounts

Some relief might be on the way for senior citizens required to take minimum withdrawals from their individual retirement accounts at a time when the stock market has blown a hole in their financial portfolios............

AccountingWeb

Year- End Tax Planning For Individuals

It's about that time to do some serious year-end tax planning. We'll deal with your personal return first, then cover business planning. If you have your own business please read both sections before taking any action.

Don't underestimate the importance of year-end planning. You can save big tax dollars by deferring or shifting income from one year to another. Next year is too late; even the end of December may be too late for some techniques...........

Small Business Taxes Management

IRS Announces 2009 Standard Mileage Rates

WASHINGTON — November 24, 2008 -The Internal Revenue Service today issued the 2009 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

Beginning on Jan. 1, 2009, the standard mileage rates for the use of a car (also vans, pickups, or panel trucks) will be:...................

AICPA Aims "Feed The Pig" at 25-34 Year Olds

The American Institute of CPAs is launching a new series of ads for its "Feed the Pig" financial literacy campaign at adults in the 25-to-34 age group.

The public service announcements, co-produced with the Ad Council, aim to teach young adults how to save money even in today's difficult economic environment.......

WebCPA

CCH Projects Inflation-Adjusted 2009 Personal Vehicle Use Limits

CCH has projected the maximum allowable value for employer-provided vehicles under the cents-per-mile method for computing the fringe benefit of personal use of a company vehicle. Relying on the consumer price index recently published for October 2008 (the measuring month specified under Code Sec. 280F(d)(7)), these amounts will remain at $15,000 for cars and drop to $15,200 for trucks and vans........

Information About Your Michigan Business Tax Account

Coming Soon! Businesses will soon be able to view their Michigan Business Tax (MBT) account information. Taxpayers will not be able to access self service until after the filing of their first MBT return. Note: in order to protect the privacy and security of taxpayer records, taxpayers will be required to provide shared secrets. Shared secrets are account and tax year specific........

Michigan Treasury

Baucus And Colleagues Unveil Pension Modifications, Tax Relief Legislation

A bipartisan group of senators, including Senate Finance Committee Chairman Max Baucus, D-Mont., announced legislation on November 19 that includes modifications to pension distribution requirements and expansion of some earlier tax breaks for small businesses. The Worker, Retiree, and Employer Recovery Bill of 2008 alters provisions included in the Pension Protection Technical Correction Bill of 2008 (HR 6382), extends for one year business tax relief that was included in the first economic stimulus package, and allows companies to write off a greater percentage of their investments in business assets to increase their cash flow..........

CCH

CCH Projects Inflation-Adjusted 2009 Luxury Auto Limits; Limits Drop For Trucks And Vans

Working with the "new cars" and "new trucks" components of the October 2008 Consumer Price Index, CCH has calculated the unofficial depreciation limits on luxury automobiles first put into use during the 2009 tax year for business and investment purposes. Based on those inflation-adjusted computations (as specified under Code Sec. 280F(d)(7)(B)), the 2009 Code Sec. 280F limits on the amounts of depreciation deductions for passenger automobiles will remain the same as in 2008, while the depreciation limits for trucks and vans actually will drop when compared to their counterparts in 2008..............

Year-End Tax Planning Checklist Includes Tips For 2008 Tax Savings

We may have a new President-Elect, but taxpayers have only six weeks to make certain moves that will help ensure tax savings when they file in April 2009. According to Bob Trinz, Senior Tax Analyst for the Tax & Accounting business of Thomson Reuters, "Factors that challenge year-end planning include the stock market's swoon, the economic climate, and the strong possibility of tax changes next year. In fact, there might be another economic stimulus package enacted before the end of this year.".................

AccountingWeb

Time To Review Seniors' Drug Options

Medicare beneficiaries may be better off shopping around this year for prescription-drug plans.

The 10 drug plans with the largest enrollments will raise their premiums by 31% on average in 2009 -- some by more than 60% -- according to an analysis of Medicare data by Avalere Health, a Washington consulting firm...........

Wall Street Journal

2008 Michigan Business Tax Draft Forms

Below are links to advance copies of the 2008 draft MBT forms........

Michigan Treasury

The Emergency Economic Stabilization Act Of 2008 - Part 1

Special Report

The Emergency Economic Stabilization Act of 2008 extends a number of expired or expiring tax provisions, energy incentives along with disaster relief and some other provisions. While the Act contains mostly beneficial tax provisions, there are some negatives. Our discussion of the law will be broken down into several parts. As usual, there are a number of provisions of interest to only selected taxpayers (e.g., banks, coal miners, etc.). We will list, but not discuss, these provisions in the last installment........

Small Business Taxes and Management

Making The Most Of College Tax Breaks

Some parents spend years saving for their children’s college education, while others scramble to search out scholarships and loans at.........

Michigan Association of CPAs

Expect Changes In Drug Co-Pays For Medicare

On Eve of Open Enrollment (November 15), Many Plans Announce Shifts; Poring Over the Fine Print

Millions of older Americans are bracing for big increases in their Medicare drug-plan premiums next year. But consumers also need to watch for changes in co-payment costs, which often can represent the biggest out-of-pocket expense for plan beneficiaries.......

Wall Street Journal

5 Quick Steps To Keep More Money In Your Pocket

Skyrocketing gas prices have gotten a lot of media attention this year, but most consumers have surely noticed that the costs of many basic goods have also crept higher, taking a toll on their monthly budgets. The Michigan Association of CPAs offers these suggestions on the best ways to boost the cash in your pocket........

Michigan Association of CPAs

Legal Documents You Need To have

It’s a good idea for everyone to take steps to ensure that their wishes are carried out in case of their illness or death. According to the Michigan Association of CPAs, there are a number of legal documents that can communicate your wishes and make life easier for your loved ones...............

Michigan Assoiation of CPAs

Michigan Rollout Of 2008 Business Tax Forms

On Wednesday afternoon at about 3:00 - November 5, 2008, at the Michigan Tax Conference - Rock Financial in Novi, I will have the privilege and responsibility to moderate the official rollout of the Michigan Business Tax forms. The actual presentation will be done by Floyd Schmitzer, the Director of the Bureau of Tax Processing at the Michigan Department of Treasury.

The forms will be a draft version, pending any subsequent legislation in the lame duck session of the Michigan legislature. The final version will be posted on the Michigan Department of Treasury website and mailed to all registered taxpayers after the holidays and in time for tax season.

Ed Kisscorni CPA