by Renu Vardhan | Sep 22, 2010 | 2010 Credits/Deductions, Tax Changes
The Senate passed the Small Business Jobs Act of 2010. The House is set to vote on the bill where its expected to pass.The following provision is included in the Bill…1. One-year extension of the 50-percent bonus depreciation provision for qualified property...
by Renu Vardhan | Aug 9, 2010 | Late Filing Penalty Relief, Tax Administration, Tax Changes, Tax Due Dates, Tax Penalties
Time is running out and the tax returns for S Corporation are due soon. The final deadline to file S Corp tax returns (Form 1120S) is September 15th, 2010 if an extension was requested.S Corporation’s no longer enjoy the luxury to file late and not pay the...
by Renu Vardhan | Aug 9, 2010 | Late Filing Penalty Relief, Tax Changes, Tax Due Dates, Tax Penalties
Time is running out and the tax returns for partnership are due soon. The final deadline to file partnership tax returns (Form 1065) is September 15th, 2010 if an extension was requested.Partnership no longer enjoy the luxury to file late and not pay the penalty.For...
by Renu Vardhan | Aug 6, 2010 | Retirement Plans, Tax, Tax Penalties
Considering the current economic conditions, most of us are turning to our retirement funds for financial needs. However, we need to be aware of the tax consequences that may follow with such distributions.Since the contributions to these plans are made from our...
by Renu Vardhan | Aug 6, 2010 | Uncategorized
Generally if a person dies, his estate is subject to estate tax if it is over the exemption amount. The heirs, who inherit the estate, get a step up in basis in the assets inherited from the estate. Step up in basis is that the value of the assets