Thursday, November 05, 2009

Tax updates this week

Last week I had the pleasure to sitting on a panel for the Atlanta Professional Business Network and the topic was taxes and small business. The discussion at one point moved toward the current tax laws and how they will affect the upcoming tax season. Many tax laws were set to expire and as we spoke, Congress was thinking of extending and few. Well the Senate has spoken and here are some of the results:

• The home buyer tax credit was extended and open to additional taxpayers
• Unemployment benefits have been extended
• Net operating losses can be carried back 5 years for 2008 -2009 tax years and,
• Failure to file penalties for S-Corps and partnerships have been increased

Here are just a few of the major tax updates that many taxpayers can use (once the President signs into law on Friday) for the rest of this year and next. Be sure to stop by the IRS site or speak to your tax advisor for more details.

B. N. S.

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