The IRS recently issued a news release reminding taxpayers to take advantage of the tax breaks provided in the American Recovery and Reinvestment Act of 2009, the stimulus law passed earlier this year. (more…)

The American Recovery and Reinvestment Act, the economic stimulus law passed earlier this year, included a number of tax-saving opportunities for businesses. Because some of these tax breaks are available for a short time only, the IRS is urging small businesses to (more…)

This is a good time of year to review and rebalance your investment portfolio.  Although the recent market volatility has been disastrous for many investors, there may still be some year-end moves you can make that will cut your 2009 taxes and increase your after-tax returns. As you identify investments to buy and sell, keep the following tax implications in mind: (more…)

If you’re thinking of buying a new car, truck, motorcycle, or motor home this year, you might benefit from a tax break included in the (more…)

Cruises top the list of dream vacation getaways for many families. Unfortunately, fraudsters and thieves view cruises in a different light. They’ll scam you with fake bookings before you even set foot on a ship, after you’re aboard, or (more…)

To compound the financial woes resulting from a foreclosure or other mortgage restructuring for your home, the IRS generally imposes tax when debt is cancelled. In other words, you’re taxed on the amount forgiven by the lender as if you (more…)

Each year the IRS publishes depreciation limits for business vehicles first placed in service that year. Because 50% bonus depreciation is allowed only for new vehicles, these limits are different for new and used vehicles. (more…)

A net operating loss (NOL) is generated when a business has more deductions than income. Under prior rules, a business that had an NOL could carry that loss back only two years for a refund of taxes paid in those earlier years. (The business could also choose to carry the loss forward for up to 20 years.) (more…)

Welcome to Engelman Accountancy\’s accounting news blog.  Please check back often to keep up to date on a variety of tax related news from tax deadlines to innovative accounting procedures.