Current Events

Overview of the Foreign Tax Provisions in the 2010 Education and Jobs Act

August 13, 2010

To help offset the cost of a temporary increase in funding for Medicaid and state education, the recently enacted 2010 Education and Jobs Act tightens the rules on the use of foreign tax credits that multinationals use to lower their U.S. tax bill.

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Tax Credits for Home Buyers

February 12, 2010

For first time homebuyers, there is a refundable credit equal to 10 percent of the purchase price up to a maximum of $8,000 ($4,000 if married filing separately). A first-time homebuyer is an individual who, with his or her spouse if married, has not owned any other principal residence for three years prior to the date of purchase of the new principal residence for which the credit is being claimed.

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Tax changes affecting individuals in the 2010 health reform legislation

March 26, 2010

Individual mandate. The new law contains an “individual mandate”—a requirement that U.S. citizens and legal residents have qualifying health coverage or be subject to a tax penalty. Under the new law, those without qualifying health coverage will pay a tax penalty of the greater of: (a) $695 per year, up to a maximum of three times that amount ($2,085) per family, or (b) 2.5% of household income over the threshold amount of income required for income tax return filing.

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2009 Tax Law Changes Provide Saving Opportunities for Nearly Everyone

February 12, 2010

In 2009, numerous new and expanded deductions and credits came into being for a broad cross-section of taxpayers: College tax benefits for parents and students; energy credits for homeowners who are going green; and even tax breaks for home buyers and car buyers.

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Fletchers Medical Supply

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Axcess Sports & Entertainment

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Trailer Bridge

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Walchle Lear Multifamily Advisors