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Seven Facts about the Nonbusiness Energy Property Credit
Nov 03, 2009 - 10:53 PM - by Samatg
Taxpayers who take energy saving steps this year may get bigger tax savings next year. The Nonbusiness Energy Property Credit, a tax credit for making energy efficient improvements to homes has been increased as part of the American Recovery and Reinvestment Act of 2009.

Here are seven things the IRS wants you to know about the Nonbusiness Energy Property Credit:
  1. The new law increases the credit rate to 30 percent of the cost of all
... [Read More]
What records does an Employer need to maintain to comply with the Federal Statutes?
Nov 02, 2009 - 8:54 PM - by TaxGuru
Federal statutes require that employers should maintain certain paperwork for all their employees. These laws require that all employers should maintain the following records as follows;

1. certain employee pre-hire paperwork,
2. employee health and safety logs,
3. retain employee payroll records,
4. employee I-9 forms.

In addition to the records that are required by law, employers should also be maintaining personnel files on all employees... [Read More]
New Form Aids Processing of Mortgage Applications and Ordering Tax Transcripts Simple
Oct 23, 2009 - 6:22 PM - by Samatg
The Internal Revenue Service today issued a new form to aid the processing of mortgage applications under the Home Affordable Modification Program (HAMP) as part of the Making Home Affordable Program. The new form will make it simpler for people, especially homeowners trying to modify or refinance their mortgages, to order copies of their tax return transcripts.

Taxpayers often need copies of their tax return information, especially when they are obtaining a new mortgage... [Read More]
New IRS Retirement Plan Navigator Aims to Help Small Businesses
Oct 13, 2009 - 5:22 PM - by Samatg
The Internal Revenue Service has created a new Web-based tool to help small business owners determine which tax-favored pension plan best suits their needs and how to keep their plans in compliance.

The IRS Retirement Plan Navigator is intended to provide employers with an easy-to-use guide that focuses on three areas: choosing a plan, maintaining a plan and correcting a plan.

By using... [Read More]
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