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Public schools, churches and 501(c)(3) organizations that sponsor a 403(b) retirement plan face additional reporting and plan document requirements thanks to new IRS rules that become effective next year.
Many individuals and business owners don't give their taxes very much thought until after the first of the year.
A question we hear quite often during tax season relates to when it is necessary to file a tax return for a dependent child. Some people think that money held in an account intended for college education is exempt from taxation. That is not the case, unless the account is an Education IRA or Section 529 plan. If the investments are held in a custodial account or held in the child's individual name, the child is deemed the owner and the income is attributable to him/her.
Previous to 2008 an individual had to itemize their deductions to get any benefit from paying the real property taxes on their residence. With the passing of the Housing and Economic Recovery Act of 2008, this has changed. For 2008 only taxpayers who take the standard deduction but still pay property taxes will get a limited benefit. 
A financial accounting standard, known as FIN 48, requires organizations to analyze positions they take on their tax returns to determine the likelihood that they will be sustained if they were ever examined by the IRS and other tax authorities. Recently, the Financial Accounting Standards Board voted to give private companies a reprieve from the rules. Here are some answers to questions that are being asked by company owners, not-for-profits, and executives about FIN 48.
If your business sponsors a retirement plan, you must invest prudently and stay in compliance with numerous complex federal requirements. If you don't follow the rules, the IRS could disqualify your plan. Here are some steps to help keep you from falling into a costly noncompliance trap.
Don't get blindsided. If you're subject to -- or dangerously close to -- the alternative minimum tax, lighten your tax load by making sure you buy only municipal bonds that are exempt from the tax. Click "Full Article" for the details.