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Hi, Here Is Your LBMC Newsletter. Here are your Articles for November 20, 2008.
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With the current turbulent financial situation and a new chief executive preparing to take the oath of office in 62 days, many of us are wondering what impact our new President will have on our taxes.
Click "Full Article" to read about the tax positions announced by President Elect Barack Obama during his campaign.
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 The end of 2008 is coming up fast. With the year drawing to a close, now is an ideal time to review your tax situation and evaluate strategies that may help minimize your tax bill.
Once December 31 passes, your 2008 tax bill is essentially set. Taking certain steps before then can make a difference. How much you can save depends on your individual circumstances, but examination of the following general areas is worth a look -- in addition to considering the tax impact of any special circumstances in which you might find yourself this year.
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 It's that time again...join LBMC Technologies as we show you the tips, tricks, and procedures for performing your year-end closing with Microsoft Dynamics GP and SL. We'll show you how to make the inevitable a little bit easier!
Microsoft Dynamics GP
Knoxville, TN - December 9, 2008, 8:30 - 10:30 AM CLICK HERE to Register
Nashville, TN - December 10, 2008, 8:30 - 10:30 AM CLICK HERE to Register
Microsoft Dynamics SL
Knoxville, TN - December 11, 2008, 2:30 - 4:30 PM CLICK HERE to Register
Nashville, TN - December 11, 2008, 8:30 - 10:30 AM CLICK HERE to Register
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 As if companies don't have enough to deal with in complying with the various state regulations and tax laws, over the last few months there have been a number of scams detected in several states.
It is very important for companies to closely scrutinize anything received from a state which may seem to be out of the ordinary. These scams usually come in the mail and seem to be official-looking documents. They generally request officer and director information and seem to require a filing fee by a specific date. Upon close examination some of these are actually a deceptive solicitation of a service to document corporate minutes or an outright scam.
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 The Internal Revenue Service (IRS) has recently announced proposed regulations under Internal Revenue Code (IRC) Section (§)6039 that would require information reporting when employees acquire shares upon the exercise of Incentive Stock Options (ISOs) and Employee Stock Purchase Plans (ESPP). The information will assist taxpayers in calculating their tax obligations when they dispose of shares obtained by the exercise of a statutory option.
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So far businesses, regarding sales/use tax reserves and required disclosures, have escaped much of the regulatory fallout of the highly publicized accounting scandals of recent memory. FIN 48 of course was one of the direct reactions to those scandals which brought increased disclosure requirements and scrutiny of tax reserves for public companies regarding federal and state income taxes.
In regard to sales/use tax reserves companies continued to rely on FASB #5 (Disclosure of Certain Loss Contingencies) for guidance in establishing such reserves.
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 The decreased value of many investors' portfolios, combined with recent tax changes, may provide some opportunities: 1. If you are giving away investment assets this holiday season, you may be able to give more shares since prices are down. 2. If you give assets to certain family members, they may be able to avoid capital gains tax when selling. 3. The amount you can give each person without tax consequences is going up in 2009. 4. Depressed stock values make this a good time for a Roth IRA conversion, if you meet the income requirements.
Copyright © 2009
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Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
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If you're looking for a benefit that provides tax savings for employers and employees, consider a flexible spending account plan at your company. It's a low-cost addition to your benefits package that can be set up for health care expenses that aren't reimbursed by insurance and dependent care expenses. Click "Full Article" to see how your business, as well as your employees, can benefit.
When you sell shares of stock after a split, make sure you can tell the IRS which shares you're selling and when you originally purchased them. If you don't keep accurate records, you might pay too much tax on your profit.
