On October 3, 2008, President Bush signed into law the Emergency Economic Stabilization Act of 2008 (PL 110-343) and while almost all of the press coverage of this law has been centered around the $700 billion financial industry bailout plan, the legislation also contains a host of tax changes, mostly beneficial, for individuals and businesses alike. As tax-paying individuals and business owners, here's what you should know.
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By Rebecca Tom, CPA
Parent, McLaughlin & Nangle, CPAs
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What are the best and worst places to do business around the world? The World Bank's new Doing Business 2009 report helps companies gain insight into the regulations and costs of operating around the globe. The federal government also operates a Web site with information on markets for U.S. companies, international logistics, financing, marketing strategies and more. Click "Full Article" for highlights, as well as an A-to-Z list of countries and what it is like for American companies to do business there.
Hiring independent contractors is a good way to cut costs. But you must know the rules. A misstep can result in hefty tax bills and penalties. Here's the latest information about the IRS and independent contractors so you can avoid an IRS audit.
The IRS is very strict about the time limit for rolling over a tax-favored retirement account. Missing the deadline can result in heavy penalties. There are, however, some narrow exceptions that you might be able to squeeze through. For details about the deadlines, click "Full Article."