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7.2.2009
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Congress ramps-up tax legislation at mid-year mark
A new administration brings a flurry of activity to Washington, D.C., and the Obama administration is no exception. Almost immediately after taking office, President Barak Obama and Congress passed a massive stimulus bill, the American Recovery and Reinvestment Act of 2009 (2009 Recovery Act). Since passage of the 2009 Recovery Act, Congress has been busy debating a host of other tax bills, such as health care reform, an overhaul of the individual income tax rates, the future of the federal estate tax, business tax reform, and more. Lawmakers have reached mid-year 2009 with a full plate of tax bills to enact. [more] Roth Conversions - Should you wait for 2010, if at all? There are a number of advantages for starting a Roth IRA account, the most important being that all the investment earnings grow tax-free, and qualified distributions are tax-free. Additionally, you can continue to make contributions to your Roth after you turn 70 ½ and are not subject to the required minimum distribution rules. Currently, only individuals who have a modified adjusted gross income (AGI) of less than $100,000 and/or who do not file their return as "married filing separately" can contribute to a Roth IRA, or convert their traditional IRA to a Roth. [more] July 2009 tax compliance calendar As an individual or business, it is your responsibility to be aware of, and to meet your tax filing/reporting deadlines. This calendar summarizes important tax reporting and filing data for individuals, businesses and other taxpayers for the month of July 2009. [more] [view more news] |
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