Firm News
Haiti Relief Donations Qualify for 2009 Tax Relief
Haiti Relief Donations Qualify for 2009 Tax Relief
On January 22, 2010 President Obama signed into law H.R. 4462, which allows taxpayers to claim a charitable contribution deduction in tax year 2009 for donations made after January 11, 2010 and before March 1, 2010, for the relief of victims in areas affected by the January 12, 2010 earthquake in Haiti. This is only available if the contribution is made in cash (not goods). This includes contributions made by text message, check, credit card or debit card.
2010 Tax Updates
Congress passes Worker, Homeownership, and Business Assistance Act of 2009
On November 5, the House of Representatives by a vote of 403-12 approved H.R. 3548, the “Worker, Homeownership, and Business Assistance Act of 2009.” The Senate had passed the measure late on November 4 by a unanimous vote, so the bill is on its way to the President for his expected signature. The new law includes an important new net operating loss provision, extends the first-time homebuyer tax credit, plus a number of other changes.
Minnesota Ends Tax Reciprocity With Wisconsin
The Minnesota Department of Revenue has announced that the state will end its income tax reciprocity agreement with Wisconsin effective Jaunary 1, 2010.
Tax Accountant Minneapolis
