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November 2011 Newsletter

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Year-end tax planning is especially challenging this year because of uncertainty over whether Congress will enact sweeping tax reform that could have a major impact in 2012 and beyond.  Even if there’s no major tax legislation in the immediate future, Congress next year still will have to grapple with a host of thorny issues, such as whether to once again “patch” the alternative minimum tax (e.g., to avoid a drastic drop in post-2011 exemption amounts), and what to do about the post-2012 expiration of the Continue reading →

Telework Expense Tax Credit

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Earlier this year, Governor Bob McDonnell and the Virginia General Assembly approved a new tax credit aimed at encouraging private sector businesses to promote telework. Telework, also known as telecommuting, enables employees to work from home, or a location that is closer to home, for some portion of their weekly work schedules. Continue reading →

URGENT IRA INFORMATION

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We are writing to inform you that if you act by and no later than October 17, 2011, you have a last chance to “reach back” and change the nature of IRA contributions (including conversions to Roth IRAs) you made for the 2010 tax year. This works as long as you filed your 2010 return by April 18, 2010, or filed an extension and filed your return by the extended due date.
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August 2011 Newsletter

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Although it’s only August, it’s never too early to consider how you can make the most of tax breaks that are available this year but may not be around next year, or may survive only in diluted form. Given the wrenching political battle that played out in July over deficits and the debt ceiling, many tax provisions expiring at the end of this year may not be given another lease on life. Those provisions that aid a particular industry or group of taxpayers could be the most at risk.This newsletter, which is the first of a multi-part series on year-end planning that we will be distributing in the next few months, reviews the tax breaks for businesses that are available right now but may sunset on Dec. 31, 2011. Continue reading →