August 20, 2008
Editor's Note
AccountingWEB is grateful to Grant Thornton LLP for providing us with an in-depth analysis of the new Housing and Economic Recovery Act signed into law on July 31. Learn the intricacies of breaks for (kind of) first-time home buyers and homeowners who are having trouble paying for the mortgages to which they committed.

But wait! Some of the breaks aren't really breaks, just loans from the federal government that have to be paid back. AccountingWEB Bloggers Crew member, Jerry Davis, welcomes your comments on this topic.

Best regards,
Gail Perry, CPA
Managing Editor
editor@accountingweb.com



Less Numbers, More Story

SEC Announces EDGAR to be Succeeded by IDEA; Lutz Speaks on 21 Cen. Discl. Project

Proposed FSP ARB 43-a Amendment of the Inventory Provisions of Chapter 4 of ARB No. 43

Board Role Focus Of FEI Comments To COSO On Monitoring Internal Control



Past Tax Zone Supplements

July 23, 2008
June 18, 2008
May 21, 2008
April 30, 2008
March 19, 2008
February 20, 2008




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Housing bill summary includes many tax provisions
The provisions of the recent housing bill are aimed at both businesses and individuals and will have a significant impact on a large number of taxpayers. The changes will affect real estate investment trusts (REITs), provide incentives for first-time homebuyers, change tax rules for housing bonds and credits, allow some taxpayers to accelerate AMT and R&D credits, and, beginning in 2010, impose new payment card reporting requirements.
more >>
IRS releases instructions for new Form 990
The Internal Revenue Service has released the revised instructions that tax-exempt organizations will need to fill out the redesigned Form 990, which will be used for 2008 tax returns, filed in 2009. more >>
Sales tax holidays: Love them or hate them?
More than a dozen states and the District of Columbia have sales tax holidays that last at least a couple of days each year, some last much longer. Usually the holiday coincides with back-to-school time to give parents a break on outfitting their kids with necessities. more >>
Blog: Explain This One To Your Client
Here is a real doozy from Congress. New tax legislation allows home buyers who have not owned a home in the last three years to take a tax credit up to $7,500 for buying a new home. But wait...you do not get to keep the credit...you have to pay it back at $500 per year over the next fifteen years. more >>
New tax rules for companies with heavy vehicles
Individuals and organizations with 25 or more trucks, tractors or other heavy vehicles used on highways now are required to make their excise tax filings with the Internal Revenue Service electronically, rather than by paper. more >>
Tax Talk Today announces EITC program
Tax preparers are encouraged to attend the next Tax Talk Today monthly Webcast scheduled for September 9 when the topic will be "EITC Due Diligence...It's Your Responsibility." more >>
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