earned income tax credit - The S Corporation Association

Stimulus Introduced in House

The House Leadership released an outline of its proposed stimulus package yesterday with few surprises. The total package is $825 billion with $550 billion in new spending and $275 billion in tax relief. On the spending side, the package includes $550 billion in spending, and $275 billion for tax cuts. Some of the tax highlights include:

Making Work Pay Credit – offsets payroll taxes on the first $8,100 of earnings
Expanded Earned Income Tax Credit
Bonus depreciation
A five year carry-back of net operating losses (excluding companies receiving TARP benefits, Fannie Mae, Freddie Mac)
Extension of increased small business expensing
Tax-exempt bond provisions to help state …

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admin2019-02-06T17:22:35+00:00January 16, 2009|

Stimulus Introduced in House

The House Leadership released an outline of its proposed stimulus package yesterday with few surprises. The total package is $825 billion with $550 billion in new spending and $275 billion in tax relief. On the spending side, the package includes $550 billion in spending, and $275 billion for tax cuts. Some of the tax highlights include:

Making Work Pay Credit – offsets payroll taxes on the first $8,100 of earnings
Expanded Earned Income Tax Credit
Bonus depreciation
A five year carry-back of net operating losses (excluding companies receiving TARP benefits, Fannie Mae, Freddie Mac)
Extension of increased small business expensing
Tax-exempt bond provisions to help state …

(Read More)

admin2019-02-06T18:43:58+00:00January 16, 2008|

AMT and Corporate Tax Rates Together? Watch Out

As we have previously reported, Chairman Charlie Rangel has a deep interest in passing a permanent “fix” to the Alternative Minimum Tax. Meanwhile, Treasury Secretary Paulson has kicked-off efforts to cut the corporate tax rate in order to make our corporations more competitive on the world stage.

Now the word on the Hill is that these two unrelated agendas may collide in the next week or two at a Ways and Means Committee hearing, and possibly at the end of the year as a massive tax reform package.

As BNA reported last week (subscription required), Chairman …

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admin2019-02-06T18:44:37+00:00September 25, 2007|