Lawmakers Ask Bush To Suspend RMDs For 2008

Sixty-one members of Congress are displeased with the Treasury Department's recent decision not to provide relief from required minimum distributions from IRAs and similar arrangements for 2008 (TAXDAY, 2008/12/22, T.1). The bipartisan group of lawmakers asked President Bush to use his executive authority to suspend RMDs for 2008 and, moreover, to allow individuals to recontribute RMDs already taken for 2008.........

CCH News

Gov't Letter On Minimum Distributions -2008

The Honorable
U.S. Senate / U.S. House of Representatives
Washington, DC

Dear _______________:

This letter follows up on our previous response to your letter regarding required minimum distributions from individual retirement arrangements (IRAs) and 401(k) plans in light of the recent financial downturn.............

Kiplinger

Christmas Video - Awesome Christmas Lights

Happy Holidays To All !

Medicare Part D: Penalties For Brand Drugs Hidden From Beneficiaries

PART D GUIDE
Click here for the complete Part D guide

It's Open Enrollment For Drug Coverage To December 31, 2008
Many Plans Will Cost More In 2009
It Pays To Compare

AARP has called on Medicare to prohibit a little-known practice that some Part D drug plans are using to charge enrollees a sometimes substantial penalty if they choose certain brand-name drugs instead of their generic equivalents. Under a formula known as reference-based pricing, Medicare currently allows plans to charge enrollees the full price of the brand-drug plus the normal copay for that drug minus the full price of the generic............

AARP

The IRS Examination (Audit) Process

January 2006

The IRS examines (audits) tax returns to verify that the tax reported is correct.

Selecting a return for examination does not always suggest that the taxpayer has either made an error or been dishonest. In fact, some examinations result in a refund to the taxpayer or acceptance of the return without change..............

Internal Revenue Service

Bad News For Seniors: No IRA Help For 2008

December 18, 2008 --The Treasury has decided against granting any relief to retirees who were hoping to take smaller 2008 distributions from their depleted individual retirement accounts. ..........

Forbes

IRS Comprehensive Tax Guide Available Free At IRS.gov

WASHINGTON — December 17, 2008 --The IRS has placed its comprehensive tax guide for individuals on IRS.gov, updating it for tax year 2008. The updated on-line version of IRS Publication 17, “Your Federal Income Tax,” contains more than 900 interactive links..........

Internal Revenue Service

Tax Planning Before Year-End - Bonus & Section 179 Depreciation Deductions

The Bonus Depreciation provision allows you to depreciate 50 percent of the adjusted basis of certain qualified property during the year that the property is placed in service.

To take advantage of this bonus depreciation provision for 2008, you must place the property in service (that is, buy it and have it operating) after December 31, 2007 and before January 1, 2009......................

About.com

Credit-Card Issuers Get Stingy

For consumers drowning in high-rate credit-card debt, balance transfers -- those "0% for 12 months!" offers -- are often important, if temporary, lifelines. For anyone else with credit-card debt, they're a useful way to keep interest-rate payments low.

But as credit-card issuers themselves flail in stormier economic seas, some are making such offers more restrictive and expensive. That means consumers must make sure that transferring their debt makes prudent financial sense............

Wall Street Journal

Banks And Consumers Brace For New Credit Card Rules

WASHINGTON (Reuters) – December 13, 2008 -- The U.S. credit card industry, harshly criticized for imposing surprise fees and interest rate hikes on consumers, may face a day of reckoning on Thursday................

Yahoo News

Will Gift Cards Keep On Giving When Company Goes Bankrupt?

Gift cards should be worry-free, thanks to a new Michigan state law that bars hidden fees and extends expiration dates to no less than five years.

But shoppers have another concern: Will those retailers be around in 2009 to redeem those cards?........................

MILive

Required Minimum Retirement Withdrawals waived....In 2009

What about 2008?
The temporary suspension of RMDs is great news for older account holders who would be facing this task in 2009. But the new soon-to-be law doesn't do a thing for folks who have a Dec. 31, 2008, RMD deadline to meet and are confronting the same lost value concerns.

There's still hope that Treasury will issue a ruling to help out those folks via a regulatory pronouncement. Several members of Congress have been urging Secretary Henry Paulson and crew to do just that.............

Don't Mess With Taxes Blog

Don't Miss These Last Minute Tax Breaks

The tax season deadline is the last thing most of us want to think about during the holidays. Although April 15 may seem a long way off, now is the time to make sure you’ve taken advantage of some of the tax breaks available to you in 2008, according to the Michigan Association of CPAs. That’s because many opportunities to reduce your tax bill will expire once the new year begins. With that deadline in mind, here are some that you shouldn’t miss...........

Michigan Association of CPAs

Social Security Podcast: When Should You Start Receiving Benefits?

If you wondered about the best age to retire, listen to Social Security’s new podcast, “Deciding When to Start Receiving Retirement Benefits,”.............

Social Security Administration

IRS Reminder: Make Use Of Recent Tax Law Changes For 2008 And December 31 Is The Last Day For Most Of These Actions

Hear a podcast in English or Spanish.
WASHINGTON — Tax year 2008 is quickly nearing an end. The Internal Revenue Service reminds taxpayers to avoid putting off important financial tasks until the last minute. The important deadline of Dec. 31 is fast approaching for many tax-planning issues..........

Internal Revenue Service

IRS Interest Rates Drop for 1st Quarter 2009

WASHINGTON – December 10, 2008 -- The Internal Revenue Service today announced in Revenue Ruling 2008-54 that interest rates for the calendar quarter beginning Jan. 1, 2009 will drop by one percentage point. The new rates will be: ......................

Internal Revenue Service

Smart Tips About Gift Cards

Many people find gift cards to be a convenient and thoughtful way to allow friends and family to choose their own presents at the holidays. While this may be true, the Michigan Association of CPAs warns of some potential pitfalls to be aware of when giving or receiving a gift card..........

Michigan Association of CPAs

Michigan's New Gift Card Law

Here’s some welcome news just in time for the holidays. The state of Michigan has put into place new consumer-friendly laws governing the sale of certain gift cards. As of Nov. 1, stores must honor the gift cards and gift certificates they sell for at least five years from the date of purchase...................

Consumer Reports

Year-End Planning For Businesses

This is a particularly tricky year for tax planning. While 2008 may have been a bad year for your business, 2009 could be even worse. If there were ever a year to get professional advice, this is it........................

Small Business Taxes & Management

IRS Offers Tips For Year-End Donations

WASHINGTON — December 9, 2008 -- Individuals and businesses making contributions to charity should keep in mind several important tax law provisions that have taken effect in recent years.................

Internal Revenue Service

Stimulus Payments - What You Need To Know

If you missed the Oct. 15 deadline for filing an income tax return for a economic stimulus payment, don't worry. You can receive a payment in 2009 by filing an income tax return when the filing season opens in January. The IRS will have more information shortly.............

Internal Revenue Service

IRS Frequently Asked Tax Questions & Answers

To search the Frequently Asked Questions (FAQs), enter your search terms or questions in the box below..............

Internal Revenue Service

Michigan Income Tax - Frequently Asked Questions

Individual Income Tax

List of Topics

Michigan Treasury

Michigan Business Tax - Frequently Asked Questions

NOTICE: The MBT was amended by 145 PA 2007 on December 1, 2007. Act 145 imposes an annual surcharge to taxpayers' MBT liability, as well as makes other changes. Due to PA 145, some of the FAQs have been rescinded and revised answers have been issued. See below for a list of the rescinded answers................

Michigan Treasury