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March 11, 2009. New Withholding Tables. The IRS has issued a new Circular E (Publication 15-T) which employers should start using immediately for computing payrolls. These new tables have been developed due to changes to the tax law made in the American Recovery and Reinvestment Act of 2009. The IRS asks that employers begin using these tables in lieu of the applicable previously published tables as soon as possible, but no later than April 1, 2009. February 22, 2009. ARRA. Congress has passed the much anticipated economic stimulus package, the American Recovery and Reinvestment Act of 2009. My current newsletter covers the new act in detail. |
April 1, 2009. Timing Social Security Benefits. An old financial planning joke goes something like this: “Q. When is the best time to take Social Security ? A. In the morning. That way you have more time to spend it.” Seriously, electing to take your Social Security as early as age 62 or delaying to as late as age 70 has significant implications for the rest of your retirement. continued ... April 3, 2009. New Tax Breaks. Last minute procrastinators now scrambling to finish their tax returns may want to watch out for a few new twists -- and several old ones. Among the major changes: The Internal Revenue Service recently issued guidance that is likely to provide relief for many Ponzi-scheme victims, including those hurt by Bernard Madoff, who pleaded guilty last month |
to criminal charges in connection with a decades-long scheme. Investors who sold the stock of insurance companies that once were owned by policyholders may be able to save on taxes, thanks to a court decision last year. The IRS had argued -- unsuccessfully -- that shares received by policyholders in this "demutualization" process had a tax cost of zero. The court disagreed, saying the plaintiff in the case didn't realize any income on the sale of the stock in question. continued ... |
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Copyright © 2009 Jeff Christian. All rights reserved.
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