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Be prepared to answer client questions and save tax dollars! This new perfect-bound book is packed with all the
significant tax acts and legislation passed in 2008 through the spring of 2009.
See the related 2008 and Spring 2009 Tax Acts CPE course.
Here's what's covered:
American Recovery and Reinvestment Act of 2009
Numerous individual and business tax provisions aimed at stimulating the economy. Key provisions include:
- Enhancements to Hope education credit.
- Enhancements to the first-time homebuyer credit.
- Enhancements to the child tax and earned income credits.
- New Making Work Pay credit for workers and economic recovery payment for retirees.
- Extension of and enhancements to AMT relief.
- Tax relief for small business owners.
- Section 179 and bonus depreciation.
Emergency Economic Stabilization Act of 2008
Tax provisions related to the government’s economic bail-out plan, including:
- Gain or loss from sale or exchange of certain preferred stock.
- Special rules for tax treatment of executive compensation of employers participating in the troubled assets relief program.
- Extension of exclusion of income from discharge of qualified principal residence indebtedness.
Heroes Earnings Assistance and Relief Tax Act of 2008
Tax relief for members of the military and their families, including special retirement plan and home gain exclusion provisions.
Heartland, Habitat, Harvest and Horticulture Act of 2008
Tax breaks for the farming industry and special tax relief for victims of the Kansas storms disaster area.
Housing Assistance Tax Act of 2008
Tax provision aimed primarily at homeowners, including:
- First-time homebuyer credit.
- Home gain exclusion not allowed for nonqualified use.
- Special rule for corporate R&D and minimum tax credit carryovers.
Energy Improvement and Extension Act of 2008 (included within the Emergency Economic Stabilization Act of 2008)
Extensions and modifications to energy-related tax credits and deductions, including:
- Energy credit for small wind property.
- Energy credit for geothermal heat pump systems.
- Credit for residential energy efficient property.
- Credit for new qualified plug-in electric drive motor vehicles.
- Transportation fringe benefit to bicycle commuters.
- Credit for non-business energy property.
- Energy efficient commercial buildings deduction.
Tax Extenders and AMT Relief Act of 2008 (included within the Emergency Economic Stabilization Act of 2008)
Extension of various individual and business tax breaks plus additional tax relief provisions, including:
- Temporary AMT relief.
- New special depreciation rules for qualified retail property.
- Expansion of special depreciation rules for qualified restaurant property.
Worker, Retiree, and Employer Recovery Act of 2008
Several retirement plan provisions for individuals, including:
- Waiver of required minimum distributions for 2009.
- Rollovers to nonspouse beneficiaries.
Heartland Disaster Tax Relief Act of 2008 (included within the Emergency Economic Stabilization Act of 2008)
Tax relief for victims of the Midwestern disaster area and enhanced tax breaks for victims of federally declared disaster areas.
Fostering Connections to Success and Increasing Adoption Act of 2008
Changes to the definition of qualifying child for 2009 and later.
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