Tax

The Internal Revenue Service issued guidance that designates the earthquake in Haiti in January 2010 as a qualified disaster for federal tax purposes.

The Internal Revenue Service has issued advice on how to claim the Making Work Pay Tax Credit that was included in the Recovery Act if an employer has not provided the full credit.

The effects of the economic downturn have been particularly hard on states, which will make life interesting in the year ahead for firms that sell services in the state and local tax area.

The Senate has unanimously passed legislation that allows taxpayers to deduct charitable contributions to aid victims of the devastating earthquake in Haiti.

The House of Representatives unanimously passed legislation Wednesday that would allow individuals who make charitable contributions to victims of the earthquake in Haiti to claim an itemized charitable deduction on their 2009 tax return instead of having to wait until next year to claim the deductions on their 2010 tax return.

Grant Thornton anticipates state budgets will remain under pressure this year even if the economy improves.

The devastating earthquake in Haiti last week is spurring relief efforts from countries around the world, but the U.S. is playing a key role in providing both help and security, along with much-needed funds.

Calvetti, Ferguson & Wagner, P.C., a CPA and business advisory firm specializing in tax, audit and advisory solutions, sealed a partnership with global transactional concern Verse Consulting that will bolster its international tax offerings to mid-market companies.

A bipartisan group of lawmakers in Congress plan to introduce legislation that would allow individuals who make charitable contributions to help victims of the earthquake in Haiti to claim an itemized charitable deduction on their tax return this year instead of waiting until next year.

The Internal Revenue Service has released the new form that eligible homebuyers need to claim the First-Time Homebuyer Credit this tax season and said that processing of those tax returns will begin in mid-February.