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New proposed electronic deposit mandates for most federal business taxes effective January 1, 2011.

Beginning January 1, 2011, the IRS is discontinuing their federal tax deposit coupon program and requiring businesses to pay all federal tax via the Electronic Federal Tax Payment System (EFTPS).These federal business taxes include all of the following:Nonpayroll taxes including...

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Illinois EFT deposit requirements effective October 1, 2010

Starting October 1, 2010, Illinois will require all businesses that have an aggregate tax liability of $20,000 or more to make income tax deposits via electronic funds transfer (EFT) though the Illinois WebFile and Pay or ACH credit. This $20,000...

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Illinois Tax Amnesty

On Monday, August 16, Governor Pat Quinn signed SB 377 and established Illinois tax amnesty. The bill establishes a tax amnesty program that runs from October 1, 2010 to November 8, 2010.What liabilities are eligible for amnesty? The bill certainly...

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IRS Unveils Major Proposed Changes to Section 382 Rules

On June 11, the IRS released Notice 2010-49. The notice is proposing significant changes in the rules governing when a corporation has an ownership change pursuant to Section 382. If adopted, these new regulations will result in fewer companies being...

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加快并购美国公司的步伐

目前中国对美方投资形势 众所周知, 中美两国在政治经济贸易等方面关系良好。 目前在商业投资方面出现了新的趋势 : 一 方面, 中国由于政府鼓励企业进行海外投资,放松外汇管制,越来越多的中国公司开始投资美国企业, 而且目光不仅仅局限于那些价值数十亿美元的技术型企业和石油公司。中国企业资金越发雄厚, 中国国内生产总值从2008年到2009年增长9.1%;2010年第一个季度国内生产总值与同期相比上涨11.9%。  国际货币基金组织预计2010年中国国内生产总值会上升10.5%。  在美国方面,银行及其它金融市场都紧缩贷款,导致许多投资项目暂停。 一些美国地方政府已经开始针对中国资金设立有吸引力的投资优惠。  近期几家汽车制造企业被中方并购, 使更多美国企业有意向出售自己的资产或销售渠道给中国买方。 激发这些并购行为的另一大动力在于全球经济衰退导致许多企业价值下降, 作为买方的中国投资公司从中得益匪浅。中国买方竞争对手减少, 使其可用更优惠的价格购买到美国的资产。 今年一季度中国大型企业不断出手收购海外行业巨头引起大家的广泛关注,掀起中国企业海外投资的热潮.                  外币汇率的变动也促使中国企业逐渐从对外出口向对外直接投资转变。 人民币升值使劳动力和原材料成本上升, 对中国出口有不利的影响。  2005年7月21日, 央行宣布人民币对美元汇率一次性升值2.1%, 此后人民币汇率不再盯住单一美元, 开始实行浮动汇率制度。 到2008年底, 人民币对美元升值20%。 今年一季度人民币已升值超过4%, 这对中国企业进口和中国的对外投资是个极为良好的机遇。     ...

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Family business survey says . . . the recovery is moot

Blackman Kallick & FFI’s "Adaptability and Innovation" survey finds that family-owned enterprises are acting, not waiting.We have been speaking with a number of financial-market prognosticators over the last few weeks. As usual, the opinions run the range from cautious enthusiasm...

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Quick Links and Good Ideas, July 2010

Do Sports Imitate Life Or Does Life Imitate Sports?Over the last several days, we have had the opportunity to witness some amazing events in sports. We can’t help but join the chorus in talking about a few of these.Until 8:27...

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Potential Refund Available for FICA and FUTA taxes on Severance Payments

A recent Western Michigan district court case determined that certain severance payments are NOT “wages” for FICA (Social Security/Medicare) and FUTA (Federal Unemployment Tax). This case breathes new life into the matter even after the IRS won a victory in...

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Update on Section 529 Plans

A section 529 plan is a program established and maintained by states or instrumentalities of the state that allows taxpayers to contribute to either a prepaid educational service account (i.e., prepaid tuition account) or an education savings account (which is...

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Taxpayer Loses Full Amount of Charitable Deduction, IRS & Court Rule Appraisal “Not Qualified”

Taxpayers are allowed a charitable deduction for the fair market value of certain noncash property donated to charity. As the taxpayers in a recent court case found out, there are stringent rules that determine what an appraisal must contain in...

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This publication is part of Blackman Kallick’s marketing of professional services, and is not written tax advice directed at the specific facts and circumstances of any person and/or entity. Contents of this publication are of a general nature, and you should not act on this information without obtaining professional advice from your business advisor that is appropriately tailored to your individual needs and circumstances. This written advice is not intended or written to be used, and cannot be used by any taxpayer, for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code.