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What ’s Cooking in Wisconsin? Food Processing Plant and Food Warehouse Investment Credits

Is your company making sausage? Processing cheese? Is it warehousing cranberries, corn or soy sauce? Starting with tax years ending after December 31, 2009, Wisconsin food processors or food warehouses (or their owners) may be eligible for a credit…

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…

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…

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…

Proposed Law will Radically Change GRAT’s

Given the current combination of low interest rates and undervaluation of assets, there continues to be an excellent opportunity for many individuals to use GRATs (Grantor Retained Annuity Trusts) to achieve wealth-transfer and estate-tax savings. However, this opportunity may be…

Health Care Reform Bills Create Significant Tax Implications for Individuals and Businesses

Late Sunday night the House of Representatives passed the Senate’s Patient Protection and Affordability Act (H.R. 3590) and the Health Care & Education Affordability Reconciliation Act of 2010 (H.R. 4872.) President Obama has signed H.R. 3590 into law, while H.R.…

ROTH IRA Conversions in 2010 - Advantages and Disadvantages

Starting on the first day of 2010 there was a major change relating to Roth IRAs. In past years if taxpayers had over $100,000 in modified adjusted gross income (AGI), they could NOT convert (roll over) other retirement plans into…

Congressional Inaction Creates Estate Planning Mess

By failing to act before December 31, 2009, the US Congress may have created a 2010 mess out of the vast majority of the Wills and Living Trusts that are currently in existence.What happened?Congress did not act. As a result…

New Net Operating Loss Rules Benefit Larger Business - First Time Homebuyer Credit Extended and Expanded

On November 6, President Obama signed the “Worker, Homeownership, and Business Assistance Act of 2009.” The bill, expected to cost about $24 billion, was originally intended to extend unemployment benefits. While that provision is still part of the bill, the…

Beware: IRS to Conduct 6,000 Audits of Employee/ Independent Contractor Classifications

Starting in February 2010 IRS officials will start random audits of approximately 6,000 US employers for employment tax compliance and proper worker classification. These random audits are intended to help close the estimated $15 billion "tax gap" that the GAO…

IRS Waives RMD for 2009 and Allows Rollover of 2009 RMDs Already Distributed

A required minimum distribution (RMD) is the smallest annual amount that must be withdrawn from an IRA or an employer’s retirement plan each year after reaching a required minimum age. Generally, this occurs when the account owner reaches age 70½.…

Recovery Act Reminders for 2009

Nora Stapleton, Tax Partner at Blackman Kallick, shares her expertise on the American Recovery and Reinvestment Act (ARRA) in the October issue of the Journal of Accountancy. The article, Recovery Act Reminders for 2009 summarizes some of the most prominent…


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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.