Cash for Clunkers Tax Rebate

The Car Allowance Rebate System (CARS), or - as it is more widely known - the Cash for Clunkers program, has been passed by Congress and signed into law by the President. If you purchase a qualifying new car to replace your low gas mileage used car, your car dealer may be eligible to receive a rebate voucher worth $3,500 - $4,500 to apply to the purchase price. As of press time, Congress is expected to approve a measure to add an additional $2 billion in funds to the porgram as much of the $1 billion of funds initially set aside has been used up. Read more ...

   
Federal Unemployment Tax Audits Announced

The IRS announced its National Research Program (NRP) will be directed towards collecting data on compliance by employers in several key areas. Read more ...

   
Health Care Reform

As of press time, heath care reform is currently being debated in Congress. One of the most contentious points of the debate is paying for the costs of the heath care overhaul. Read more ...

   
Direct Payment for Energy Projects

The Treasury Department and the Energy Department have recently announced a program that provides an estimated $3 billion of funds to be available for energy projects. Read more ...

   
Foreign Bank Account Reporting Amnesty

If you have owned a foreign bank account in the past six years and have not disclosed it to the IRS, you may consider taking advantage of the IRS voluntary disclosure/amnesty program. The new administration is more strictly regulating United States citizens and residents with foreign bank accounts. Read more ...

   
Kansas - New Limitations Period for Tax Returns and Refunds

The Kansas legislature has modified the period governing the filing of tax returns. Seeking to clarify present law, the new law provides that amended income tax returns can be filed within three years of the due date for the return plus valid extensions of the filing date. Read more ...

   
Missouri - Another School Tax Holiday

August 7-9, 2009

The sales tax holiday includes clothing, school supplies, computers, software and peripherals, and certain other back to school items subject to specific dollar limits for each item (e.g. computers not to exceed $3,500). Read more ...

   
Missouri - Franchise Tax Changes in 2010

The Missouri legislature has provided some tax relief to small businesses beginning next year. For tax years beginning on or after January 1, the exemption from franchise taxes increases to $10 million from the current amount of only $1 million. The effective tax rate on larger corporations is also reduced to 1/30 of 1 percent (.0033) of capital. Read more ...

   
About Polsinelli Shughart's

Tax and Business Planning Group
   

All companies, organizations and individuals can expect to encounter issues in the tax arena. The Tax Group of Polsinelli Shughart PC provides creative solutions and legal guidance on international, federal, state and local tax laws to entities in all major industries and tax status classifications. Our attorneys partner with our clients to develop business solutions for both short-term and long-term planning.

The Tax Group’s reputation is built on its skills in sound and effective planning and in-depth analysis, particularly in complex tax matters involving diverse businesses. Our attorneys pride themselves on innovative thinking and expertise in structuring business formation, combinations, reorganizations, mergers and acquisitions, and liquidations in the most tax-advantageous manner. To learn more about our services, click here.

To learn more about our firm, you can visit our Web site at www.polsinelli.com.

The Tax and Business Planning Practice Group will continue to provide these alerts to you as new developments warrant. This Tax Alert focuses on a variety of issues impacting businesses and individuals at the federal and state level. To preview the entire newsletter for this edition of our Tax News Alert, click here.

We encourage you to contact your financial advisor or a member of our tax team if you would like more information.