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2009 TAX NOTEBOOK™ Dateline: January 2010
Clients of Dunlap & Associates who have already received a unique User ID and Password may access the Tax Notebook™ by clicking on the icon below:
Browser Settings: Tax Notebook requires the following browser settings to allow dynamic programming: Pop-ups must be allowed for this site; cookies must be allowed. Note: IE 6.x users must set the Privacy setting to Medium or lower; ActiveX controls must be enabled; JavaScript must be enabled. The site is best viewed with browser text size set to Medium, which is usually the default setting. 2010 TAX PLANNING GUIDE AVAILABLE ONLINE Dateline: November 2009
Click on the icon below to access the 2010 Tax Planning Guide online:
The Tax Planning Guide will provide you with valuable insights into how a little advance planning can help minimize your tax burden come April 15. If you have questions regarding anything contained in the Tax Planning Guide, contact your accountant directly, or call us at 215.997.5600.
ACCELERATED TAX DEDUCTION FOR HAITI EARTHQUAKE RELIEF Dateline January 2010
To encourage donations to charitable organizations working in Haiti, Congress recently passed, and President Obama signed into law, a special measure making your monetary contributions tax deductible in 2009 even though they are made in 2010. Click here to read more.
IRS TO BEGIN CONDUCTING RANDOM AUDITS OF EMPLOYMENT TAX RETURNS Dateline November 2009
As part of the National Research Program that collects data used to measure federal tax payment, filing and reporting compliance, the IRS is going to start conducting random audits of employment tax returns in November 2009. About 5,000 audits will be done over the next three years. Even if your company has done nothing wrong and everything right, it could be selected at random for an audit. Click here to read more.
2010 MILEAGE RATES
Effective January 1,
2010 The Standard Mileage Rates for 2010 are as follows:
2010 SOCIAL SECURITY UPDATE Effective January 1, 2010
The maximum taxable wage base for Social Security for 2010 will remain at $106,800. As such, the maximum tax will be $6,621.60. Monthly Social Security benefits will not increase. For retirees under full retirement age, the retirement earnings test exempt amount will remain at $14,160. For every $2 of earnings above this limit, $1 of benefits will be withheld.
NEW PHILADELPHIA SALES TAX RATE Effective October 8, 2009
On September 18, 2009, Governor Edward G. Rendell signed House Bill 1828, authorizing Philadelphia to impose a 2% Sales and Use Tax, in addition to the Commonwealth's 6%, for a total of 8%. The new rate is expected to go into effect on October 8, 2009 and the Pennsylvania Department of Revenue should be contacting registered taxpayers with more information. The Sales Tax is collected and administered by the Pennsylvania Department of Revenue.
FEDERAL MINIMUM WAGE RATE INCREASE TAKES EFFECT JULY 24, 2009
As a result of the Small Business and Work Opportunity Act of 2007, the Federal Minimum Wage Rate will increase to $7.25 an hour beginning July 24, 2009. Where an employee is subject to both the state and federal minimum wage laws, the employee is entitled to the higher minimum wage.
2009 PHILADELPHIA WAGE TAX RATE CHANGE Effective July 1, 2009
Effective July 1, 2009, Philadelphia lowered its wage tax rates as follows:
Residents............3.9296% (previously 3.93% for wages paid after January 1, 2009)
Nonresidents.......3.4997% (previously 3.50% for wages paid after January 1, 2009) |
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