In recognition of the final deadline for individual income tax returns (October 15) and in advance of year-end tax planning, the next few issues of the Government Contractor's File will focus on taxes, both individual and corporate. If you would like to recommend a topic for the e-blast, please feel free to send us an e-mail. |
 Net Operating Loss Election Tax Filing Deadline Looms
 The October 15 deadline is important for small businesses that intend to elect a longer net operating loss carryback period through the Recovery Act. Under these provisions, a small business can elect to extend the net operating loss up to five years back, or three years longer than normal. The election is made on the original return by October 15. If you missed making the election and already filed a return, then you only have until October 15 to file a net operating loss carryback claim. |
'Get Square Virginia' Tax Amnesty Program Offered for Virginia Residents
Following what has become a seemingly popular trend among the states, Virginia has implemented a tax amnesty program. Known as "Get Square VA," the program allows for the filing of delinquent returns and the filing of amended returns in cases where there was an underreporting of income on an originally filed return. Click here to read the full article. |
IRS Offers Tax Reprieve for Individuals Who Have Taken Some or All of Their Minimum Retirement Plan Distributions
Some retirement plan participants who have withdrawn their required minimum distributions (RMD) have until December 1 to avoid being taxed upon the distributions. The IRS is allowing taxpayers who have already received at least some of their RMD to roll over the distribution into an eligible retirement plan by the deadline to avoid the necessity of reporting them as taxable income on their tax returns. |
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Tax Clock is Ticking for First-Time Homebuyers
 Did you purchase a home after April 8, 2008? Are you planning on buying a home by November 30, 2009? If so, you might be eligible for the first-time homebuyer's tax credit of up to $8,000.
For homes purchased in 2009, the credit does not have to be repaid, whereas the credit for homes purchased in 2008 must be repaid in 15 equal installments beginning with the individual's 2010 tax return. There are qualifying conditions and rules, including a phase-out feature based upon the taxpayer's adjusted gross income. To learn more, please click here. |
