Congress Passes Tax Deal!

I guess were all going to get a great Christmas present since Congress has finally decided to approve the tax cut plan. Now we all can be assured that our taxes will not be going up on January 1. This also will resolve the AMT issue. My only issue, is that I wish they had made these tax cuts permanent, but we'll take what we can get at this point and hope that the new Republican Congress will push the issue even further. Merry Christmas and enjoy some assurance that the Grinch won't be stealing your paycheck after the first of the year.

Still waiting on Congress

I guess it's going to be the last minute before we find out when you get a tax break or not. Our elected officials are doing a good job of getting absolutely nothing done in Washington, but what's new with that. It's fascinating to me that he can't accomplish a tax cut bill which would assist all Americans but they can spend a great deal of time debating a spending bill full of greasy pork! You would've thought they would've gotten the message with the midterm elections, but as normal the knuckleheads in Washington can't seem to accomplish anything the American public would like. Perhaps they should get coal in their stockings for Christmas. We shall see what comes about in the next 24 hours and whether the snowstorm that hit the East Coast will lead to further paralysis in the capital. It will sure be a fun Christmas if the government runs out of money and they are forced to close the government offices just in time for Christmas. Maybe that would be a good thing!

Obama Strikes Deal on Bush Tax Cuts and Unemployment

Obama Strikes Deal on Bush Tax Cuts and Unemployment

It looks like Congress and the president have finally made an economic decision which I think will be beneficial to everyone. It appears that a deal has been made to extend the so-called Bush era tax cuts for a period of two years for all taxpayers. In addition to that, there is a reinstitution of the estate tax were states greater than $5 million. It is also my understanding, that this new tax deal will give a 2% reduction in the so security taxes for 2011 for employers. That also is a welcome sign of progress. Finally it appears that this deal will allow all businesses to write off 100% of capital expenditures for 2011. Once I know more about the complete deal I let everyone know.

Deal Appears Imminent on Bush Tax Cuts and Unemployment Extension

Deal Appears Imminent on Bush Tax Cuts and Unemployment Extension

It's time to get down to business

Now that Thanksgiving is over, it's time to get down to business in Washington. We will see if the members of Congress decide to actually resolve the tax situation and extend the Bush tax cuts for everyone or if they decide to take another approach such as the one recommended by the Sen. from Illinois which would only extend the tax cuts to those who make less than $1 million per year. I cannot believe that anyone would even consider raising taxes in the current economic climate we find ourselves in, but leave it to the knuckleheads in Washington to further make the economy suffer. As I've stated before, my clients are looking for relief from the tax code, not more taxes! As I've said before, it's time to take a few moments an e-mail call or write to your congressional representatives and let them know how you feel. Let them know that taxes are too high already and we don't need to be burdened with even greater taxes in the coming year. Remind them that the economy doesn't need a double dip recession and that our small business folks need to have some surety in their tax structure so that they may make plans accordingly. Right now, employers are unwilling to hire new employees because they simply don't know the impact of their taxes or the debacle which is the Obama health care plan.

We shall see just how much this lame-duck Congress gets accomplished. It will be amazing to me just what they are able to get through, but I bet we will all be shocked by the results. If you're concerned about how these potential tax increases will affect you, call Saggio management group and set up an appointment so we can review your tax situation and plan accordingly.

Happy Thanksgiving!

On this day let's all be thankful for the many blessings we have from our father in heaven. As we take time today to share moments with family and friends let us not forget to also take time to thank our creator for the bounty he has given us all. May God Bless you and your family today and throughout the holiday season.

Watch Out for Fraud

Beware of a New Fraud Risk!

There is a fraud risk related to the Electronic Federal Tax Payment System (EFTPS) that you need to be aware of.

Always remember that the IRS does not initiate taxpayer contact by e-mail. Therefore, if you receive an e-mail that appears to be from a tax agency telling you that your federal electronic funds transfer (EFT) payment did not go through, it is part of a phishing scheme and you should not respond to it. The perpetrators of this scheme have duplicated the IRS’s EFTPS logo and other characteristics of that system in an attempt to convince taxpayers that it is an official e-mail from the IRS. It is not!

If you receive a message claiming to be from the IRS or EFTPS, take the following steps:

1. Do not reply to the sender, access links on the site, or submit any information to them.

2. Forward the message as-is immediately to IRS at phishing@irs.gov.

3. Visit the IRS website to find out how to report and identify [http://www.irs.gov/privacy/article/0,,id=179820,00.html] phishing, e-mail scams and bogus IRS websites.

4. If you receive a suspicious e-mail or discover a website posing as the IRS, please forward the e-mail or URL information to the IRS at phishing@irs.gov.

5. EFTPS [http://www.irs.gov/efile/article/0,,id=98005,00.html]is a tax payment system provided free by the U.S. Department of Treasury.

Whenever you receive a communication from the IRS, it is generally good practice to contact Saggio Management Group, Inc., for assistance.