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Channel: Roth & Company, P.C » Obama 2010 Tax Proposals
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Obama tax details target high incomes, inventories, life insurance

The details for the tax proposals in the Obama fiscal 2010 budget came out yesterday. Considering how deep the budget hole is getting, a bunch of these are likely to get enacted. A few key points: -...

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Goodbye LIFO?

The “Last-In, First-Out” inventory method allows businesses to value their inventory based on their most recent inventory purchases. The LIFO method, while often complex and confusing, provides a...

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Obama proposals: no more inventory markdowns

One of the drawbacks of LIFO inventory is that LIFO taxpayers aren’t allowed to write down their unsold inventory if it declines in value. You would think that getting this ability would be some...

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Obama budget proposes expansion of disallowance of interest for businesses...

Under current tax law, businesses have to reduce their interest expense deduction to the extent it’s attributable to the cost of life insurance, using a pro-rated formula. Policies for officers,...

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Obama budget would double information return penalties and expand coverage

Failure to file information returns can be very costly. If you don’t bother to file 25 1099-MISC forms for independent contractors, you will find yourself owing $1250 – $50 per missed return. The Obama...

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Continuing the expiring provision deception

Every administration going back to Reagan has understated the true cost of special tax breaks by pretending they will expire. This fiction reduces the stated budget cost of the breaks. Of course, these...

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Obama budget would move foreign account reporting to 1040s

The tax proposals in the Obama budget include a series of measures attacking offshore banking. One proposal would have individuals do their foreign bank account reporting with their 1040s. Under...

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Obama budget and net operating losses: lets do something, who knows what

If you were hoping that the Obama budget would liberalize the net operating loss rules – say, by applying the temporary five-year loss carryback period to 2009, and allowing it to apply to all...

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