The IRS issued guidance recently in a Rev. Proc. 2010-36 providing relief to homeowners who have suffered property loss due to the effects of certain imported drywall installed in homes between 2001 and 2008.

Ranking members of the House and Senate tax committees are promising to do “whatever is necessary” to enact Alternative Minimum Tax (AMT) relief for the 2010 tax year.

Last week we looked at some of the pending tax increases in 2011 if congress does not act by the end of the year. Since no one can predict what congress may or may not accomplish, the following are some planning tips to consider:

Unless Congress acts very quickly, everyone will see their federal income tax increase in 2011. This week we will look at the pending tax increases. Next week we will discuss what you can do before the end of the year to possibly lessen your tax burden.

Taxes may be one of a business owner's largest expenditures. Therefore, they deserve the planning and monitoring that accompanies any other major expense. A year end meeting with your accountant should always include an estimation of your taxes. The discussion should include the projected tax amount, along with the various methods and opportunities to negate or reduce the taxes at both your company and personal levels. However, sometimes paying the tax is cheaper than incurring the costs of reducing them. No one wants to spend $10 on something of little or no value to save $2. With the exception of a retirement plan contribution, tax planning must be complete by New Year's Eve. Trying to do tax planning for the prior year while sitting with your accountant in early April for your tax return preparation is simply a day late, a dollar short.

The IRS recently released Notice 2010-69 which says, in part:“Provides that reporting the cost of coverage under an employer-sponsored group health plan on Form W-2, Wage and Tax Statement, pursuant to § 6051(a)(14) of the Code, will not be mandatory for Forms W-2 issued for 2011.”What does this mean?