March 2010 eNewsletter

Bertke and Sparks CPAs presents a monthly report to help you prepare for your financial future, keep more of what you earn by minimizing your taxes, and build an extraordinary business!

MARCH 2010

Taxes Need a Fix? – We Fix Previously Prepared Returns
Over the years, Bertke & Sparks’ tax practice has grown as we welcome new clients who engage us to amend previously filed tax returns. Many of these returns were prepared using off-the-shelf tax preparation software, or seasonal tax preparation services or were self-prepared by hand. Following is a quick review of why clients may encounter problems with returns prepared under these circumstances.
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Catch-up Contribution Limits Raised for Retirement
If baby boomers haven’t saved enough for retirement, catch-up contribution limits for 401(k) plans may help them to increase their contributions as they move closer to retirement. The rules are simple. If a participant is age 50 or older in a given year, he or she may make an additional $5,500 pre-tax contribution to their 401(k) plan.
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IRS Issues Favorable Guidance On Debt Restructuring
The Internal Revenue Service ("IRS") issued Revenue Procedure 2009-37 (the "Revenue Procedure") to provide important guidance on the ability of taxpayers to defer cancellation of debt ("COD") income arising on the reacquisition of their own debt. The right to defer COD income on reacquired debt -- added by the American Recovery and Reinvestment Tax Act of 2009 (the "2009 Act") --can yield significant tax and related cash flow benefits to taxpayers who are restructuring or negotiating settlements of their indebtedness.
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If you have any questions or would like to learn more about these topics please contact us: