Tax & Business Planning e-Alert
Polsinelli Shughart PC Tax and Business Planning Alert    

December 2009


Polsinelli Shughart PC


Tax and Business Planning Alert


Year-End Tax Considerations

The Tax and Business Planning Practice Group provides these e-Alerts periodically to keep our clients, taxpayers and businesses updated on recently adopted legislation and key changes in tax laws.

To preview the entire newsletter for this edition of our Tax News Alert, click here.

In this Issue

Attorneys in the Tax & Business Planning Group

William J. Sanders

David N. Zimmerman

  Christopher S. Abrams
J. Michael Cornett
John F. Crawford
Carl R. Desenberg
Erik R. Edwards
Virginia C. Gross
Brian T. Howes
D. Scott Lindstrom
S. Patrick O'Bryan
William B. Prugh
Thomas J. Schenkelberg
J. Harlan Stamper
Tommy W. Taylor


To learn more
about our Tax and
Business Planning
practice, or to contact one of our tax
attorneys, click here.



Year-End Tax Legislation

This e-Alert covers the first of several anticipated federal tax laws: the Worker, Homeownership and Business Assistance Act. It is likely that Congress will pass several other bills that will have major income tax consequences, including health care reform and other bills dealing with tax provisions that expire this year or will be implemented next year. We will cover any other tax legislation in a future e-Alert as they are enacted. Please watch your inbox for further developments.

Year-End Tax Planning Ideas

We know that 2009 is nearly over; however, there may be time to reduce your 2009 tax bill and plan for the 2010 tax year. Year-end tax planning could be especially productive this year because timely action can allow you or your business to take advantage of many tax breaks that will not be around next year unless Congress extends them. We've provided a short list of examples that may help you or your business save taxes if you act before year-end.

[ Read more ]

First Time Home Buyer Credit Extended and Expanded to Existing Home Owners

On November 6, 2009, President Obama signed the Worker, Homeownership, and Business Assistance Act of 2009 (the “Act”) into law. The Act extended the popular $8,000 credit for first-time homebuyers for purchases made before May 1, 2010 (the credit was set to expire on November 30, 2009).

[ Read more ]

State and Local Sales and Use Tax Burdens

The Tax Foundation has published a report listing those states that impose a substantial burden on taxpayers for collection and payment of sales and use taxes. The Foundation is a non-profit publisher of information about taxes to the public.

[ Read more ]

IRS to Audit Employers for Employment Tax Compliance

As we reported in our August 2009 e-Alert, the IRS is planning to spend a lot more effort on employment tax audits. The IRS has now announced plans beginning in 2010 to examine as many as 6,000 companies for compliance with federal (as well as state) employment tax. The IRS is currently training 200 examiners to begin the program in February of 2010. The audits will include businesses in all industries, with charities and other non-profits specifically mentioned.

[ Read more ]

IRS Use of Online Information

It has been publicly reported that the IRS and state tax officials are using information posted on the Internet by taxpayers for enforcement purposes. Information that may be reviewed includes Web pages, social Web sites, chat rooms, blogs, online ads and search engines.

[ Read more ]

For More Information

About Polsinelli Shughart's

Tax & Business Planning Law Group

All companies, organizations and individuals can expect to encounter issues in the tax arena. The Tax group of Polsinelli Shughart PC provides creative solutions and legal guidance on international, federal, state and local tax laws to entities in all major industries and tax status classifications. Our attorneys partner with our clients to develop business solutions for both short-term and long-term planning.

The Tax group’s reputation is built on its skills in sound and effective planning and in-depth analysis, particularly in complex tax matters involving diverse businesses. Our attorneys pride themselves on innovative thinking and expertise in structuring business formation, combinations, reorganizations, mergers and acquisitions, and liquidations in the most tax-advantageous manner. To learn more about our services, click here.

To learn more about our firm, you can visit our Web site at


The Tax and Business Planning practice group will continue to provide these alerts to you as new developments warrant. This Tax Alert focuses on a variety of issues impacting businesses and individuals at the federal and state level.

To preview the entire newsletter for this edition of our Tax News Alert, click here.

If you have questions or would like more information, we encourage you to contact your financial advisor or a member of our tax team.

With offices in Kansas City, St. Louis, Chicago, Denver, Phoenix, Washington DC, New York, Wilmington DE, Overland Park, St. Joseph, Springfield, Topeka, Edwardsville

If you know of anyone who you believe would like to receive our e-mail updates, or if you would like to be removed from our e-distribution list, please contact Sarah Blair.

Polsinelli Shughart PC provides this material for informational purposes only. The material provided herein is general and is not intended to be legal advice. Nothing herein should be relied upon or used without consulting a lawyer to consider your specific circumstances, possible changes to applicable laws, rules and regulations and other legal issues. Receipt of this material does not establish an attorney-client relationship.

The following legend is affixed pursuant to U.S. Treasury Regulations governing tax practice. Any U.S. Federal tax advice contained in this communication (whether distributed by mail, e-mail, fax, or other means) is not intended or written to be used, and cannot be used, by any person for the purposes of (1) avoiding U.S. Federal tax penalties that may be imposed on the taxpayer under the Internal Revenue Code of 1986, as amended, or (2) promoting, marketing or recommending to another party any tax-related matter addressed herein, whether an entity, investment plan or other transaction.

Polsinelli Shughart is very proud of the results we obtain for our clients, but you should know that past results do not guarantee future results; that every case is different and must be judged on its own merits; and that the choice of a lawyer is an important decision and should not be based solely upon advertisements.

Polsinelli Shughart® is a registered trademark of Polsinelli Shughart PC.

Copyright © 2009 Polsinelli Shughart PC
Polsinelli Shughart PC