Senate votes for faster tax breaks for Haiti gifts

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City of Industry, CA --(www.USEquityNews.com)-- 01/25/2010 - Taxes industry alert provided by U.S. Equity News. AP - A US navy helicopter flies near a Haitian flag during operations in Port-au-Prince, Thursday, Jan. 21, 2010. International ...


WASHINGTON (AP) -- Taxpayers will be able to write off charitable donations to Haiti earthquake relief efforts when they file their 2009 taxes this spring, under a bill that received final congressional approval Thursday.

The Senate passed the bill on a voice vote Thursday, sending it to President Barack Obama for his expected signature. Obama has enlisted two former presidents -- George W. Bush and Bill Clinton -- to help raise money for quake victims.

Under current law, donors would have to wait until they file their 2010 returns next year to take the deductions. The bill would allow donations made by the end of February to be deducted from 2009 returns.

Lawmakers hope the accelerated tax break will encourage more donations. U.S. [Read the full article]

The Senate unanimously passed legislation Thursday that will allow taxpayers to deduct cash donations to Haiti earthquake relief on their 2009 tax returns instead of having to wait to file the claims next year.

Leaders of the House Ways and Means Committee from both parties introduced a bill Tuesday that makes contributions made between Jan. 12 and Feb. 28 count toward an individual's or family's 2009 taxes. The House unanimously approved the measure Wednesday.

The legislation also allows contributions made through text messages to be deducted if cell phone bills are provided as proof of donation.

Ways and Means Committee chairman Charles Rangel, D-N.Y., said in a statement that the committee "developed this legislation to make it easier, and encourage people, to donate to the relief efforts in Haiti."

Leaders from the Senate Finance Committee introduced an identical version of the bill Wednesday afternoon. The Senate passed the bill late Thursday. [Read the full article]

NEW YORK (AP) -- Two former partners of the accounting firm Ernst & Young each have been sentenced in New York to more than two years in prison after they were convicted of criminal tax shelter charges.

Robert Coplan and Martin Nissenbaum were sentenced Thursday in federal court in Manhattan. Coplan was sentenced to three years in prison while Nissenbaum received a 2-and-a-half year prison term.

They were among four defendants convicted last May of conspiracy, tax evasion and other charges related to the design, marketing and implementation of tax shelters sold by Ernst & Young.

Prosecutors said the tax shelters generated billions of dollars in paper tax losses that were used to offset actual income. Tax shelters are used by wealthy individuals to eliminate, reduce or defer tax liabilities on annual income.

Copyright © 2009 The Associated Press. All rights reserved. [Read the full article]

Every year you swear you're going to save at least some of your tax refund. Every year, you end up spending every last cent.Bankrate's 2010 Tax GuideTax tips and tools How do I? Filing and refunds Real estate and capital gainsFamily and educationOn the jobInvestments and retirementCharitable givingYour state taxes<< All guide content

Uncle Sam wants to help. He's letting you directly deposit your refund money into up to three accounts. You can have a portion of the refund sent to your checking account to help you pay bills, another amount directed to savings and a third chunk of IRS cash sent straight into your individual retirement account.

And new for the 2010 filing season, you can tell the IRS you want to use your refund money to buy Treasury bonds. This option isn't yet electronic. The IRS will send you paper Series I savings bonds. [Read the full article]

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