On February 7, 2008, Congress passed, and the President is expected to sign, the Economic Stimulus Act of 2008 (the “Act”). Click on the following link for further details.

EconomicStimulusActof2008.pdf

On May 25, the President signed the Small Business and Work Opportunity Tax Act of 2007 (SBWOTA). Passed in conjunction with legislation to continue funding the war in Iraq and to raise the minimum hourly wage, the tax-related provisions are designed in part to provide benefits to small businesses likely to be hit hard by the minimum wage increase. For highlights of the key provisions affecting businesses and individuals, please read the document below.

Small Business and Work Opportunity Tax Act of 2007.pdf

As the end of the year approaches, it is a good time for you to engage in tax planning. You know your tax picture from earlier in the year and you have a pretty good idea of what it will be for the rest of the year. With that knowledge in hand, you are now in a position to take various actions that may save taxes for this year, next year or both years.

Year-End Tax Planning.pdf

Vermont has changed the property tax adjustment program formerly known as Act 60. Beginning in 2007, taxpayers will file one form in April. Any rebates or prebates they are to receive will be sent directly to their town to pay their property taxes. The towns will then send out bills for the additional taxes that are due. The new form to be filed is HS-122. It replaces HS-131, HS-138 and HS-139.

For additional information, please visit the Vermont Department of Taxes website at http://www.state.vt.us/tax and look under “Changes to Property Tax Adjustments in 2007”.

Pension Protection Act of 2006 & the Tax Increase Prevention and Reconciliation Act of 2005

Highlights