Tax Implications for Small Business in the New Housing Bailout Bill

I thought Big Brother was busy regulating eating habits in Los Angeles but he does seem to get around! It seems as if he’s had his fingers in the new housing bailout bill just signed by President Bush. This should not be a surprise to anyone. After all, it was to the IRS that Congress turned when they realized that they had to do something about the crisis. Now it’s done and we can sit back and watch what happens in the housing market. Will Fannie and Freddie shape up, or will they take their new revenues and continue to spend like drunken sailors on a long awaited and all too short shore leave? We’ll have the answer to that soon enough. The issue here is what is not being reported in the media, some little changes to the tax code that should concern anyone in business. The Tax Man cometh!  /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-sty... [Read Full Article]