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WINTER 2008
CDH
launches secure Client Portal
IRS
prepares for first spike in 2008 filing season
Prove
it! IRS demands less proof of business expenses in certain
situations
IRS
reveals stepped up audits of high-income individuals and
pass-through entities
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About Corbett, Duncan & Hubly
Corbett, Duncan & Hubly, P.C. (www.cdhcpa.com)
is a Crain’s Chicago Business Top 25 accounting and
consulting firm. The firm provides clients a full range
of professional services including: assurance, tax, risk
management, valuation, litigation, fraud investigation,
merger & acquisition, and business consulting.
Corbett,
Duncan & Hubly
100 Pierce Road, Suite 100
Itasca, IL 60143
630-285-0215
630-285-1166 (fax)
www.cdhcpa.com
A
2006 Crain’s Chicago Business Top 25 Accounting
Firm
GENERAL
DISCLAIMER:
This newsletter is not intended to render legal, accounting
or other professional services. The publisher assumes no
liability for the reader's reliance on its contents. ©
2007.
IRS
CIRCULAR 230 DISCLOSURE:
To ensure compliance with requirements imposed
on June 20, 2005 by the United States Treasury, we inform
you that any tax advice contained in this communication
(including any attachments) was not intended or written
to be used, and cannot be used, for the purpose of 1) avoiding
tax-related penalties or 2) promoting, marketing or recommending
to another party any tax-related matters addressed in this
communication.
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Should I make a campaign
contribution this year?
With
the primary elections drawing closer to an end, and national elections
coming later this year, many candidates for office will be seeking
contributions to support their campaigns. The Federal Election
Campaign Act places limits on the amounts that can be contributed
to support candidates for federal office, and prohibits contributions
from certain sources. Following is an outline of the rules for
contributing:
1. Political contributions are NOT a tax deduction for any individual
and/or company
2. If you decide to make a non-deductible political contribution,
you are limited to the amount you can contribute:
• Each individual is limited to contributing $2,300 per
election (for example: $2,300 for the current Primary Election,
and $2,300 for the General Election later this year)
• The limit for individuals contributing to a Political
Action Committee that supports multiple candidates is
$5,000 per calendar year for FEDERAL candidates.
• The limit for individuals contributing to a Political
Action Committee that supports one or a multiple
of candidates is $10,000 per calendar year for STATE,
DISTRICT, and LOCAL candidates, combined.
• The limit for individuals contributing to a national party
committee, House campaign committee, and Senate campaign committee
is $28,500. The limit is $15,000 if your contribution is to a
Political Action Committee that supports multiple
candidates for either a national party committee, House campaign
committee, or Senate campaign committee.
• These individual amounts are further limited, in total,
on a per year basis.
3. Corporations CANNOT make political contributions UNLESS they
belong to a Political Action Committee registered
with the Federal Election Commission.
4. Any political contributions made are a "matter of public
record" and can be viewed by anybody. Some companies are
developing political contribution policies because of this.
Regulations governing contributions can be complicated. For
a more detailed explanation, please call Laura Norlin
in our tax department, at 630-285-0215.
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