For 2008, both regular tax and AMT purposes, an additional first-year depreciation deduction – 50 percent of the adjusted basis – is allowed for certain qualified tangible personal property placed in service in 2008. This deduction is also allowed in limited instances for property placed in service in 2009.  Additionally, for years beginning in 2008, the section 179 deduction maximum for taxable years is increased from $128,000 to $250,000, and the phase-out threshold is raised from $510,000 to $800,000. For more information, http://www.house.gov/jct/x-16-08.pdf.  

Source: AICPA Tax Alert Feb. 14, 2008

All experience rated employers are getting a further 2008 rate reduction of .12% of the amount the TWC sent out at the beginning of the year.  The new minimum will be .10% and the new maximum will be 6.10%. 

Additionally, this year’s Voluntary Contribution program has been extended by 15 days, so the last day to buy back some or all of the chargebacks to get a lower rate will be February 25, 2008.

The IRS is, indeed, sending out a rebate to all eligible taxpayers this year in an attempt to boost the economy.  The tax rebates will begin being sent out in May.  These rebates can be substantial, up to $1,200 for joint filers plus $300 per child under without limit.  Eligibility is based on the 2007 tax return information, so you may not wish to extend your return this year.  Additionally, taxpayers who have their 2007 refunds direct deposited will receive their rebates by direct deposit – sparing them from any delays in printing and mailing the large number of rebate checks. E-filing will also speed the rebates.   

Source: AICPA Tax Alert Feb. 14, 2008