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Fed Profits: $52 Billion in 2009
(Fortune) — The Federal Reserve banks made a $52 billion profit in 2009, reaping extra income on the government securities they bought in an effort to stabilize the financial system
IRS Commissioner Doesn’t File His Own Taxes
(The Hill) – IRS Commissioner Douglas Shulman does not file his own taxes in part because he believes the tax code is complex.
The Best Kept Tax Secret for Small Businesses
(CNN) – For two years, Dr. James Smouse of Atlanta Oral and Facial Surgery tried to convince his younger partners to participate in a cash balance pension plan, a unique defined-benefit plan that offers business owners the opportunity to make hefty, tax-deferred contributions toward their retirement savings.
Medicare Deduction Repeal Becomes Major Accounting Issue in Health Bill
(BNA) – Congress in its final deliberations over the health care reform is considering repealing the tax deduction companies get for helping to fund the Medicare Part D subsidy, the program that helps Medicare recipients pay for pharmaceuticals, participants in a Jan. 7 Ernst & Young webcast on domestic U.S. tax developments said.
Congressman Peter Welch Introduces 50% Tax on Bonuses
(Burlington Free Press) – A tax on staff bonuses paid by federally bailed out Wall Street banks would be levied under legislation to be filed today by U.S. Rep. Peter Welch, D.-Vt.

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