We here at Caufield & Flood feel that an informed client is our best customer. We know that it may be difficult to keep track of the growing volume of complex, new developments that can be overwhelming even to a knowledgeable client.  For your convenience, we have included some recent developments for you to view.       Monthly Newsletter

Reevaluate Shareholder Loans With all the angst about the economy, high gasoline prices, and the lousy real estate environment, you may not have noticed that most interest rates are near historically low levels.   Changes to the Home Sale Gain Exclusion Many taxpayers bought a second home, such as a vacation home, with the intention of later converting the second home into their principal residence. Under pre-2008 Housing Act law, those taxpayers could have excluded up to $250,000 ($500,000 for certain joint filers) upon a later sale of that former vacation home as long as the two-year ownership and use tests for the exclusion were satisfied.   Year-end Tax Planning Strategies for Individuals and Business Owners As we approach year-end, there is still time to take action to lower your 2008 tax bill and add to your tax-advantaged retirement accounts.