Introducing a new service: the Health Care Reform Tax Plan
- November 1, 2010
Health Care Reform will affect your business. Our Health Care Reform Tax Plan ensures that you are not caught off guard by complicated new regulations, and that you are able to take advantage of available incentives.
2010 Year-End Tax Planning for Businesses
- November 1, 2010
2010 year-end tax planning involves consideration of tax laws going into effect in 2011 as much it involves tax provisions effective this year. Some tax incentives that expired for businesses at the end of 2009 have been resurrected for 2010 (and 2011 in some cases), including bonus depreciation and small business expensing. However, with higher tax rates set for 2011, traditional planning techniques, such acceleration and deferral, may require more thought this year especially.
2010 Year-End Tax Planning for Individuals Presents Unique Challenges
- November 1, 2010
As the end of 2010 quickly approaches, individual taxpayers should start to execute valuable year-end tax strategies. However, year-end tax planning for 2010 is especially unique, and a bit more complicated, due to the current uncertainty looming over a number of expiring tax cuts.
Gifting in 2010 – Planning for Terminally Ill Clients
- July 29, 2010
It appears unlikely that Congress will pass any transfer tax reform in 2010. As a result, 2010 could be the best of times for gifting by affluent clients. Part I of this article on gifting in 2010 by noted author and planning expert John J. Scroggin considered the multiple factors that encourage making gifts this year. Part II covered select gift planning opportunities available this year. Part III of the article, below, covers 2010 strategies and planning for terminally ill clients.
2Q Update: Important Tax Developments
- July 8, 2010
The following is a summary of the most important tax developments that have occurred in the past three months that may affect you, your family, your investments or your business.
FAQ: Can I Deduct the Cost Incurred Doing Charitable Work?
- July 2, 2010
Q. I spend 20 hours every week cooking meals and delivering them to an organization that feeds the hungry and homeless. Am I entitled to a deduction for my time and the food I pay for out of my own money?
FAQ: What Tax Legislation is Congress Expected to Pass This Year?
- June 2, 2010
At the start of 2010, Congress had a full tax agenda. As summer approaches, many tax bills remain unfinished, most notably an estate tax bill. Other important tax legislation is also on Congress's agenda for action before year-end. Including: Estate tax, Individual tax rates, Capital gains and dividends, Child tax credit and more.
IRS Issues Forms, Instructions For HIRE Act Employer Tax Incentives
- May 3, 2010
Wasting little time in helping important business hiring, the IRS has released forms and instructions for the employer tax breaks in the Hiring Incentives to Restore Employment (HIRE) Act. The IRS unveiled new Form W-11, Employee Affidavit, which covered employees can use to certify that they meet the criteria of the HIRE Act. It also revised Form 941, Employer's Quarterly Federal Tax Return, and Forms W-2, Wage and Tax Statement, and W-3, Transmittal of Wage and Tax Statements, to reflect the HIRE Act.
IRS Cuts Mileage Rate For Business Miles Driven
- January 4, 2010
Low inflation contributed to a five cents drop in the standard business mileage reimbursement rate for 2010. Effective January 1, 2010, the standard business mileage rate will be 50 cents-per-mile, which is a drop from 55- cents-per-mile in 2009. The standard mileage rate for moving costs and medical expenses will also decline in 2010. The only mileage rate remaining the same is the rate for the charitable deduction, which is set by statute.