Congress Completes Overhaul Of Health Care Law and Makes Many Tax Changes

  • April 21, 2010

More information to follow up on our first article regrading Health Care Reform. Passage of the Health Care and Education Reconciliation Act of 2010 (H.R. 4872) Reconciliation Act) by Congress, followed by its signing by President Obama on March 30, 2010, completes a massive overhaul of the nation’s health insurance and health delivery systems.

Employers Wait On Certification Form For New HIRE Act Tax

  • April 2, 2010

The recently enacted Hiring Incentives to Restore Employment (HIRE) Act rewards employers who hire qualified unemployed workers with payroll tax forgiveness and a worker retention tax credit. However, the newly hired worker must certify that he or she meets specific unemployment criteria; otherwise, the employer will be ineligible for payroll tax forgiveness and the tax credit. Congress instructed the IRS to design a certification form and the agency has announced that the form will be available soon.

IRS Unveils Safe Harbor For Certain Failed Like-Kind Exchanges

  • April 2, 2010

The IRS has unveiled a much-anticipated safe harbor for participants in multiple-party like-kind exchanges under Code Sec. 1031 that have gone bad because of the default of qualified intermediaries (QIs) during the current economic downturn. The safe harbor for reporting gain or loss is available to taxpayers that initiated deferred like-kind exchanges but failed to complete the exchange due to a QI's default on its obligation to timely acquire and transfer replacement property when its assets are suddenly frozen in bankruptcy or receiverships.

HIRE Act Provides Payroll Tax Forgiveness and Worker Retention Credit

  • April 1, 2010

On March 18, 2010, President Obama signed the Hiring Incentives to Restore Employment (HIRE) Act. The $18 billion HIRE Act is expected to be the first of several "jobs" bills out of Congress in 2010. The new law encourages companies to hire unemployed workers and also retain existing workers by providing two key tax incentives: payroll tax relief and a worker retention tax credit. Employers can take a tax credit of up to $1,000 for the year if they hire an unemployed worker and retain the new worker for at least one year.

Health Care Reform 101: New Responsibilities and Taxes

  • April 1, 2010

Health care reform is now law and many employers are asking how does it affect my business and my employees? The first thing to keep in mind is that reform is gradual. The health care reforms and tax provisions in the new health care reform package play out over time, with some taking effect this year or next year but others not until 2014 and beyond. However, the health care package imposes significant new responsibilities and taxes on employers and individuals so it is not too early to start preparing.

FAQ: Has Enhanced Code Sec. 179 Been Extended for 2010?

  • April 1, 2010

The enhanced expensing election under Code Sec. 179 has been extended through December 31, 2010. Under Code Sec. 179, businesses can elect to recover all or part of the cost of qualifying property by deducting (rather than depreciating) the property in the year it is "placed in service," up to a certain limit.

Health Care Reform Key Tax Changes

  • April 1, 2010

After over a year of debates and domination of the news, healthcare reform was signed into law by President Obama. What does that mean for you? We have highlighted key tax provisions that were included in the Patient Protection and Affordable Care Act as well as the proposed provisions of the Health Care and Education Tax Credits Reconciliation Act of 2010.

Congress Passes HIRE Act. What Does This Mean For Your Business?

  • March 17, 2010

The bill carries hiring incentives, stimulus measures and new foreign account tax compliance rules. Today, the Senate by a vote of 68-29 approved H.R. 2847, carrying the Hiring Incentives to Restore Employment (HIRE) Act, as passed by the House. Thus, the HIRE Act is cleared for the President’s signature.

IRS Makes Case For Greater Disclosure From Businesses

  • March 1, 2010

In a move geared to increase transparency, the IRS has announced that corporate and other business taxpayers now subject to FIN 48 and similar financial reporting rules will be soon required to report uncertain tax positions on their annual Form 1120, U.S. Corporate Income Tax Return, or other applicable tax return. The IRS is currently developing a separate schedule for purposes of this disclosure, and IRS Commissioner Douglas Shulman has indicated that the agency intends to move quickly with the new reporting requirement once all comments have been received.