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.

Increased Tolerance Of “A Little” Cheating On Tax Returns, Survey From IRS Reveals

  • March 1, 2010

The IRS Oversight Board has released its annual Taxpayer Attitude Survey. According to the survey, the percent of taxpayers who find it acceptable to cheat on their income taxes increased from 9 percent in 2008 to 13 percent in 2009. The 2009 survey was based on interviews of 500 men and 500 women during August 2009.

Small Businesses Face Tax Opportunities And Challenges In 2010

  • March 1, 2010

As 2010 unfolds, small businesses are confronted with tax challenges and opportunities on many fronts. Lackluster consumer spending, combined with tight credit, has many small businesses in a holding pattern. Congress may respond with a new tax credit to encourage hiring. Small businesses are also faced with uncertainty over many temporary provisions in the federal Tax Code. Many of these incentives have expired. At the same time, small businesses are uncertain how health care reform, the fate of the federal estate tax and proposed retirement savings initiatives may impact them.

Do You Do Business In More Than One State? Considering Expansion To Other States? New Tax Laws To Keep In Mind.

  • February 8, 2010

As if the economic downturn wasn’t bad enough, state taxing authorities are on the warpath — and your business may very well be in their crosshairs. With budget woes approaching crisis point across the country (witness California’s well-publicized meltdown), state treasuries are stretched painfully thin. In response to their empty coffers, state taxing authorities are actively targeting both in-state and out-of-state companies for income and sales tax compliance.