The latest tax law includes an extension of a tax-saving opportunity for some affluent IRA owners who want to pass some of their wealth onto favorite charities. However, if you want to take advantage of it, you may have to act soon. There’s good news if you’ve reached age 70 1/2, and you have...
Read more →If you are a veteran owned business, by now you should have received a letter or email from the Department of Veterans Affairs (VA) requiring you to submit documents (within 90 days of receipt of notice) proving veteran ownership of your business. It is critical that you follow the directions of the letter/email...
Read more →The new Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act includes important depreciation changes for 2011 and 2012 that will benefit both small and large businesses. Even better, the best change is retroactive to the last part of 2010. The depreciation changes made by the new law are layered on top of changes...
Read more →The recently enacted 2010 Tax Relief Act includes a wide-ranging assortment of tax changes affecting both individuals and business (see our article below, “What the New Tax Law Means to You and Your Business). On the business side, two of the most significant changes provide incentives for businesses to invest in machinery and...
Read more →After months of uncertainty and partisan arguing, Congress passed a wide-ranging law that provides relief to taxpayers from all walks of life. On December 17, President Obama signed the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010. The new law solidifies many parts of the tax law that expired at the...
Read more →Today’s electronic devices have created new risks for organizations. There is danger that an employee could cause your company to be liable for an accident caused by texting while driving during the course of his or her work day. Or a trusted staff member could divulge confidential information to competitors on a blog or...
Read more →Donors understandably demand accountability from the not-for-profit organizations they support. Some turn to the Better Business Bureau (BBB) for guidance. Its Wise Giving Alliance has established standards by which it evaluates tax-exempt 501(c)(3) organizations that submit a report. You might find it useful to see how your organization measures up to the standards. Presented...
Read more →In addition to the benefits already discussed in the first 3 parts of this Employee Stock Ownership Plan (“ESOP”) series, there are additional benefits for ESOP companies that make an S election for federal income tax purposes. In an S corporation, all items of income and loss of the corporation pass through to its shareholders, who...
Read more →Dear Clients, Friends and Associates: The approaching end of the year is a good time to think of planning moves that will help lower your tax bill this year and possibly the next. It is even more important now than in recent years to take certain actions before the end of 2010, since tax...
Read more →If you are a small nonprofit organization that offers health insurance to your employees, you might qualify for the new federal health care tax credit that is being offered to employers for the first time in 2010. The Small Business Health Care Credit: The ground rules are as follows: You cannot have more than...
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