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Dear Valued Client,
This month's edition provides you with important tax updates and strategies that can save you money. If you have questions regarding any of the articles discussed, please contact this office.
Now is the best time for a mid-year tax consultation. This office can help you with your tax planning needs.
Tax Pro Plus
This month's edition provides you with important tax updates and strategies that can save you money. If you have questions regarding any of the articles discussed, please contact this office.
Now is the best time for a mid-year tax consultation. This office can help you with your tax planning needs.
Tax Pro Plus
The State of the Estate Tax Reform
Many clients have been asking about the status of the estate tax. Regrettably, there is nothing new to report on this issue for federal purposes.
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Tax Exempts Can Benefit from Health Insurance Credit
A part of the recently enacted health care legislation is the new Small Business Health Insurance Tax Credit for eligible small employers (ESEs) that provide non-elective health insurance to their employees. A qualified small business is one that has 25 or fewer equivalent full-time employees with average annual full-time wages of $50,000 or less. Generally, the credit will be at its maximum for employers with 10 equivalent full-time employees making average full-time wages of $25,000.
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Reasonable Compensation is Becoming a Hot Issue
Corporate officers will sometimes attempt to disguise what should be payment for services as distributions of cash, dividends, and loans as a means of avoiding payroll taxes on the income.
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2010 is the Last Year for the Lean Burn Vehicle Credit
2010 is the final year during which taxpayers can purchase an advanced lean burn technology vehicle and claim a tax credit for the purchase.
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Hiring Family Members in a Family Business
In today’s tough job market, students seeking summer employment, young adults looking for full-time employment, and college graduates looking to begin their careers are finding it difficult to land a job.
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Big Break for Adoptive Parents
As part of the Health Care Legislation passed earlier this year, the credit for expenses of adopting a child was increased and made refundable. Prior to this change, the credit was non-refundable and could only be used to reduce the adoptive parent’s tax to zero, with any unused portion of the credit carried over for up to five years and used against future years’ tax.
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Having a Bad Year? You May Qualify for the Earned Income Credit.
Many individuals find themselves earning less during these troubled economic times than in years past. As a result, they may qualify for a credit that they previously were not entitled to because of income limitations.
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Misclassifying Workers Can Be Costly!
With the current economy, and not always knowing what lies ahead, most business owners and executives tend to be financially conservative and preserve the cash of the business.
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More Details - Health Insurance Coverage for a Child under Age 27
The Department of Health Services and the Treasury Department have recently released additional guidance and details related to the health insurance coverage for a child under the age of 27. Before the passage of the Affordable Care Act into law, many health plans and issuers could remove adult children from their parents' policies because of their age, whether or not they were a student, or where they lived. Under this new law, plans and issuers that offer dependent coverage will be required to make the coverage available until an adult child reaches the age of 26.
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Three New Information Reporting Tools Being Added By the IRS
The IRS has long used information reporting as a tool to enforce compliance with the tax laws. This is done in a variety of ways. Information reporting provides the IRS with the ability to perform vast numbers of compliance checks using their computer system.
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Declare Your Independence From Security Worries: Use QuickBooks' Protection Tools
If there’s one application that you don’t want compromised by a security breach, it’s the one that contains all of your financial information. Recognizing that, Intuit has built a number of security features into QuickBooks that are designed safeguard your debits and credits.
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Exemption for a Child
Generally, the custodial parent is the one that is entitled to deduct the exemption for a child unless the custodial parent releases the exemption. The release (IRS provides form 8332 for this purpose) must be a written declaration, and it must be unconditional (no strings attached, such as requiring the non-custodial parent to meet support payment obligations). If both parents were to claim the children as dependents, the IRS’s computer matching program is designed to flag both of the parent's returns, and send each a notice requiring substantiation for the claim. The IRS would assess additional tax, as well as penalties and interest, if the facts do not support the parent as the one entitled to the exemption.
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Disclaimer: The tax advice included in this newsletter is an overview of some complex tax rules and is not intended as a thorough in-depth analysis of the tax issues discussed. Do not act on the information included in this newsletter without first determining how these issues apply to your particular set of circumstances and if there are any special tax laws or regulations that might apply to your situation.
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