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July 02, 2010	TIME TO RETHINK YOUR INVESTMENT STRATEGY? The recent stock market “flash crash” was unlike anything investors ever witnessed. In a matter of mere minutes, the Dow Jones Industrial Average plunged 990 points. Stop-loss orders – a market strategy designed to stem the bleeding – only contributed to the bloodshed on this particular afternoon. As investors lick their wounds, one question remains: Is it time to rethink your investment strategy? For insights as well as information about new stock market protections, read on. Continue reading “Time to Rethink Your Investment Strategy?” »

June 25, 2010	PAYROLL TAX BREAKS: CAN RELATIVES QUALIFY? A temporary new payroll tax exemption and a related new hire retention credit were signed into law earlier this year. Designed to encourage employers to hire and retain new workers, these two tax benefits are especially beneficial to employers who are adding positions to their payrolls as the economy recovers. Although family members generally do not qualify, there are some crucial exceptions. Here are the rules of the new tax breaks and how to claim them, as well as a rundown of how your business can occasionally qualify when hiring relatives. Continue reading “Payroll Tax Breaks: Can Relatives Qualify?” »

June 19, 2010	FBAR FORM DUE 6/30/2010; ADDITIONAL CLARIFICATIONS Form TD F 90-22.1 (the so-called “FBAR Form”) is due June 30, 2010. This Form is required to be filed by U.S. persons and entities that have an interest in, or signature authority over, a financial account in a foreign country. The period covered by the FBAR Form that is due June 30, 2010 is calendar-year 2009. This reporting period is required regardless of the filer’s actual tax year (which may be other than a calendar-year). Continue reading “FBAR Form Due 6/30/2010; Additional Clarifications” »

June 18, 2010	YEAR-BY-YEAR SUMMARY OF HEALTHCARE LAW TAX CHANGES The massive healthcare legislation, which was signed into law recently, contains many tax provisions that go into effect at various times throughout the next eight years. (Some don’t even have anything to do with healthcare.) Here is a year-by-year chart of the tax changes, and what they might mean for you and your business. Continue reading “Year-by-Year Summary of Healthcare Law Tax Changes” »

June 11, 2010	GET READY FOR ONEROUS NEW 1099 REPORTING RULES Under new rules that take effect in 2012, your business or not-for-profit organization may be required to issue a blizzard of 1099 forms for payments that it previously did not have to report at all. This little-known requirement is part of the healthcare law passed earlier this year and will impose significant burdens. Your business might have to gather taxpayer identification information and mail out 1099s to office supply stores, restaurants, airlines, hotels – and just about every other type of company you do business with. Here are the new rules and what they may mean for your organization. Continue reading “Get Ready For Onerous New 1099 Reporting Rules” »

June 04, 2010	COLLEGE GRADUATE CHECKLIST In the midst of college graduation season, it’s likely that someone you know is about to take one of the most important courses of all: Financial Survival. Here’s a checklist you can pass on to your children, grandchildren or other graduates in your life to help them make critical choices ahead of them, from choosing a place to live to planning for retirement. Continue reading “College Graduate Checklist” »

May 28, 2010	EMPLOYEE BENEFIT TAX NEWS The IRS made three announcements recently that are of interest to certain business and individual taxpayers: The COBRA subsidy for those who have lost their jobs has been extended again until May 31. Tax-free employer health coverage is now available for children under the age of 27. Average small group premiums for each state have been issued by the IRS to determine the amount of the new small business health care tax credit. Continue reading “Employee Benefit Tax News” »

May 21, 2010	SHOULD YOU BUY TRAVEL INSURANCE? With summer vacations just around the corner – and the memory of thousands of travelers stranded during the recent volcano ash cloud – you may be wondering whether to purchase travel insurance for your next trip. Here are the ins and outs of this type of coverage for both business and personal travel. Continue reading “Should You Buy Travel Insurance?” »

May 14, 2010	CORPORATIONS: GOOD TIME FOR TAX-WISE TRANSACTIONS If your business is a C corporation, it may be a good time to arrange for dividend payments, stock redemptions and stock sales. Though the federal income tax rate structure is currently favorable, it’s scheduled to change dramatically after this year. Here are some strategies to consider before the end of 2010. Continue reading “Corporations: Good Time for Tax-Wise Transactions” »

May 07, 2010	TOO MUCH PAPERWORK? WHAT YOU CAN TOSS NOW Once you file your 2009 tax return, you can get rid of some of the tax paperwork. But save essential records that can protect you during an IRS audit – or help you collect a future refund. Here is a reference guide to the business and personal tax records you need to retain – and how long you need to keep them. Continue reading “Too Much Paperwork? What You Can Toss Now” »

April 30, 2010	MAKE SURE YOU PAY OVER PAYROLL TAXES ON TIME During times when cash flow is tight, businesses and not-for-profits might be tempted to use withheld payroll taxes to foot some of their bills. Big mistake! Under federal law, “responsible” individuals can be held personally liable for the taxes – regardless of whether the company’s legal structure shields them personally from other obligations. You might be surprised to find out how many people the IRS can find “responsible” in one organization. Here are the rules, along with some recent court cases in which business owners and executives were penalized for failing to remit payroll taxes. Continue reading “Make Sure You Pay Over Payroll Taxes on Time” »

April 23, 2010	NEW CASE MAY CREATE REFUND OPPORTUNITY FOR SEVERANCE PAY Was your company forced to lay off employees during the recent economic downturn? You may be in line for a refund for some of the taxes paid on severance amounts but depending on when the payments were made, you may have to act fast. A recent U.S. District Court case ruled that these amounts do not constitute wages for FICA payroll tax purposes. Here are the details of the new case and what they might mean for your company. Continue reading “New Case May Create Refund Opportunity for Severance Pay” »

April 16, 2010	KEY CHANGES IN THE NEW HEALTHCARE LAW The Patient Protection and Affordable Care Act, which was just signed into law by President Obama, will significantly change the face of health care for employers and many individuals. In addition to virtually mandating health coverage for all citizens in the United States, the massive law includes significant tax changes. Many of the provisions do not become effective for two to four years. Here is a brief summary of what the legislation contains and when you and your company might be affected. Continue reading “Three Big Tax Breaks in the New Law” »

April 08, 2010	THREE BIG TAX BREAKS IN THE NEW LAW President Obama just signed a new law that provides incentives for employers to hire and retain unemployed people. The “HIRE Act” also includes an extension of the large tax deduction qualified businesses could claim last year for buying equipment. In addition, the law makes the “Build America Bonds” program more attractive to investors. To help pay for the tax breaks, the law includes penalties on certain foreign tax compliance matters. Here is a rundown of the provisions in the new legislation. Continue reading “Three Big Tax Breaks in the New Law” »

April 02, 2010	ROTH IRA CONVERSIONS: IS THE TIME RIGHT? There’s a new tax-saving opportunity this year for affluent taxpayers. That’s because the income limit for converting a traditional IRA to a Roth account has been eliminated. Here is a rundown of the new rules, as well as the advantages of converting and the factors you should consider before making a decision. Continue reading “Roth IRA Conversions: Is The Time Right?” »

March 22, 2010	PERSONAL FINANCE: CREDIT CARDS AND GOLD INVESTMENTS Ten New Credit Card Protections. A new law protecting consumers from unfair credit practices was fully phased in last week. Here are 10 protections from the Credit Card Accountability, Responsibility and Disclosure Act. Investing: Three Ways to Go for the Gold. The price of gold has been fluctuating recently after reaching a record high late last year. Investors concerned about inflation are buying and selling the precious metal. Here are three ways to acquire gold in your portfolio, as well as the basic tax rules when you sell. Continue reading “Personal Finance: Credit Cards and Gold Investments” »

March 12, 2010	IMPROVE THE EFFECTIVENESS OF YOUR AUDIT COMMITTEE Audit committees face a challenging time in 2010. As the economy continues moving from recession to recovery, there are new dimensions to the oversight roles and responsibilities of the audit committees at public corporations, private companies and not-for-profit organizations. Here are some steps to consider and questions to ask to improve effectiveness. Continue reading “Improve the Effectiveness of Your Audit Committee” »

March 05, 2010	BE READY TO RIDE THE RECOVERY WAVE A “slow, trudging” recovery is underway, according to Former Federal Reserve Chairman Alan Greenspan. With the economy showing some signs of improvement, now is the time to position your company to reap the benefits of improved conditions. Although you can’t predict exactly when a widespread recovery will occur in your industry and geographic region, you can prepare for it. Here are five questions to help your business get ready to surf into better times ahead. Continue reading “Be Ready to Ride the Recovery Wave” »