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| February 16, 2011 |
SUPREME COURT: THIRD-PARTY EMPLOYEES CAN SUE FOR RETALIATION
In a recent case, the U.S. Supreme Court has ruled that an employee who was allegedly fired because his fiancée filed a claim with the Equal Opportunity Employment Commission (EEOC) can sue the employer for retaliation. The worker was treated as an "aggrieved person" who falls within the allowable "zone of interests." This unanimous decision was written by Justice Scalia.
Continue reading “Supreme Court: Third-Party Employees Can Sue for Retaliation” »
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| February 14, 2011 |
A DRAMATIC SHIFT IN THE CORPORATE ETHICS AND COMPLIANCE LANDSCAPE
The whistleblower provisions contained in the Dodd-Frank Act have the potential to dramatically shift the corporate ethics and compliance landscape. The rewards for blowing the whistle with "original information" are staggering. If the information that an employee provides leads the Securities and Exchange Commission (SEC) to impose penalties of $1 million or more, the whistleblower stands to receive a payment between 10 to 30 percent of the penalties imposed.
Continue reading “A Dramatic Shift in the Corporate Ethics and Compliance...” »
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| February 9, 2011 |
IRS ZEROES IN ON WORKER CLASSIFICATIONS
The IRS recently announced it is closely examining worker classifications as part of its National Research Program (NRP). The three-year NRP payroll tax audit began back in February, 2010. As part of the program, the IRS is randomly selecting 2,000 returns from various employers in the private, not-for-profit and government sectors.
Continue reading “IRS Zeroes In on Worker Classifications” »
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| February 7, 2011 |
DOING THE TIME FOR TAX CRIMES
Suppose it's time to file a federal income tax return and an individual doesn't have the money to pay the bill. He or she files anyway and makes an effort to work with the IRS. Can the person be sent to jail? The unequivocal answer is no.
Continue reading “Doing Time for Tax Crimes” »
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| February 2, 2011 |
HOW WIKILEAKS ENDANGERS BUSINESSES AND ORGANIZATIONS
Last year's WikiLeaks release of tens-of-thousands of U.S. government secret reports and diplomatic cables dominated the news. But the headlines may be eclipsed by the organization's recent announcement that it will release details about more than 2,000 international bank accounts with owners who may be guilty of tax evasion. The information came from a former Swiss banking executive and reportedly includes the names of well-known business leaders, politicians and celebrities.
Continue reading “How WikiLeaks Endangers Businesses and Organizations” »
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| January 26, 2011 |
GOOD NEWS FOR BUSINESSES ON EQUIPMENT COSTS
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 made by last September's Small Business Jobs Act.
Continue reading “Good News for Businesses On Equipment Costs” »
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| January 19, 2011 |
A WAY FOR SOME TAXPAYERS TO REDUCE OVERALL TAXES
There's good news if you've reached age 70 1/2, and you have an IRA and philanthropic inclinations. Through 2011, the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 resurrected the opportunity to make cash donations to IRS-approved charities directly out of your IRA.
Continue reading “A Way For Some Taxpayers To Reduce Overall Taxes” »
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| January 12, 2011 |
ANOTHER YEAR, ANOTHER SET OF ESTATE AND GIFT TAX RULES
The new tax cut extension package, which was signed into law on December 17,
2010, establishes a new (but temporary) estate and gift tax regime for 2011
and 2012. It also clarifies the situation for the estates of individuals who
died in 2010
Continue reading “Another Year, Another Set of Estate And Gift Tax Rules” »
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| January 5, 2011 |
TAX NEWS AND IRS UPDATES
1. The IRS announced the standard mileage rates for 2011 business, charitable and medical driving. 2. The tax agency also announced that interest rates for the first quarter of 2011 will decrease. 3. Politicians in Washington continue to debate making major changes to the tax code for 2011.
Continue reading “Tax News and IRS Updates” »
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| December 10, 2010 |
PROTECT YOUR COMPANY FROM GENETIC DISCRIMINATION CHARGES
The EEOC has issued final rules implementing Title II of the Genetic Information Nondiscrimination Act (GINA), effective January 11, 2011 for employers with 15 or more employees.
Continue reading “Protect Your Company from Genetic Discrimination Charges” »
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| December 7, 2010 |
TAX-SAVING MOVES FOR INDIVIDUALS AT YEAR END
Even though New Year's Eve is just around the corner, there's still a little time left for year-end tax planning. If you move fast enough, a few eleventh-hour tax moves can cut your tax bill or increase a refund for the 2010 tax year.
Continue reading “Tax-Saving Moves for Individuals at Year End” »
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| December 3, 2010 |
FEDS RELAX THE RULES ON GRANDFATHERED HEALTH PLANS
The U.S. Chamber of Commerce and other organizations urged HHS to reconsider the prohibition, pointing out that it created basic inequities and could result in higher overall health insurance costs. An HHS fact sheet lists these reasons for the amendment:
Continue reading “Feds Relax the Rules on Grandfathered Health Plans” »
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| November 30, 2010 |
A DOZEN YEAR-END TAX MOVES FOR YOUR BUSINESS
A basic principle of year-end tax saving is, accelerate deductible expenses into this year and defer income until next year. Of course, that doesn't work in all cases. The right strategy for your company depends on several factors, including how you answer these questions:
Continue reading “A Dozen Year-End Tax Moves for Your Business” »
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| November 26, 2010 |
KEEP AN EYE ON EMPLOYEE TEXTING, BLOGGING, TWITTERING AND MORE
Naturally, employers want to provide employees with the tools that enable them to do their jobs more quickly and efficiently. But there are growing concerns in the business community about employees who use technology in ways that can harm their employers.
Continue reading “Keep an Eye on Employee Texting, Blogging, Twittering...” »
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| November 23, 2010 |
IT'S GETTING COLD: TAX BREAKS FOR WINTERIZING YOUR HOME
Taxpayers can weatherize their homes before the end of the year and be rewarded for their efforts in two ways: They can cut their winter heating bills and lower their 2010 tax bills.
Continue reading “It's Getting Cold: Tax Breaks for Winterizing Your Home” »
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| November 19, 2010 |
WHAT'S AHEAD FOR MEDICAL RECORDS?
Imagine a baby born in an American hospital. Doctors record the blood type and begin a series of immunizations. As the child grows, the parents take him or her to pediatricians, who treat any medical conditions and continue providing preventative care. Perhaps the child develops an allergy, is prescribed medications, or spends time in a hospital.
Continue reading “What's Ahead for Medical Records?” »
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| November 16, 2010 |
PLAN YEAR-END CHARITABLE GIFT GIVING
Americans donated more than $303 billion to charitable causes last year, according to the Giving USA Foundation. And while that represents a slight decline from the year before, Americans continued to give generously despite the economy.
Continue reading “Plan Year-End Charitable Gift Giving” »
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| November 12, 2010 |
GET READY FOR A CRITICAL CHANGE TO FLEXIBLE SPENDING ACCOUNTS
Flexible Spending Accounts (FSAs) are a popular benefit that deliver tax savings to employees and employers. They allow employees to stretch their spending power by setting aside pre-tax dollars from their paychecks for medical, dental, and vision-related expenses that are not covered by their health insurance plans.
Continue reading “Get Ready for a Critical Change to Flexible Spending Accounts” »
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| November 5, 2010 |
MORE CONSTRUCTION AND DETOURS ON THE ROAD MAP
International Financial Reporting Standards (IFRS) are back on the radar screen. Although many business leaders, regulators and financial professionals believe that globalization requires a single set of international accounting standards, they have hit road blocks trying to decide how, and how quickly to require them.
Continue reading “More Construction and Detours On the Road Map” »
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| October 29, 2010 |
MORE TIME TO REPORT THE VALUE OF HEALTHCARE COVERAGE
The Patient Protection and Affordable Care Act does a lot more than mandate healthcare coverage. It also requires that companies report the value of employer-sponsored group health coverage on employee W-2s.
Continue reading “More Time to Report the Value Of Healthcare Coverage” »
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| October 22, 2010 |
MANY TAX QUESTIONS LEFT UNANSWERED
Congress left Washington with a big pile of unfinished tax issues still on the table. Under tax laws enacted in the past decade, many popular tax provisions expired at the end of last year, or they expire at the end of 2010.
Continue reading “Many Tax Questions Left Unanswered” »
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| October 15, 2010 |
PAPER COUPONS WILL BE ELIMINATED
Q. Last week, I took my company's federal payroll tax deposit to the bank. The teller said that soon, I will have to change the way I make these payments. Is this true?
Continue reading “Paper Coupons Will Be Eliminated” »
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| October 8, 2010 |
UNCLE SAM PROVIDES TAX BONUSES FOR BUYING EQUIPMENT AND VEHICLES
The Small Business Jobs and Credit Act of 2010, which was signed into law on
September 27, contains a number of valuable tax breaks for businesses. The
new law's two significant changes come in the form of more generous rules
for depreciation write-offs.
Continue reading “Uncle Sam Provides Tax Bonuses for Buying Equipment...” »
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| October 1, 2010 |
CASUALTY LOSS DEDUCTION FOR DEFECTIVE DRYWALL
The IRS just issued guidance providing relief to homeowners who have suffered property losses due to the effects of certain imported drywall installed in homes between 2001 and 2009. (IRS Revenue Procedure 2010-36)
Continue reading “Casualty Loss Deduction For Defective Drywall” »
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| September 24, 2010 |
CORPORATE CASH AND LOW RATES MAKE M&A ACTIVITY THRIVE
It may be hard to believe, but recessions can produce positive results. During the recent deep and long economic slump, some companies realized that to thrive, and even survive, they had to slash expenses and shed operations.
Continue reading “Corporate Cash and Low Rates Make M&A Activity Thrive” »
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| September 17, 2010 |
WHY 529 COLLEGE SAVINGS ACCOUNTS ARE STILL A GOOD DEAL
Despite some well-publicized problems in recent years, 529 college savings accounts can still make sense for parents and grandparents who want to put aside money for college.
Continue reading “Why 529 College Savings Accounts Are Still a Good Deal” »
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| September 10, 2010 |
INVESTORS: GET READY FOR CHANGES IN TAX REPORTING
Simplification is generally a good thing, particularly when it comes to taxes and investments. And as of January 1, 2011, figuring out the cost basis and subsequent tax bill on investments will get easier. Here's an explanation of how a law passed a couple years ago will apply to various types of securities.
Continue reading “Investors: Get Ready for Changes in Tax Reporting” »
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| September 03, 2010 |
QUESTIONS TO ASSESS CORPORATE PERFORMANCE
Small business owners generally see the recession continuing into next year, but they are optimistic about revenue prospects and feel their companies are in good financial shape. While we wait to see where the economy does take us, it is a good time to see what shape your business is in and whether it might need a little tune up. Here are questions to help you evaluate how well your company will navigate the eventual upturn in the economic environment.
Continue reading “Questions to Assess Corporate Performance” »
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| August 27, 2010 |
HOW COMPANY FUNDAMENTALS FIGURE INTO LONG-TERM VALUE
Short of a crystal ball, BP investors could not have anticipated the disaster – and subsequent stock price beating – that followed the April 20 explosion on the Deepwater Horizon oil rig. The company's stock, which began a downward spiral following the Gulf spill, fell to a 14-year-low June 25. While catastrophic events of this magnitude are, thankfully, few and far between, there are steps you can take to help mitigate risk in your overall portfolio. For insights, read on.
Continue reading “How Company Fundamentals Figure into Long-Term Value” »
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| August 21, 2010 |
AVOID THESE 11 COSTLY PAYROLL MISTAKES
Payroll-related errors can cost you and your business penalties that could break your financial back and land you in legal trouble. What kind of mistakes? Failure to make timely payroll tax deposits. Misclassifying non-exempt employees or independent contractors. The list of missteps goes on and on. Check out 11 of the most costly errors involved in payroll decisions.
Continue reading “Avoid these 11 Costly Payroll Mistakes” »
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| August 11, 2010 |
RISK OF DISCRIMNATION LAWSUITS NOW GREATER
For U.S. employers, a recent Supreme Court ruling against the city of Chicago means an increase in the risk of employees filing discrimination actions. The Court's decision extends the time period in which employees can initiate illegal discrimination actions in certain situations. How could this decision put your business or organization at risk? Click "Full Article" to find out.
Continue reading “Risk of Discrimination Lawsuits Now Greater” »
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| August 06, 2010 |
TANTALIZE CUSTOMERS WITH MOBILE PROMOTIONS
Many taxpayers ask: “How can I avoid being audited by the IRS?” There is no 100 percent guarantee that you won’t be picked because some returns are chosen randomly. However, completing your tax returns in a timely, orderly and accurate fashion with your trusted tax adviser certainly works in your favor. And it helps to know the red flags that catch the attention of the IRS. Here’s a look at the latest audit statistics and targets, as well as some tips to help you avoid hearing from the IRS.
Continue reading “Tantalize Customers with Mobile Promotions” »
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| July 30, 2010 |
GET THE LATEST ON IRS AUDIT ACTIVITY
Many taxpayers ask: “How can I avoid being audited by the IRS?” There is no 100 percent guarantee that you won’t be picked because some returns are chosen randomly. However, completing your tax returns in a timely, orderly and accurate fashion with your trusted tax adviser certainly works in your favor. And it helps to know the red flags that catch the attention of the IRS. Here’s a look at the latest audit statistics and targets, as well as some tips to help you avoid hearing from the IRS.
Continue reading “Get the Latest on IRS Audit Activity” »
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| July 23, 2010 |
BUFF UP YOUR BUSINESS BEFORE PUTTING IT ON THE MARKET
A growing interest in mergers and acquisitions is yet another sign that the economy is on the mend. And transactions stalled during the recent recession, there’s also a great deal of pent-up demand. If a buyout could be in your company’s future, it’s time to begin positioning your business to receive the optimum price. Solid preparation now will help you to fetch top dollar later. For a dozen key questions to ask, read on.
Continue reading “Buff Up Your Business Before Putting it on the Market” »
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| July 16, 2010 |
DOES YOUR ORGANIZATION QUALIFY FOR THE NEW HEALTH TAX CREDIT?
You’ve likely heard about the new tax credit for small organizations that provide healthcare coverage. Does your business or not-for-profit qualify? Is the credit worthwhile enough that companies that do not offer coverage will now start? The complex calculations to determine eligibility are explained in this article.
Continue reading “Does Your Organization Qualify for the New Health Tax Credit?” »
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| July 09, 2010 |
HIRING SUMMER HELP? TAX BREAKS AND RULES TO KEEP IN MIND
Summer is here and that means many employers are hiring high school and college students for seasonal positions or internships. If your organization is among them, here are some tax breaks you may qualify for, as well as some legal considerations when bringing in unpaid, or low-paid, students.
Continue reading “Hiring Summer Help? Tax Breaks and Rules to Keep in Mind” »
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