March 18, 2010: An $18 billion job creation package, the Hiring Incentives to Restore Employment (HIRE) Act (H.R. 2847), is headed to the White House for President Obama's expected signature. The bill contains two tax incentives for hiring unemployed workers and it also extends the current Section 179 expensing election.
December 8, 2009: The Internal Revenue Service recently issued the 2010 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning January 1, 2010, the rate for business miles has been set at 50 cents per mile.
July 7, 2009: The American Recovery and Reinvestment Act of 2009 allows individuals involuntarily separated from employment to pay 35 percent of COBRA coverage. Former employers are required to pay the remaining 65 percent which is reimbursed by taking the subsidy amount as a credit on their quarterly employment tax return, Form 941.
May 12, 2009: Like so many of you, our firm is looking for ways to "go green". A consumer tip from the Indiana Bankers Association suggests that using the new $1 presidential coin instead of the paper bill can help our country save millions of dollars.
April 14, 2009: Generally, if your organization's retirement/benefit (pension or 401k) plan has 100 or more eligible participants, it is required to have an audit under the Employment Retirement Income Security Act of 1974 (ERISA).
March 17, 2009: In a weak economy, an effective collection process may mean the difference between financial solvency and serious trouble. If a company lets overdue bills slide, its customers may start to assume they can ignore the due dates – with disastrous implications for the company's cash flow and profitability.
February 23, 2009: The American Recovery and Reinvestment Act of 2009 (ARRA), was signed into law on Feb. 17. While approximately two-thirds of the nearly $800 billion stimulus act is focused on government spending initiatives intended to create jobs and jumpstart the economy, about one-third provides tax breaks for businesses and individuals.
February 3, 2009: Cycle Counting to Improve Your Bottom Line. An inventory count is an annual rite for many manufacturers, but others have replaced that ritual with an ongoing cycle count - and improved operations at the same time.
December 9, 2008. The Internal Revenue Service recently issued the 2009 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
October 14, 2008: The Emergency Economic Stabilization Act of 2008 (EESA) is designed to address the current U.S. credit crisis. But this "rescue" act also extends and expands a multitude of tax breaks for individuals and businesses that had already expired or were set to expire after this year, including many energy-related incentives.
September 2008: Grantor Retained Annuity Trusts (GRATs) and Intentional Defective Grantor Trusts (IDGTs) are two vehicles used frequently in implementing a family business succession plan. A series of articles examines the benefits of GRATs and IDGTs and the difference between the two types of trusts.
August 5, 2008: The Housing and Economic Recovery Act of 2008 is designed primarily to help troubled borrowers and their lenders, including Fannie Mae and Freddie Mac. But it also provides incentives and tax breaks for certain homebuyers, homeowners, businesses and real estate investors, as well as for GO Zone residents and investors.
August 5, 2008: Section 415 Amendments for Plan Documents are coming soon. Employers that sponsor qualified retirement plans have started receiving amendment packages from their plan document providers during the second half of 2008.
July 8, 2008: In their first major joint undertaking, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) collaborated to create merger financial reporting standards applicable not only to the United States, but worldwide.
June 24, 2008: When the Financial Accounting Standards Board (FASB) delayed implementation of FASB Interpretation No. 48 (FIN 48) for nonpublic companies, it was issuing a reprieve, not a pardon. And now time is just about up. This article details how FIN 48 affects businesses.
March 4, 2008: Michigan Defines "Actively Solicits for MBT Tax. The Michigan Department of Revenue has recently defined "actively solicits". A comprehensive tax bill was signed by Michigan Governor Jennifer Granholm in July enacting a new tax on business income and modified gross receipts effective January 1, 2008. The Michigan business tax (MBT) replaces the Single Business Tax (SBT) that is repealed on December 31, 2007.
August 7, 2007: In 2006, policy makers for auditors of non-public companies set New Audit Risk Standards that introduced a comprehensive audit methodology that differs significantly from the way audits have been performed for the past three decades.
July 10, 2007: With the passage of the Tax Relief and Reconciliation Act of 2006, a new method of calculating the R&D credit is available for R&D expenses incurred after December 31, 2006. New Research and Development Credit Provisions may result in a greater credit for those taxpayers who have been previously limited under the Regular Method.
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