Archive for December, 2010

Do Red Flag Rules apply to Physicians, Attorneys or Accountants?

Wednesday, December 29th, 2010

The identity theft protection measures known as the “Red Flag Rules” will not apply to physicians, attorneys and accountants, thanks to legislation passed by the US Congress and signed by President Obama in late December 2010. (more…)

What Tax Deductions and Credits Have Been Renewed for Individuals?

Monday, December 27th, 2010

Part of the recently passed Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 has extended many popular deductions and credits for individual taxpayers through 2012.  Many of these are part of the list of tax “extenders” that Congress has temporarily extended (usually at the last minute) for the last several years.  These provisions benefit taxpayers at various income levels. (more…)

How does the new estate tax work?

Wednesday, December 22nd, 2010

Congress has finally gotten around to fixing the federal estate and gift tax, even if they are a full year late and have made only temporary rules for the next two years.  The Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 revives the estate tax for 2010 and makes a number of other changes for 2011 and 2012. (more…)

What do the tax extensions mean to my business?

Monday, December 20th, 2010

The Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (HR 4853), signed by President Obama on Friday, December 17, 2010, contains several provisions that will impact businesses. Below is a quick roundup of the provisions for businesses. Most of the provisions below are scheduled to sunset on 12/31/20112, unless otherwise noted. (more…)

What do the tax extensions mean to me?

Monday, December 20th, 2010

On Friday, December 17, 2010, President Obama signed the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (HR 4853) after the compromise bill worked its way through approval by both houses of Congress. The new law contains a number of extensions of popular tax provisions for individuals, businesses and estate/gift taxes. Below is a quick roundup of the provisions for individual taxpayers. We will outline business provisions in a separate post. Most of the provisions below are scheduled to sunset in some way on 12/31/20112. (more…)

Isn’t Extending the Bush Tax Cuts A Temporary Fix?

Friday, December 17th, 2010

While some may be breathing a sigh of relief now that the brokered tax package has passed through Congress and is being signed by President Obama, others among us are becoming increasingly alarmed at the “temporary” nature of our tax laws – and the impact these temporary fixes will have on our long-term planning. (more…)

How Does Communication, Timing Impact My Business Succession Plan?

Monday, December 13th, 2010

Over the past few weeks, we have discussed steps to follow when you develop a succession plan for your business. First, we made the decision to do a succession plan. We looked at the value of the business. We explored all of the options for transition. And we determined your personal and professional goals and those of your family and key personnel. Now it’s time to set a course of action. (more…)

Should I respond to that DOL Employee Benefit Notice?

Thursday, December 9th, 2010

If your company is required to file the employee benefit plan form 5500 or 5500-EZ, and receives a notice of a proposed penalty, be sure to respond to the notice within 30 days. (more…)

Will some professionals be exempt from red flag rules?

Monday, December 6th, 2010

For several months we’ve been telling you about “Red Flag” rules, which require businesses to implement anti-identity theft policies. Originally scheduled to become effective January 1, 2008, the rules have been granted a series of extensions to the deadline for compliance by the FTC.   (more…)

Where does everyone stand in your business succession plan?

Wednesday, December 1st, 2010

When you own a family business, it’s easy to get caught up in the day-to-day activities. And it can be easy to put off having those important, strategic discussions with your family about the future of your business. However, communication between you and your family becomes an essential ingredient of a successful business transition. (more…)