Yearly Archives: 2010

2010 TAX RELIEF ACT EXTENDS BUSH-ERA TAX CUTS & OTHER TAX BREAKS, INCLUDES STIMULUS MEASURES

Congress has approved and President Obama is expected to quickly sign the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (the 2010 Tax Relief Act). The 2010 Tax Relief Act extends for two years the Bush-era tax cuts, provides significant estate tax relief, and includes a two-year AMT “patch.” It also contains […]


Business Succession Strategies

Planning for an Inevitable Change What is a Succession Plan? Ideally a succession plan is a comprehensive plan for transitioning a business, its owner, and the owner’s family from the current ownership and management to one in which the owner is no longer involved. A sound succession plan should address: Converting business wealth to assets […]


U.S. Treasury Green Initiatives Include Changes to EFTPS Deposit Requirements

In recognition of the 40th anniversary of Earth Day, the U.S. Department of the Treasury announced recently that it will begin implementing a three-pronged initiative to increase the number of electronic transactions between Treasury and the public. In addition to greatly reducing costs, enhancing customer service and minimizing Treasury’s environmental impact, the move from paper […]


2010 Small Business Jobs Act

The recently enacted 2010 Small Business Jobs Act includes a wide-ranging assortment of tax breaks and incentives for small business, paid for with various revenue raisers. Here’s a brief overview of the tax changes in the new law.   Tax Breaks and Incentives Enhanced Small Business Expensing (Section 179 Expensing) – To help small businesses quickly […]


Estate Planning

With changes to federal estate tax laws expected soon Federal estate taxes and inheritance taxes can be devastating to small businesses, farmers and moderately well-off families, to name a few. However, with proper planning those taxes can be eliminated, or at least effectively managed. Additionally, a good estate plan will provide for goals to be […]


The Small Employer Insurance Credit

The IRS has recently issued tax payer friendly updates to the Small Employer Insurance Credit. Eligible Small Employers – To be an Eligible Small Employer, the employer must meet all the following requirements to qualify for the credit: Must employ no more than 25 Full Time Equivalent (FTE) employees during their tax year. Must pay […]


HIRE Act – Question and Answer for Employers

Under the Hiring Incentives to Restore Employment (HIRE) Act, enacted March 18, 2010, two new tax benefits are available to employers who hire certain previously unemployed workers (“qualified employees”). The IRS has provided clarification to this act, which we would like to pass on to our clients. The tax benefits available to employers are likely to […]


Dividends to Become More Taxing

The 2001 Tax Act changed the way dividend income was taxed, taxing it at long-term capital gains rates of up to 15% rather than ordinary income rates of up to 35%. This act is set to expire at the end of 2010, meaning this special rate for dividends is about to disappear. Without congressional action […]


The Small Employer Insurance Credit

The IRS has recently issued tax payer friendly updates to the Small Employer Insurance Credit. Eligible Small Employers – To be an Eligible Small Employer, the employer must meet all the following requirements to qualify for the credit: Must employ no more than 25 Full Time Equivalent (FTE) employees during their tax year. Must pay annual […]


Nebraska Withholding Legislation Changes

NEBRASKA Withholding  New legislation, effective Jan. 1, 2011, changes the filing deadline for submitting W-2 forms to the Nebraska Department of Revenue (DOR) from March 15 to February 1. Electronic Filing The legislation also lowers the W-2 electronic filing threshold from 200 to 50 W-2s. The legislation requires taxpayers to make their payments by electronic funds […]


TAX CHANGES AFFECTING INDIVIDUALS IN THE HEALTH REFORM LEGISLATION

This newsletter will give you a brief overview of the key tax changes affecting individuals in the recently enacted health reform legislation. Please call our offices for details on how the new changes may affect your specific situation. Individual mandate. The new law contains an “individual mandate”—a requirement that U.S. citizens and legal residents have qualifying […]


Health Reform Legislation

Tax Changes Affecting Small Businesses For owners of small businesses and their workers, the recently enacted health reform legislation has some key provisions. The major ones include: tax credits, excise taxes, and penalties. But whether a business will be affected by them depends on a variety of factors, such as the number of employees the […]


Payroll Tax Cut in the 2010 Tax Relief Act

The biggest new tax break for individuals in the recently enacted “Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010” is the one-year payroll tax reduction. Under this new provision, which is intended to supplement income and boost economic growth, the payroll tax—which funds Social Security—will be cut by two percentage points during […]


Reinstatement of the Estate Tax in the 2010 Tax Relief Act

Before the recently enacted “Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010,” there was no estate tax for 2010, but some beneficiaries could have faced higher taxes because there were less favorable income tax basis rules. Also, under the prior law, estate and other transfer taxes were scheduled to rise substantially for […]