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Client Alerts
08.18.11
Roth IRA Conversions
If you or your clients, friends or family were part of the masses that converted to a Roth IRA in 2010, then you need to take the next two months to re-evaluate the conversion. The amount of the Roth conversion should be compared to its current fair market value, and if it has declined, you should consider an "undo" or recharacterization.
04.28.11
Former Form 1099 Requirements Repealed
President Barack Obama signed into law the Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011. This legislation repeals two recently enacted Form 1099 information reporting requirements deemed burdensome by businesses of all sizes.
12.01.10
Small Employer Health Insurance Tax Credits
The Patient Protection and Affordable Care Act includes an immediate tax break for small employers: the credit for small employer health insurance premiums. Qualified small employers, including nonprofit employers, may reduce the cost of providing health insurance to their employees this year.
12.01.10
Emergency Budget Implementation Act of Fiscal Year 2010 – REVERSED
On July 15th, Illinois Governor Pat Quinn signed the Emergency Budget Implementation Act of Fiscal Year 2010. This Act funded Illinois’ budget mainly with borrowing, but also contained a hidden potential tax increase for partnerships operating in Illinois. Background. Partnerships and LLCs taxed as partnerships doing business in Illinois are subject to a 1.5% Replacement […]
12.01.10
Elimination of Certain Manual Tax Payments
Certain taxpayers continue to rely upon IRS Form 8109-B to make manual deposits of certain federal income taxes and other payroll withholding. The federal office of Financial Management Service has decided to discontinue the system that has processed IRS Form 8109-B.
10.01.10
Planning in a "Perfect Storm"
As we enter the final quarter of 2010, Congress still has failed to pass any changes to the estate, gift and generation skipping transfer tax laws. Congress has presented more than two dozen proposed changes to these laws, but none have gained sufficient support.
10.01.10
Small Business Jobs Act
The recently enacted Small Business Jobs Act of 2010 includes valuable individual and business tax incentives. Many of the $12 billion tax incentives are temporary so taxpayers have only a short window in which to take advantage of them. This letter highlights some of the tax incentives and revenue raisers in the new law. General […]
07.01.10
Illinois Small Business Job Creation Tax Credit
The Illinois Small Business Job Creation Tax Credit creates a $2,500 tax credit against withholding tax for small employers who hire new, full-time Illinois employees during the 12-month period beginning July 1, 2010. Who qualifies? An employer paying wages that has 50 or fewer full-time employees on July 1, 2010 and creates a new full-time […]
04.01.10
Patient Protection and Affordable Care Act
Representing a sweeping overhaul of the U.S. health care system, the Patient Protection and Affordable Care Act was signed into law on March 23. The Reconciliation Act of 2010, a companion package of "fixes" to the larger health care bill that was negotiated between congressional Democratic leaders and the White House, was enacted on March 30. Here is a brief summary of the main tax provisions affecting individuals and businesses.
04.01.10
HIRE Act
The Hiring Incentives to Restore Employment (HIRE) Act, signed into law March 18, provides tax incentives for hiring and retaining workers and purchasing equipment and many other business assets.