PR Log, October 13, 2009 (Click here to read the original article)
The “Best Accounting Firms to Work For” survey and award program was designed to identify, recognize and honor the best places of employment in the accounting industry, benefiting the nation’s economy, its workforce and businesses.
On September 27, 2010 the President signed into law the Small Business Jobs Act of 2010. The act includes a few new incentives for both individuals and small businesses. We have outlined some of the more interesting provisions below:
Health Insurance Costs deductible in computing Self-employment Tax – Under prior law, health insurance premiums paid on behalf of a self-employed person and their family was deductible as an above-the-line deduction in computing taxable income, but was not allowed as a deduction against the self-employment tax. Under the new law, Individuals may now deduct the cost of health insurance premiums for themselves, their spouse, and their dependents up to age 26 as a trade or business expense for purposes of computing both income tax and the self-employment tax. There are still certain restrictions, such as the prohibition of the deduction for any month the taxpayer is eligible to participate in a subsidized health plan maintained by their spouse’s employer, and the limitation of the deduction to earned income for the year.
Under the Hiring Incentives to Restore Employment (HIRE) Act, two new tax incentives have recently come into effect to help businesses hire new employees. The first incentive is the payroll tax exemption. Employers will not have to pay their 6.2% share of social security tax on wages paid to qualifyied employees from March 19, 2010 to December 31, 2010. A qualified employee is an individual hired after February 3, 2010 and before January 1, 2011 who was unemployed or employed for 40 hours or less during the 60 day period prior to their hire. The employee generally will not qualify for the credit if they are replacing another employee that was terminated without cause or if they are related to the employer. Read more
PR Log, August 27, 2010 (Click here to read the original article)
Silicon Valley’s top tax preparer, LMGW Certified Public Accounts, LLP, has promoted Rebecca L. Elkins, CPA as manager in charge of individual and business tax services.
The Affordable Care Act passed in March of 2010 as part of the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010 has expanded the health insurance coverage available to older children. An older child is defined as the son, daughter, stepson, stepdaughter, legally adopted child or eligible foster child of the employee who is under the age of 27. The Affordable Care Act requires group health plans that provide dependent coverage of children to extend that coverage until the child reaches the age of 27. The child does not have to be a dependent for tax purposes to qualify for the extended coverage. Furthermore, health care coverage and reimbursements for medical care under an employer provided accident or health plan to an employee’s child who is under age 27 will not be taxable.