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.
The IRS has just released a one-time relief program for small charities. Under the one-time relief program, small nonprofit organizations at risk of losing their tax-exempt status because they failed to file required returns for 2007, 2008 and 2009, would be allowed to preserve their status by filing returns by October 15, 2010.
To check if your organization qualifies, check for charities located in California or the full list.
If you need assistance with your organization’s return filings, please contact LMGW.
LMGW team members are proud to support and attend the upcoming 2nd Annual David Andrew “Pooh” Maddan Foundation Golf Classic on Friday, September 24th at the Presidio Golf Course in San Francisco, CA. Matt Wheeler of LMGW sits on the Foundation Board of Directors and helped establish the foundation in honor of his friend and college swimming teammate, David “Pooh” Maddan. For more information on the golf tournament and to make a tax-deductible gift to the foundation or to donate items for the golf tournament silent auction, please contact Matt.
The Dodd-Frank Wall Street Reform and Consumer Protection Act was signed by President Obama on July 21, 2010. Among the highlights of bill are:
•The establishment of a Financial Stability Oversight Council. This council will identify and monitor companies that engage in activities that could threaten the stability of the financial system. The council will also have the ability, through the Federal Reserve, to break up large firms.
•The establishment of the Consumer Financial Protection Bureau, which will consolidate most of the federal regulation of financial services offered to consumers. Most credit providers, including mortgage lenders, payday loan providers and bank and credits unions with assets over $10 billion will be subject to the new regulations.
•Executive compensation will require a nonbinding shareholder vote. Compensation based on financial statements that are later restated may have to be returned.
•Companies that file with the SEC will be required to disclose in a proxy statement the reasons why they have separated or combined the positions of chairman and CEO.
•The Office of Thrift Supervision will be eliminated and savings-and-loan institutions will now be regulated by the Office of the Comptroller of the Currency, which currently regulates federally chartered banks.
To read the full bill click here.