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Client Alerts
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.
02.01.10
Changes in Estate Tax Laws
Because Congress failed to act by the end of last year, we must advise you of several changes to the estate, gift and generation skipping transfer tax laws that may impact your current estate plan. We joined the tax and estate planning communities in our thinking that Congress would indeed act to avoid the confusion that these changes have caused.
01.01.10
Haiti 2010
A new tax relief law allows people who contributed in 2010 to charities providing earthquake relief in Haiti to take a tax deduction for the contribution on their 2009 tax return instead of their 2010 return. This means you can receive an immediate tax benefit, rather than having to wait until you file next year's return.
