Hi, Jeffrey. Here are your Articles for March 12, 2009.
Santos, Postal & Company, P.C.'s News
New Tax Breaks and Burdens for Businesses
The new stimulus law provides valuable tax breaks and imposes new burdens on businesses and employers. Under the American Recovery and Reinvestment Act of 2009, your business may profit when it buys equipment, purchases new vehicles, hires certain employees, reports a net operating loss or makes other moves. However, along with the tax breaks, the new law may require some new paperwork. Here is a detailed look at 10 significant business provisions in the legislation.
How You Might Benefit From New Stimulus Tax Breaks
The new American Recovery and Reinvestment Act of 2009 is filled with tax breaks for individuals. Like most tax deductions and credits, there are generally restrictions and income limitations. To see if you qualify and learn the details of some of the personal tax breaks in the massive legislation, click "Full Article." You might be able to benefit if you are buying a car, paying college tuition, purchasing a home, collecting Social Security or other retiree benefits -- and more.
New COBRA Provision: How it Affects Employers and Employees
The new economic recovery law immediately affects employers and employees covered by COBRA, which provides continuing health benefits. For example, if employers terminated employees as far back as September 1, 2008, they must now notify qualifying individuals of new, extended benefit rights. For details of this requirement and other changes, click "Full Article."
Montgomery County, MD, now requires that all domestic workers be provided a written employment agreement effective January 18, 2009. This applies to nannies, housekeepers, maids and special needs companions who are paid by an employer for services performed who work at least 20 hour per week.
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The new stimulus law provides valuable tax breaks and imposes new burdens on businesses and employers. Under the American Recovery and Reinvestment Act of 2009, your business may profit when it buys equipment, purchases new vehicles, hires certain employees, reports a net operating loss or makes other moves. However, along with the tax breaks, the new law may require some new paperwork. Here is a detailed look at 10 significant business provisions in the legislation.
The new American Recovery and Reinvestment Act of 2009 is filled with tax breaks for individuals. Like most tax deductions and credits, there are generally restrictions and income limitations. To see if you qualify and learn the details of some of the personal tax breaks in the massive legislation, click "Full Article." You might be able to benefit if you are buying a car, paying college tuition, purchasing a home, collecting Social Security or other retiree benefits -- and more.
The new economic recovery law immediately affects employers and employees covered by COBRA, which provides continuing health benefits. For example, if employers terminated employees as far back as September 1, 2008, they must now notify qualifying individuals of new, extended benefit rights. For details of this requirement and other changes, click "Full Article."
Montgomery County, MD, now requires that all domestic workers be provided a written employment agreement effective January 18, 2009. This applies to nannies, housekeepers, maids and special needs companions who are paid by an employer for services performed who work at least 20 hour per week. 
Part of the Obama Administration's agenda is to "invest in alternative and renewable energy" and "end our addiction to foreign oil." The latest tax law contains several incentives aimed at achieving those goals. However, there are limits and details you must pay attention to if you want to take advantage of them. Here is a quick rundown of the energy-related provisions for individuals and businesses in the American Recovery and Reinvestment Act of 2009.
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Salary received by a shareholder-employee of your family S corp is subject to employment taxes. But since distributions from an S corporation are not wages, they are not subject to federal employment taxes. Take a look at how these two types of payments can affect the after-tax bottom line for shareholder-employees.
If your business sponsors a retirement plan, you must invest prudently and stay in compliance with numerous complex federal requirements. If you don't follow the rules, the IRS could disqualify your plan. Here are some steps to help keep you from falling into a costly noncompliance trap.
Don't get blindsided. If you're subject to -- or dangerously close to -- the alternative minimum tax, lighten your tax load by making sure you buy only municipal bonds that are exempt from the tax. Click "Full Article" for the details.
