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Hi, Friend. Here are your Articles for July 1, 2009.
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 "We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness...And for the support of this Declaration, with a firm reliance on the protection of divine Providence, we mutually pledge to each other our Lives, our Fortunes and our sacred Honor."
In honor of Independence Day, McKonly & Asbury offices will be closed on Friday, July 3, 2009. McKonly & Asbury wishes you a safe and happy Independence Day celebration! While it is always fun to join in the festivities, it is also important that we remember the reason for celebrating. The Declaration of Independence expresses the ideals of the American people - ideals of freedom and liberty. This week, as we remember those who initially fought for America's liberty and freedom, we are especially thankful to the men and women who continue to protect our liberties. Read on for a link to learn more about Independence Day.
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Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation.
The drafter of the tax articles in this e-newsletter did not intend nor write the advice to be used to avoid any penalty imposed by a taxing authority, nor may any user/recipient of this document use this document's written tax advice for that purpose. This document's tax advice was written specifically to support the promotion or marketing of the transaction/matter addressed by the written tax advice. Therefore, any user/recipient of this document should seek an independent tax professional's advice regarding the user/recipient's particular circumstances.
The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
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If you have looked ahead at your calendar, you might have noticed that January 1, 2010 will fall on a Friday. Other than having a long weekend to celebrate the New Year, you might be asking yourself, "Why is this a big deal?" Well, as you know many companies pay their employees on a Friday. Since January 1st is a holiday, banks will be closed and this means most companies will decide to pay their employees on December 31, 2009. Paying employees on December 31st will create a unique situation that cash basis business owners need to be aware of. Read on for more information.
Are you a Health Insurance Portability and Accountability Act (HIPAA) covered entity? Does your firm do business with an entity that is a HIPAA covered entity? If so, the American Recovery and Reinvestment Act (ARRA) may impact your business. ARRA expands accountability for compliance with HIPAA to business associates and expands the definition of business associates. This expansion extends accountability and penalties to business associates who previously did not need to comply with privacy and security rules implemented under HIPAA. Read on for more details on ARRA and how it may impact your business.
Are you driving a clunker? You may love your vehicle, but if it gets less than 19 miles to the gallon, the federal government would like to see it taken off the road. But don't be alarmed, you could wind up with a new vehicle and save as much as $4,500 in government rebates in addition to dealer and manufacturer incentives. You'll need to act fast, but if your vehicle qualifies, this could be a great opportunity for a low-cost upgrade.
You may want to give your best customers a generous gift to thank them for their patronage. But the tax law only allows a measly $25 annual deduction for each recipient. Here's a maneuver to increase your write-off and treat your clients to a special gift.
Before finalizing a divorce, it's critical to consult with your tax pro to make sure that you don't get hit with an unexpected bill from Uncle Sam. Here are some tax traps that a divorcing couple can fall into involving alimony, tax exemptions for the children, retirement savings and college costs.
