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Hi, Friend. Here are your Articles for October 11, 2006.
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 According to the Internal Revenue Service, military reservists called to active duty can receive payments from their individual retirement accounts, 401(k) plans and 403(b) tax-sheltered annuities without having to pay the early distribution tax. The newly enacted Pension Protection Act of 2006 eliminates the 10-percent early distribution tax that normally applies to most retirement distributions received before age 59½. Read on for more details. |
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 The Financial Accounting Standards Board has released a standard that would shuttle obligations of pension and defined benefit plans to the balance sheets instead of often being submerged in footnotes. Under previous accounting rules, the “funded status” of an employer’s postretirement benefit plan was not always reported on a company’s balance sheet. Recording deficits for pensions and other postretirement plans on the balance sheet could potentially result in a company’s equity or net worth to drop. Read on for more details. |
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 The Pennsylvania Chamber is holding a special roundtable on internal company controls dealing with Sarbanes-Oxley (SOX) and the Health Insurance Portability and Accountability Act of 1996 (HIPAA). In many cases, Finance, Auditors and IT may be working together, but aren't including HR. Or HR and the company's law firm may be working together, but aren't including IT. The result: nearly 70% of companies are not complying correctly with these two important laws. Leading the discussion will be an intellectual property expert and a top HR attorney from the law firm Rhoads & Sinon LLP; and a top CPA and an IT expert from McKonly & Asbury LLP. Read on for more details and registration information. |
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When you sell shares of stock after a split, make sure you can tell the IRS which shares you're selling and when you originally purchased them. If you don't keep accurate records, you might pay too much tax on your profit.
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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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