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Hello, Here are your Articles for October 10, 2007.
Another New Deadline to Comply With Deferred Comp Rules
With the passing of the American Jobs Creation Act of 2004 by Congress in October of that same year, Section 409A of the Internal Revenue Code was created.  Section 409A introduced sweeping changes to nonqualified deferred compensation.  But as is the case with all legislation, many of details are still being tweaked and interpreted today. 

 

Generally, the provisions contained within Section 409A apply to amounts deferred after December 31, 2004.  However, employers and plan sponsors have until December 31, 2008 to bring deferred compensation arrangements and documents into compliance.  Final Regulations were issued in April 2007 which provided guidance on how to address many of the questions created by this legislation.  And since, the IRS has issued notices in this arena and routinely allowed more and more time to comply with these rules because of the complexity that they create.  


Click Full Article to learn more about Code Section 409A.


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How Declining Home Prices Can Have Tax Implications
The current sub-prime mortgage lending crisis, combined with lower home prices in many markets, can have negative tax implications for taxpayers who are forced to sell their personal residence or if their lenders foreclose. This article explains what you need to understand about taxes before making any moves in this unfavorable environment, as well as the latest White House proposal to help taxpayers stay in their homes.

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Most of the nation's illicit drug users and heavy alcohol drinkers hold full-time jobs, according to a recently released study by a federal government agency. These employees are less productive and more prone to harming themselves and others in the workplace. What can an employer do to help prevent liability and the costly consequences of drug and heavy alcohol consumption? Which industries have the most substance abuse among employees? For the answers, as well as the survey results, click "Full Article."
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When searching for a medical practice to join, you’re looking for a career and financial security. Here’s how to examine a potential practice’s fiscal track record to be sure you're making the right choice.
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Illegal tax protestors may wind up working for you and calling unnecessary IRS attention to your company. One common tactic that protestors use is to file fraudulent W-4 forms with their employers so they don't have any tax withheld from their wages. Some employees have even given their companies phony - but official looking - forms in an attempt to avoid withholding. Here's what to do if you're confronted with this issue.
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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. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. 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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