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Hi, Website Visitor. Here are your Articles for January 22, 2008.
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 Habif, Arogeti & Wynne, LLP is pleased to announce that Adam Beckerman, CPA, and Chris Davis, CPA, and Robert Verzi, CPA have become partners of the firm.
The announcement comes on the heels of another strong year for the firm, which enjoyed significant growth in revenue during 2007. HA&W now has more than 30 partners providing accounting, auditing, financial planning, management consulting and tax services to more than 7,000 clients.
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 By Roger Tutterow, Ph.D
Recent economic data fuels concerns over the sustainability of the current economic expansion. In particular, two pieces of data received last week significantly raised the probability of recession.
Last Friday, the U.S. Department of Labor released its estimate on non-agricultural employment for December and the news was not good. For the month, non-farm payrolls rose by a dismal 18,000 positions. The modest gain was weaker than the expectations of even the most pessimistic analyst.
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 The IRS recently announced the 2008 dollar limits on benefits and compensation for qualified retirement plans, SEPs and SIMPLEs. Increases in the contribution limits for 401(k), 403(b), 457(b), SIMPLE, and the "Catch-up" contribution limits are indexed annually based on cost-of-living adjustments subject to preset minimum increments. Separately, the Social Security Administration issued Cost of Living Adjustments to the Social Security Wage Base (the maximum income level on which Social Security Taxes are paid) and to Social Security and SSI benefits for 2008.
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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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Accidents happen and no one is immune. If one of your volunteers is injured or causes harm to another person or property, your organization could be held responsible and wind up paying damages. Click "Full Article" to read about a not-for-profit organization that was sued by an injured volunteer, along with some ways to minimize your liability.
Here's a business rule you don't ever want to break: Don't borrow from payroll taxes withheld from employees. The IRS views this money as sacred. That's why the penalties involving these funds are severe. You need to know who will be considered liable if payroll taxes go unpaid. Read the "Full Article" for an important heads-up.
Uncle Sam can be generous when it comes to adopting children. Here are the details of the tax breaks that are currently available to adoptive parents, as well as the limits imposed on them.