Maryland's Tax Reform Act of 2007 contains a provision requiring Maryland taxpayers to file a new disclosure statement for corporate entities. If you have a business entity and filed an income tax return in Maryland in 2006 or 2007, you will be subject to these new reporting requirements. Shareholder Jolleen Biesecker, CPA, MSTax, shares the details here.

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The U.S. Treasury and the IRS recently released the inflation-adjusted amounts for Health Savings Accounts for calendar year 2009. The annual limitation on deduction for an individual with self-only coverage under a high-deductible plan is $3,000 ($5,950 for an individual with family coverage).

Payroll Specialist Crystal Martin gives more information in the Full Article.

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Do you have goods and/or services that are billed at the same rate for most or all of your projects? By utilizing the units feature in the Unit Info Center, Deltek Vision allows you to set up cost and billing rates for recurring expenses (units) that have originated within your organization.

The Stambaugh Ness Business Solutions Deltek Team offers more information in the Full Article.

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Registration is open for our August "QuickBooks Can!" seminars.

The sessions are scheduled on August 20 and 21. Topics include "Setting up Inventory," "Tracking and Paying Sales Tax," "Tracking Time" and more.

The Full Article has details including topics for both sessions.

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What nasty surprise might the mailbox hold for some folks? Those who might think they have solved their financial problems by negotiating pay-down solutions with debt collectors or credit card companies could have a tax problem instead. If you receive a "Cancellation of Debt" tax notice in the mail, that means your forgiven or canceled debt is considered income by the IRS.

We have the explanation here.

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  Timely Opportunities

Under an SEC plan, some large publicly traded corporations will soon have to file reports with the agency using the new XBRL technology. But even private companies may find that this worldwide method of tagging business information saves time and money, boosts reliability, improves transparency, and helps efficiently compile and analyze internal reports. This article shows you how the new computer language might benefit your ente
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  Business Tax

You depreciate income producing property through annual tax deductions to recover your company's cost. But you may be able to separate some components of large assets and get faster write-offs. Here's an example of a company that got approval from the IRS to write off part of an asset in only five years, even though the rest had to be depreciated over 15 years.

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  Personal Tax

Give a policy you no longer need to a qualified charity and you might be able to claim hefty tax deductions. But read on to understand a few caveats.
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