I recently had a client contact me about a check that had been issued to a participant in their retirement plan which had not been cashed. “My investment company said that I needed to file some report regarding this check. Can you help me?” Beginning in 2011 changes to the Uniform Unclaimed Property Act mandate […]
Small Business Healthcare Credit Calculator
Although the recently enacted health reform legislation will impose penalties on certain businesses for not providing coverage to their employees, most of our medical and dental client practices will not have to worry. That’s because they are considered “small business employers” who employ fewer than 50 employees and aren’t subject to the so-called “pay or play” […]
Keeping a Perspective: Stick to a Plan
A client came in my office the other day and indicated that he was moving all his money out of the market. “I’m sitting on the sidelines for now”, he said. “I’m just not comfortable with…” and then he went on to explain his position. Just as markets can move in extremes one way or […]
What You Need to Verify A Financial Hardship Distribution
Over the past 26 years of working with healthcare clients, I can’t remember a year where I received more phone calls from participants in retirement plans requesting a distribution due to financial hardship than last year. Upon receiving such a call, we would educate the client’s staff member on the consequences of a plan distribution […]
Key Figures for the New Year in 2010
IRS Standard Business Mileage Rate Under the standard mileage rate method, a taxpayer who owns or leases an automobile (including a van, pickup or panel truck) and uses it for business may claim an expense deduction equal to the standard mileage rate time the number of business miles traveled in the year. I find that […]
Year-End Tax Planning Strategies for 2009
As we approach the end of 2009, here are some things to consider as it relates to your personal and business tax returns: Healthcare Reform Bills Many observers are convinced that we’ll have a healthcare reform bill enacted this year. On Saturday, November 7, the House of Representatives by a vote of 220-215 approved H.R. […]