A new job creation package, H.R. 2847 or the Hiring Incentives to Restore Employment (“HIRE”) Act, was signed into law by President Obama on March 18, 2010. Approved by the Senate on March 17th by a large margin following House passage, the emphasis of the Act is on encouraging employers to hire and retain workers [...]
As we advised in February, charitable contributions made through February 28, 2010 toward the Haiti disaster could be claimed as a 2009 charitable contribution deduction.
Because of the most recent disaster in Chile the House unanimously approved H.R. 4783 on March 10, 2010. This Bill will allow charitable contributions supporting both Chile and Haiti victims to [...]
Employers (typically hospitals and medical schools) and individual taxpayers (medical residents) began filing FICA refund claims in the 1990’s, based on their position that medical residents are students eligible for the FICA tax exception that applies to students at a school, college or university who are also employees of that school, college or university.
The employer’s [...]
In an attempt to find common ground between the House and Senate Health Care Reform Bills, President Obama released his proposed version of health care reform on February 22, 2010, just a few days before the scheduled bipartisan meeting with congressional leaders on Thursday February 25, 2010.
The most notable tax provision in the President’s proposal [...]
The IRS has recently released IR-2010-10 reminding all tax-exempt organizations to file Form 990. An organization risks having its tax-exempt status automatically revoked if they have not filed the required information forms for the last three years. For most tax-exempt organizations, the forms are 990 or 990-PF. For organizations with a calendar year end, the [...]