Category: News You Can Use

COBRA Subsidy extension for Employers

COBRA Subsidy Eligibility Period Extended to May 31 Employers can still receive a 65% subsidy for COBRA insurance payments for workers involuntarily terminated through May 31st of this year.  Subsidies extend for up to 15 months.  This from the IRS: Workers who lose their jobs during April and May may qualify for a 65-percent subsidy on …

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Now that Tax Season is over – Audit Season begins!

Don’t Panic! Eight Things to Know If You Receive an IRS Notice  The Internal Revenue Service sends millions of letters and notices to taxpayers every year. Here are eight things taxpayers should know about IRS notices – just in case one shows up in your mailbox. Don’t panic. Call your CPA.  Even if I did not …

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01/06/10 – GUEST POST: Attorney Sandra Clapp discusses the Estate Tax

As surprising as it may sound, the federal estate tax and generation skipping transfer tax (GST) were actually repealed as of January 1, 2010.  Individual states may continue to have separate estate or inheritance tax structures, but Idaho presently has not enacted such laws.  The federal gift tax will continue in 2010 ($1,000,000 lifetime exemption …

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Tax breaks for homebuyers!

11/13/09  I have gotten several inquiries in the last few days about the main provisions of the new homebuyers’ credit included in the Worker, Homeownership and Business Assistance Act of 2009.  I decided to post the information here for all to see.  I do have an inquiry in to the IRS Stakeholder Liaison for a …

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Cash for Clunkers – is it a deal?

07/28/09 – The federal government wants your gas guzzler off the road, and is willing to pay for the privelege.  So all you have to do is make a deal and drive your old car into the dealership, driving away in a new, more fuel efficient car.  Provided, that is, your trade-in value is below …

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Starting a new business

A question came up in a discussion group to which I belong.  The question was, How to start a new business?  What are do’s and do not’s; which are emerging trends and markets; where will future lie; and what about sustainable demand?  My response:

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Small Busnesses ROCK!

 5/17/09 – It’s Small Business Week! To all of my small business clients and colleagues, I say, HORRAY!  You are the backbone and the frontlines in the business world and I salute you!  And your helpful news of the week comes directly from the IRS website, where they have posted a pile of reminders to help …

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How long should I keep records?

  03/29/09  Tax season is winding down – only 2 1/2 weeks left!  Several clients have asked me how long they should keep their tax and business records.  After completing 3 tax audits in the past 6 months, I think everyone should keep everything **wink**, but I know that’s not practical.  So I looked on the IRS …

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To 4 or not to 4

03/03/09  I had an interesting email conversation with an associate on LinkedIn, a student working an internship asking about joining a Big 4 firm.  I have permission to repeat the conversation here, though I have masked some information in the interest of privacy and to keep on topic, and I think my advice was useful …

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The Deal is Done

02/20/09 President Obama today signed the $787 billion stimulus package, which includes a number of tax breaks and other items of interest: For First-time Homebuyers there is a $500 increase in last year’s tax credit (essentially an interest-free loan) to $8000 – but this time it doesn’t have to be paid back, unless the taxpayer sells the …

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