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NEW TAX LEGISLATION: Hire Act

10 Sep

The federal government as well as the states have been very busy changing tax laws mostly to prepare for the new Health Care reform which takes effect in 2013. As an incentive to have businesses prepared to cover employees for health care in some manner, there are some changes that you all need to know [...]

INDEPENDENT CONTRACTORS: Know the Liability Hazards

10 Sep

Know the Liability Hazards….Whether You Are One or Hire One by Ronda Jones Forrest T. Jones & Company Independent contracting for accounting services is a popular way to handle work overflow. However, if the contracting relationship is not handled correctly, it can create significant liability exposure for both sides. It is becoming more common for [...]

Client Letter: Gulf Oil Spill Claimants Must Pay Taxes on Compensation For Lost Wages

10 Sep

Dear Friends: The explosion of the Deepwater Horizon oil rig and resulting oil spill in the Gulf of Mexico has caused substantial damage and raised many questions regarding the tax treatment of payments made to individuals and businesses from British Petroleum (BP) and its recently established claims fund. The IRS has made clear that individuals, [...]

Client Letter: $250 “Donut Hole” Rebate For Seniors

10 Sep

Dear Friends: Although many provisions of the recently enacted health care reform package will not be felt for a few years, there are some benefits that begin in 2010, including the $250 tax-free “donut hole” rebate for seniors. This $250 rebate is intended to help seniors bridge the Medicare coverage gap. While many federal rebate-check [...]