Payroll Articles
June 21, 2010
Rea & Associates, Inc. With the passage of the massive healthcare bill, odds are the current
taxpayer-friendly picture will only last through the end of this year.
Unless Congress takes action to extend the status quo, higher taxes on
dividends and long-term gains will kick in on January 1, 2011, when the
"Bush tax cuts" are scheduled to expire. Full Story
June 21, 2010
Adam Flock, D. Nathan Smith and Michael S. Evans - Baker DonelsonPresident Obama signed the Hiring Incentives to Restore Employment Act (the
HIRE Act) on March 18, 2010. The HIRE Act provides $18.6 billion in tax
provisions including $13 billion in tax breaks for hiring and retaining
qualified workers. Additionally, the HIRE Act increases the expensing
limitations under Section 179 of the Code for 2010 and expands the Build
America Bonds program. Full Story
June 21, 2010
Grant Thornton LLP The IRS on April 19 released new information (Announcement 2010-30)
together with draft instructions and a tax return schedule for its
initiative to require corporate taxpayers to report “uncertain tax
positions” (UTPs) on their returns. Full Story
June 21, 2010
Stanley Kaminski - Duane Morris LLPEffective March 1, 2010, Colorado expanded its sales/use tax to require a
non-Colorado retailer to collect Colorado sales/use tax when it is part of
a controlled group of corporations where one or more of the members has a
physical presence in Colorado. This expansion of tax nexus law has been
tried before unsuccessfully in other states, where it was ruled
unconstitutional. However, this may create a potential tax exposure
for non-Colorado businesses that are members of these controlled
groups. Full Story
June 11, 2010
Grant Thornton LLP The House has voted (215 to 204) to approve legislation (H.R. 4213) to
extend a number of popular existing tax incentives, continue benefits for
the unemployed and extend the time for correcting certain pension
shortfalls. Over $44 billion in new taxes would be used to offset a
portion of the cost of these provisions. Full Story
June 11, 2010
Lewis Wiener, B. Knox Dobbins, Gail L. Westover, Wilson - Sutherland Asbill & Brennan LLPThe Federal Reserve Board has published final rules implementing the
provisions of the Credit Card Act of 2009 relating to gift cards, gift
certificates and "general use prepaid cards.” The rule applies
to all covered products sold or issued to a consumer on or after August
22, 2010. Full Story
June 11, 2010
Rea & Associates, Inc. Businesses and not-for-profit organizations are accustomed to IRS rules
that require them to report certain payments on annual Form 1099
information returns. However, the recently enacted healthcare law imposes
surprising new Form 1099 reporting requirements. Complying with them may
add significantly to your organization's paperwork burden. While the new
rules don't apply to payments made before 2012, it's not too early to
start gearing up to deal with them. Full Story
June 11, 2010
Scott Smith - Baker DonelsonCaution: Don't expect a state to routinely
accept a Voluntary Disclosure Agreement (VDA) and settlement of your
outstanding unclaimed property liabilities without question or audit. A
number of states, including Delaware, provide VDA programs for holders
with unclaimed property liabilities. However, the recent settlement of a
case in Delaware Chancery Court illustrates holders must exercise caution
and perform their own due diligence prior to participating in these
programs. Full Story