Do I Need a Federal Tax Identification Number?

This is a familiar question a client or potential client will ask us.  Some of the more common situations in need of a tax identification number are:

  • Starting a business that will have employees
  • Having a corporation
  • Having a qualified retirement plan with $100,000 or more of plan assets
  • Opening an estate
  • Having a trust that is required to file a tax return

What Nonprofit Organizations Need to Know About Changes to Form 990

All nonprofit organizations are required to file one of the IRS Form 990s.  There have been some changes made to these forms that nonprofit organizations need to be aware of.

Do I have to File IRS Form 5500?

Employers that maintain a qualified retirement plan must file IRS Form 5500–Annual Return/ Report of Employee Benefit Plan.  Qualified retirement plans include defined benefit, profit-sharing, money purchase, and 401(k) plans.  SIMPLE and SEP plans do not have to file this form.  Form 5500 is due on the last day of the seventh month following the end of the year.  For example, a December year-end would be due on July 31.

Health Reform Seminar

Borgida & Company recently held a seminar at their Manchester office on Health Reform.  Presented by John Carew and Carrie Balicki of Ovation Benefits, the informative evening highlighted the small business tax credit, grandfathered plans, and timeline of changes.  Tom Scanlon, CPA  was happy to bring this timely information to clients and friends.    

It's Back…The Return of the Required Minimum Distribution ("RMD")

The RMD is back and is required for 2010 and all future years.  Taxpayers over age 70½ must take a required minimum distribution from their IRA's and other qualified retirement plans. For 2009, the government removed the requirement for one year. 

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