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Summary of New Health Care Reform Law

Posted in Small Business, Tax News on July 20, 2010

Recently, two pieces of legislation, the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010 were signed into law. Together, these pieces of legislation make the most significant reform to health care in…

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Do I Need a Federal Tax Identification Number?

Posted in Tax News on July 16, 2010

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…

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What Nonprofit Organizations Need to Know About Changes to Form 990

Posted in Tax News on July 9, 2010

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.

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Do I have to File IRS Form 5500?

Posted in Tax News on July 2, 2010

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…

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

Posted in Tax News on June 25, 2010

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…

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