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| 2010 IRS e-file Refund Cycle Chart |
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Small Business Health Care Tax Credit
Eligibility Rules
- Providing health care coverage. A qualifying employer must cover at least 50 percent of the cost of health care coverage for some of its workers based on the single rate.
- Firm size. A qualifying employer must have less than the equivalent of 25 full-time workers (for example, an employer with fewer than 50 half-time workers may be eligible).
- Average annual wage. A qualifying employer must pay average annual wages below $50,000.
- Both taxable (for profit) and tax-exempt firms qualify.
Amount of Credit
- Maximum Amount. The credit is worth up to 35 percent of a small business' premium costs in 2010. On Jan. 1, 2014, this rate increases to 50 percent (35 percent for tax-exempt employers).
Phase-out. The credit phases out gradually for firms with average wages between $25,000 and $50,000 and for firms with the equivalent of between 10 and 25 full-time workers.
IRS e-News for Tax Professionals 2010-15. April 2, 2010 |
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The Health Care and Education Reconciliation Act of 2010
Passage of the Health Care and Education
Reconciliation Act of 2010
(H.R. 4872) (Reconciliation Act) by
Congress on March 25, 2010 completed a
massive overhaul of the nation’s health insurance
and health delivery systems. The
Reconciliation Act amends the Patient Protection and Affordable Care Act of 2010(P.L. 111-148), which President Obama signed on March 23.
Click Here to Read the March 26, 2010 CCH Tax Briefing, a Special Report  (325kb)
CCH Tax Briefing: Health Care Reform Act, Congress Completes Overhaul Of Health Care Law; Makes Many Tax Changes Special Report. (March 26, 2010).
CCH a Wolters Kluwer business. Retrieved on March 27, 2010 from http://tax.cchgroup.com/Legislation/default |
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2010 HIRE Act
The $18 billion job creation package,
the Hiring Incentives to
Restore Employment (HIRE)
Act (H.R. 2847), is now law. President
Obama signed this first major tax bill of
2010 on March 18.
Click Here to Read the March 18, 2010 CCH Tax Briefing, a Special Report (315kb)
CCH Tax Briefing: 2010 Hiring Incentive to Restore Employment Act Special Report. (March 18, 2010).
CCH a Wolters Kluwer business. Retrieved on March 23, 2010 from http://tax.cchgroup.com/Legislation/default |
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Check your eligibility for the following credits and deductions on the IRS website. For more information, please give us a call at 1-800-605-9263.
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| Changes in Maine State Tax Law A large tax reform bill was signed by Governor Baldacci on June 12, 2009. One of it's largest provisions is the broadening of the Sales Tax Base.
Many businesses whose goods/services were previously untaxed, will be faced with collecting and paying sales tax. These changes are effective in January, 2010. For a complete list, Click Here. (23kb) |
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June 2009 "Cash For Clunkers" Bill- $3,500 or $4,500 President Obama on June 24th signed legislation that contains a "Cash for Clunkers" program. The law authorizes the issuance of an electronic voucher to offset the purchase price or lease price for a qualifying lease of a new fuel efficient vehicle upon the surrender of an eligible trade-in vehicle to a dealer participating in the program.
Read More (285kb)
www.cars.gov |
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| 2009 Maximizing Deductions If you have claimed the standard deduction in the past, you may be surprised to discover that by accelerating certain deductions into the current year, you are able to itemize deductions and decrease your tax liability. Read More (13kb) |
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| 2009 First Quarter Federal Tax Developments The first three months of 2009 have seen a flood of new federal tax developments. We'd like to highlight some of the more important federal tax developments for you. As always, please give our office a call or send us an e-mail if you have any questions about these developments. Read More (23kb) |
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| 2009 Tax Planning for Self-Employed Individuals Owning your own business can be very rewarding, both personally and financially. Being the sole decision-maker for this important undertaking can also be overwhelming at times. There are many choices that have to be made with consequences that are not always foreseen. We can help you to minimize the tax burden on your hard-earned income by identifying and maximizing business deductions, providing guidance on substantiation of expenses, and pointing out tax planning alternatives that are uniquely available to the self-employed. Read More (13kb) |
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| 2009 American Recovery and Reinvestment Act (80kb) |
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2008 IRS e-file Refund Cycle Chart
(99Kb) |
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IRS News Release February 2008
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2008 Economic Stimulus Act |
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Facts about the 2008 Stimulus Payments
(24Kb)
IRS will send Stimulus Payments automatically starting in May; eligible taxpayers must file a 2007 tax return to receive rebate..
READ MORE
(21Kb)
Stimulus Payments: instructions for low-income workers and recipients of Social Security and certain veterans' benefits..
READ MORE
(20Kb) |
Publication 3 (2007), Armed Forces' Tax Guide
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For federal tax purposes, the U.S. Armed Forces includes commissioned officers, warrant officers, and enlisted personnel in all regular and reserve units under control of the Secretaries of the Defense, Army, Navy, and Air Force. The U.S. Armed Forces also includes the Coast Guard. It does not include members of the U.S. Merchant Marine or the American Red Cross.
Members of the Armed Forces receive many different types of pay and allowances. Some are included in gross income while others are excluded from gross income. |
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For use in preparing 2007 returns, this IRS online publication covers the special tax situations of active members of the U.S. Armed Forces. Click Here
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Summary of Credit for Qualified Hybrid Vehicles
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For a full summary
of the Hybrid vehicle credit please Click Here. |
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