TAX:
Planning for the Medicare Tax on Investment Income
The health care reform package (the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010) imposes a new 3.8 Medicare contribution tax on investment income of higher-income individuals...Click here to read complete article

How do I Claim the Small Business Health Insurance Tax Credit for 2010? 
The small business health insurance tax credit, created by the health care reform package, rewards employers that offer health insurance to their employees with a tax break...Click here to read complete article

Upcoming Form 5500 Filing Deadline
Each year, pension and welfare benefit plans are generally required to file the Form 5500, Annual Return/Report of Employee Benefit Plan, reporting information on their financial condition, investments and operations...Click here to read complete article

IRS Updates FAQs on HIRE Act; Provides Details Affidavit Requirement and Issues Revised Form 941
The IRS has been busy issuing guidance on the provisions of the Hiring Incentives to Restore Employment (HIRE) Act, which temporarily suspends an employer's 6.2 percent OASDI tax paid for covered employees, and also provides a new worker tax credit...Click here to read complete article

Federal Tax Updates

• District Court Rules that Severance Pay Not Subject to Social Security Taxes
• S Corporations with Pre-S Election Retained Earnings
• Annual Opportunity – Elective Capitalization under Treas. Reg. 1.263(a)-4(f)(7)
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International Tax Updates

• Value Added Tax
• Canadian Unlimited Liability Companies
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EMPLOYEE BENEFIT PLANS:
Analyzing Total Plan Cost
As fees continue to be a hot topic in the retirement plan industry, fiduciaries should be aware of the expenses paid from plan assets and regularly review total plan cost for reasonableness...Click here to read complete article

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MANUFACTURING / WHOLESALE-DISTRIBUTION:
Outlook on Jobs for America
A new analysis commissioned by the National Association of Manufacturers (NAM) assesses the effects of the recession on the nation, the manufacturing sector and our ability to recover in the face of fierce global competition...Click here to read complete article

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HEALTH CARE / NOT-FOR-PROFIT:
Did You Miss the May 17 Filing Deadline?
As the May 17 filing deadline passed, it appears that many small tax-exempt organizations have not filed the required information return in time...Click here to read complete article