The Occupational Safety and Health Administration (OSHA) has issued a final rule covering the use of cranes and derricks in construction. The new standard includes detailed requirements relating to the safe operation of cranes and derricks and new mandates regarding crane assembly, operation, and inspections. It also outlines new operator training and certification requirements. Nearly…
One provision in the recently enacted health care reform law that many business owners may have overlooked imposes additional tax reporting requirements on businesses, including contractors. The provision will require businesses to issue Form 1099s to all vendors, both incorporated and unincorporated, to which they pay $600 or more annually for equipment, materials, supplies, and…
The local certified public accounting firm of Lewis & Knopf CPAs, P.C. is pleased to announce Jeffrey Sabolish, CPA, CFP has been named Principal effective January 1, 2011. “Over the years, Jeff has demonstrated the leadership, motivation, people skills and financial expertise necessary to be a strong firm leader,” says Anita Abrol, CPA, Managing Principal…
The newly passed and signed 2010 Tax Act, formally named the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, includes several provisions that will affect taxpayers. The below link highlights key information from the Act that may affect you and your financial situation. If you have any questions about the Tax Relief Act…
The January 2011 Client Bulletin is now available. Please click on the link below to view the full issue. This month's issue contains the following articles. Small Business Jobs Act of 2010 Lower Taxes May Mean More Jobs More Flexibility in Retirement Planning Tax Calendar For more information about these topics, please contact our professionals…
The December 2010 Client Bulletin is now available. Please click on the link below to view the full issue. This month's issue contains the following articles. What Financial Reform Means to You New Law May Help Set Standards The Return of Estate Tax Planning Tax Calendar For more information about these topics, please contact our…
Before you know it, the end of the year will be here. For many individuals contemplating a conversion from a traditional IRA to a Roth IRA, it is time to make some critical decisions. Key rules: Distributions from a traditional IRA are generally taxed at ordinary income rates currently reaching as high as 35%. (Future…
Suppose that your child needs an after-school job while your company is looking to hire extra help. Practical solution: If you are in a position of authority, you could put your child on the payroll. There are several tax incentives for hiring a child to work for your business. In effect, you are “splitting income,”…
The new Small Business Jobs and Credit Act—signed by the president on September 27, 2010—provides several tax breaks designed to stimulate the economy. Here’s a summary of the key provisions in the new law of interest to employers: *Section 179 deductions: Under Section 179 of the tax code, your business may currently deduct (i.e., “expense”)…
Although there are precious few days left in the year, it is still not too late to cut your 2010 tax bill. But you may have to move fast. Here are ten prime tax-saving ideas to consider. Capital gains and losses: If you are showing a net capital gain for the year, you may realize…
