Archive for February, 2010
by Jim Wagoner, CPA | Partner, Director of Tax Services
Storms, floods, car accidents, and thefts happen, and more often than not, insurance does not cover the total amount of the stolen or damaged property. As a result, the government allows a taxpayer a casualty or theft deduction on the individual’s income tax return in order to help alleviate some of the financial burden that is associated with these events. However, the deduction is not simply the value of the ruined or stolen property.
Continue reading “Casualty Losses and Income Limitations” »
By Dana Hunsinger, Indy Star Reporter
As an accountant, Marie Jett has been able to figure one thing for sure: Work is her life right now.
She’s clocking 70-hour weeks, leaving the office at 10:30 p.m. some nights and logging time on the weekends.
It’s tax season crunch time, and that has Jett and the nation’s 1.3 million accountants working insane hours, losing sleep and missing the family.
Continue reading “It’s tax time: Dinner’s on us” »
by Tim Ayler, CPA | Partner, Director of the Construction Services Group
No matter what your upbringing, there is a good chance you have heard the story of Noah and the ark. While the events happened a long time ago, it is relevant in today’s construction economy. How? Because Noah believed it was going to rain and instead of just watching it rain, or just measuring the rain, he did something about it and built an ark. If you believe there may be difficult times ahead, do not sit by and watch the changes impact you, get involved and do something about it.
Continue reading “Noah Built an Ark, What Are You Doing?” »
by Stacey L. Spencer, QKA, Manager, Employee Benefits Services Group
Effective January 14, 2010, the Department of Labor (DOL) has established a final safe harbor rule as to what constitutes a timely deposit of participant contributions to small employee benefit plans (those with fewer than 100 participants). To be considered timely, employee contributions, including plan loan repayments, must be made to the plan by no later than the seventh (7th) business day following the time the employee could have otherwise received cash. Continue reading “New Retirement Plan Deposit Rules” »
by Larry Brodnik, CPA, Senior Tax Partner
Several organizations have started relief efforts to help with the citizens of Haiti. If you are donating to charities providing earthquake relief in Haiti, you may be able to claim those donations on your 2009 tax return. Continue reading “Deduct 2010 Haiti Donations in 2009” »
by Jim Wagoner, CPA, Partner, Director Tax Services
Many business tax breaks expired at the end of 2009. Unless Congress acted to retroactively revive them, all of the following business tax breaks will not be available this year because they expired at the end of 2009. The tax breaks that would be extended by the “Tax Extenders Act” as passed by the House of Representatives in December of 2009 are indicated with an asterisk (*) below. Continue reading “What Tax Breaks Were Extended for 2010?” »
by Amanda Meko, CPA, Partner/Director of the Not for Profit Services Group
Record retention problems have diminished somewhat as organizations have gone paperless. But paperless doesn’t always mean paperless, and you still need to maintain a number of documents, such as tax, accounting, bank, corporate, personnel and property records. Continue reading “Develop a Well-Designed Record Retention Policy” »