The IRS has officially determined that medical residents who worked at their school’s hospital before 4/1/2005 DO qualify for a student exception on FICA taxes, meaning they were not required to pay Social Security and Medicare taxes on their earnings while in their residency. This decision will allow many suspended refund claims to be processed. If [...]
Archive of ‘Uncategorized’
Jun
02
The IRS has issued guidance on the tax treatment of health care coverage for children under age 27 that provides additional information on the changes made by the Patient Protection and Affordable Care Act (PPACA) (P.L. 111-148) and the Health Care and Education Reconciliation Act of 2010 (HCERA) (P.L. 111-152). The guidance may be relied [...]
May
28
On March 18, 2010, President Obama signed the Hiring Incentives to Restore Employment (HIRE) Act. One of the important changes affecting businesses is the payroll tax holiday and up-to- $1,000 credit for employers who hire unemployed workers. To help stimulate the hiring of workers by the private sector, the new law exempts any private [...]
May
14
For tax year 2010, the IRS income ceiling for Roth IRA conversions disappears. The Roth IRA may be one of the most powerful retirement and estate planning tool which hasn’t been available to investors until now. This has presented an interesting quandary for many investors. There has been plenty of information about this unique opportunity [...]
May
14
As President Obama has signed into law far-reaching healthcare financing legislation, we wanted to provide an overview of the impacts to Health Savings Accounts (HSA).
Feb
03
Required minimum distributions from IRA’s resume this year. In 2009, taxpayers who are required to take an annual distribution from their IRA’s were given a year off. But Congress did not extend the waiver, so you must take your 2010 distribution by 12/31/10. If you have any questions about this, please call or email us, 847-498-1040 [...]
Jan
26
In an effort to encourage cash donations to charities supporting the relief effort in Haiti, the IRS is allowing taxpayers to deduct these donations on their 2009 tax returns, rather than waiting a year for their 2010 filing. This only applies to donations to qualified charities for areas affected by the January 12th earthquake. However, [...]
Nov
02
There have been a couple different email scams that involving fake IRS emails. The newest one involves phony claims of underreported income. Within the bogus email, there would be a link or an attachment that directs taxpayers to view their “tax statement.” The link actually downloads a virus to the computer. The IRS has officially [...]