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NewsroomOBAMA TAX COMPROMISE APPROVED BY CONGRESSFiled under: Industry News, Newsroom The $858 billion tax deal negotiated by President Obama and Republican leadership was overwhelmingly approved by the Senate on Wednesday, and passed the House Thursday, December 16, 2010, on a 277 to 148 vote. The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (the Bill): • Extends for two years the Bush-era [...] ‘H&W GIVES BACK’ FOR CENTRAL COAST CHARITIESFiled under: Firm News, Newsroom On Wednesday, November 3rd, Hayashi & Wayland Accounting & Consulting and Retirement Plan Services (www.hw-cpa.com), closed their offices and sent all 90 employees to provide hands-on volunteer service throughout the Central Coast, during the firm’s first ever “H&W Gives Back” event. The firm closed its offices in Carmel, King City, Monterey, Paso Robles and Salinas so [...] H&W Mourns the Death of Their Partner, Colleague and Friend, Sunny WongFiled under: Firm News, Newsroom Sunny Wong, CPA and a partner for Hayashi & Wayland, passed away Friday, October 16, 2010 after a brief but heroic battle with lung cancer. She was born in 1962 in Seoul, Korea and immigrated with her family to the United States in 1982. Ms. Wong headed the Non-Profit and Government Specialization Team and was [...] President Signs Small Business Jobs Act with $12 Billion in Tax IncentivesFiled under: Industry News, Newsroom On September 27, 2010, President Obama signed into law a package of enhanced business tax incentives. The new law extends bonus depreciation, extends and doubles Code Sec. 179 expensing, provides for 100 percent gain exclusion for qualified small business stock, relaxes the S corp built-in gain conversion rules, extends the carryback period for eligible small [...] IRS & DOL Increasing Employer Payroll AuditsFiled under: Firm News, Industry News, Newsroom The IRS and the Department of Labor (DOL) have announced that they will be targeting random companies to audit their payroll practices and employee classifications. Local District Attorneys are also increasing criminal prosecution of employers for violations related to employee misclassification. Do you have a clear understanding of the differences between: Employee vs. Independent Contractor? [...] THERE IS STILL TIME TO SAVE MONEY ON YOUR TAXES!Filed under: Industry News, Newsroom There is still time to take advantage of the American Opportunity Tax Credit, a credit that will help many parents and college students offset the cost of college. This tax credit is part of the American Recovery and Reinvestment Act of 2009 and is available through December 31, 2010. It can be claimed by eligible [...] Maximize Business Benefits of the HIRE ActFiled under: Firm News, Newsroom Check out the summer issue of Coastal Grower for an in-depth article written by one of our Senior Managers, DeAnn McConnell, CPA. 2010 has been a busy year for tax legislation, with several new regulations and laws being passed. The Hiring Incentives to Restore Employment (HIRE) Act is one area of the new legislation many [...] Tax Tips for Students With Summer JobsFiled under: Industry News, Newsroom School’s out and many students now have a summer job. Some students may not realize they have to pay taxes on their summer income. Below are some important things to remember about income earned while working a summer job. All employees fill out a W-4, Employee’s Withholding Allowance Certificate, when starting a new job. This form is [...] Summertime Child Care Expenses May Qualify for a Tax CreditFiled under: Industry News, Newsroom Many parents who work or are looking for work must arrange for care of their children under 13 years of age during the school vacation. Those expenses may help you get a credit on next year’s tax return. The Child and Dependent Care Credit is available for expenses incurred during the summer and throughout the [...] Health Care Reform LegislationFiled under: Industry News, Newsroom On 3/30/10, President Obama signed into law the final piece of his Health Reform legislation. This Health Reform legislation is massive—it is well over a thousand pages—and covers numerous areas, both tax and nontax. The attached PDF briefly summarizes the tax provisions affecting individuals and small to midsized businesses and is presented based on the [...] |
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