Planning for the 3.8 percent 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 percent Medicare contribution tax on the investment income of higher-income individuals. Although the tax does not take effect until 2013, it is not too soon to examine methods to lessen the impact of the tax. more...

Health care reform extends coverage, income tax exclusion for young adult coverage
The health care reform package makes two important changes to insurance coverage for young adults. First, the new law allows young adults to remain on their parents' health insurance plan until age 26. Second, the new law extends certain favorable tax treatment to coverage for young adults. more...

IRS begins 401(k) compliance check questionnaire
401(k) plans represent the most preferred vehicle for retirement savings today - making up more than 60 percent of retirement plans, according to the IRS. However, 401(k) plans are also the most non-compliant type of retirement plan as well, according to a study by IRS Employee Plans Examinations. In light of the popularity and non-compliance of 401(k) plans, the IRS has launched a 401(k) "Compliance Check Questionnaire Project." more...

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. The credit is targeted to small employers; generally employers with 25 or fewer employees. In May 2010, the IRS issued Notice 2010-44, which describes the steps employers take to determine eligibility for the credit and how to calculate the credit. more...

FAQ: What tax legislation is Congress expected to pass this year?
At the start of 2010, Congress had a full tax agenda. As summer approaches, many tax bills remain unfinished, most notably an estate tax bill. Other important tax legislation is also on Congress's agenda for action before year-end. more...

June 2010 tax compliance calendar
As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important tax reporting and filing data for individuals, businesses and other taxpayers for the month of June 2010. more...