amounts to approximately 65 percent of the premium, leaving the employee to pay 35 percent. According to the IRS, the employer may recover the subsidy amount it provides to its former employee in the form of credit on the employment tax return.
For small business owners, the Net Operating Loss (NOL) Carryback is designed to help offset losses and receive refunds on taxes that can be paid over a five-year period instead of the previous two-year period. This NOL carryback is extended to those businesses with deductions that exceed their 2008 income. Whatever time period is chosen is irrevocable.
The above list is a partial representation of the new tax benefits to individuals and businesses, and tax and accounting practitioners owe it to their clients to stay on top of all of the changes. Keeping up-to-date can be accomplished through a subscription to the news services provided by Thomson Reuters, Johnson says, or by attending a tax seminar sponsored by Gear Up.
By Laurie Dent
|
|
 |
Check out other readers' comments – or leave your own – below. |
|
Thank You for providing this very clear and helpful , and Free guide to all of the changes that have occurred and will affect this upcoming tax season. With IRS and the Gov't. changing things at this pace, we need to stick together in our field and help each other to be able make the best tax decisions for and with our clients.
Thanks for the great update - it's concise and well presented.
However, I feel compelled to point out the fact that you misspelled the name of the President of the United States. On the "Mark the Win Column" page, you refer to him as President Barak Obama. The proper spelling is Barack. That's a pretty big typo.
Thank you. With all the changes and updates this is very helpful.
Great training tool, lots of good information.
Page 1
|
|
|
Feature Story
