On February 17, 2009, President Obama signed legislation designed to work with the Emergency Economic Stabilization Act of 2008 (EESA) to stimulate the U.S. economy. The resulting legislation—the American Reinvestment and Recovery Act of 2009 (ARRA)—could have a significant impact on your organization. This is part two of a two-part series meant to help CPAs understand the implications of ARRA.
In these challenging economic times, businesses like yours are looking at numerous ways to maximize earnings and minimize tax burdens. Careful planning is vital to ensure that unexpected taxes do not adversely impact your organization’s future viability. The latest Business and Industry Business Brief is part one of a two-part series on The American Recovery and Reinvestment Act (ARRA) of 2009 meant to help you face the business challenges that ARRA presents and outlines some ARRA provisions that you and your team should consider as part of your tax planning.
Updated May 22, 2009
Several provisions of the economic stimulus plan may have a significant impact on your company or clients’ business, including the “Making Work Pay” tax credit and a host of COBRA requirements and provisions, ranging from a special 60-day election period and an additional plan enrollment option for COBRA recipients.
The source of this information is the Paychex Economic Stimulus web site at www.paychex.com/stimulus. Copyright © 2009 Paychex, Inc. All rights reserved. Reprinted with permission.
Continue reading "Payroll and COBRA Provisions of the Economic Stimulus Plan" »Talk of financial regulatory reform took center-stage as CPAs from across the country gathered in Washington to open the AICPA’s 2009 Spring Meeting of Council. The agenda for the three-day meeting includes speeches by AICPA leadership, Congressional lawmakers and political pundits. The meeting concludes with visits by CPAs to legislators on Capitol Hill.
The recent economic downturn, coupled with the tightening of the credit market, is affecting all types of businesses, including S corporations. A financially distressed S corporation may have to work with its creditors to restructure debt or satisfy indebtedness in various creative ways in order to ease its financial difficulties.
Your clients may need clarification on President Obama’s small business initiatives and what they mean to their small business. To help you communicate with clients, PCPS is providing client communication resources that provide a clear overview of the key aspects of the small business plan and the Recovery Act tax provisions.
The IRS released Rev. Proc. 2009-19, which provides guidance on the new net operating loss (NOL) provisions for small businesses that were enacted in the American Recovery and Reinvestment Act of 2009. Under the new law, small businesses (under $15 million in revenue) can elect to carry NOLs back five years (instead of two). The IRS guidance describes how businesses can make the election.
On February 17 President Obama signed The American Recovery and Reinvestment Act of 2009 (ARRA) into law to help stimulate the economy out of recession. Here are some highlights of the act’s individual and business tax provisions.
Continue reading "AICPA Tax Section E-Alert: Summary of the American Recovery and Reinvestment Act of 2009" »With the enactment of the American Recovery and Reinvestment Act of 2009 on Feb. 17, 2009, Congress delivered a smorgasbord of tax relief items to small businesses, including energy and new markets tax credits and limitations of loss carryforwards.
Executive sessions are one of the Audit Committee’s best practices. These sessions offer the Audit Committee an opportunity to ask open-ended questions of the CEO, the CFO, Internal Audit, the Independent Auditors and others on sensitive issues and have a candid discussion.
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Get current information about the variety of available tax credits in addition to specific ARRA employer obligations.
The Accountant's Business Manual has proven to be a dependable complete "quick answer book" for a wide array of business, legal, tax and financial questions.
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