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May 2010
Issue: 28
Tax Season Comes to a Close
 
Another successful tax season has come and gone.  We were as busy as we've ever been as our business continues to grow.  It was great to see everyone and we really appreciate your business and continued support.  If any of you have any questions about your recently filed taxes, or have any other tax or accounting issues, please don't hesitate to give us a call or email.  We are available all year to meet your needs and answer your questions.  If you missed the deadline and still need to file your tax return, please contact us to set up an appointment.  The sooner you get your return filed, the sooner you will receive your refund.
 
There have been numerous changes to the tax laws over the last couple of months.  Health care reform and the Jobs bill brought many tax changes for both individuals and businesses.  We've included a couple of articles in this newsletter to help explain some of the changes that were made and how they affect you.  If you have any questions about the new laws or if you are wondering how they affect you, feel free to contact us to discuss.

Enjoy this month's newsletter!
 
The Patient Protection and Affordable Care Act (H.R. 3590), passed by Congress on Sunday, contains numerous tax provisions.
 
The Reconciliation Act of 2010 (H.R. 4872), which also passed the House on Sunday, contains many other tax items, including extending the general exclusion for reimbursements for medical care expenses under an employer-provided accident or health plan to any child of an employee who has not attained age 27 as of the end of the tax year and codifying the economic substance doctrine. The reconciliation bill has not yet passed the Senate.
 
 
Two new tax benefits are now available to employers hiring workers who were previously unemployed or only working part time. These provisions are part of the Hiring Incentives to Restore Employment (HIRE) Act enacted into law today.
 
Employers who hire unemployed workers this year (after Feb. 3, 2010 and before Jan. 1, 2011) may qualify for a 6.2-percent payroll tax incentive, in effect exempting them from their share of Social Security taxes on wages paid to these workers after March 18, 2010. This reduced tax withholding will have no effect on the employee's future Social Security benefits, and employers would still need to withhold the employee's 6.2-percent share of Social Security taxes, as well as income taxes. The employer and employee's shares of Medicare taxes would also still apply to these wages.
 
In This Issue
Tax Provisions in the Health Care Act
Two New Tax Benefits Aid Employers Who Hire and Retain Unemployed Workers
How the Small Business Health Care Credit Works
Upcoming Tax Deadlines
 
Most of the health care reforms President Obama signed into law last month won't kick in for another four years. But small businesses can look forward to some quick relief: a tax credit to offset insurance premiums took effect immediately.
 
Millions of business owners will get postcards from the Internal Revenue Service in the coming weeks suggesting they check and see if they are eligible for the 2010 tax credit. Notifications are also going out to tens of thousands of tax professionals.
 

Upcoming Tax Deadlines

May 15th - April payroll deposits are due for monthly depositors
 
June 15th - The second installment of estimated tax payments for individuals is due 
 
Please let us know if there is anything we can do for you!!

Thomas R. Vetscher, CPA
John T. Vetscher, CPA

651-690-2250

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