Please see information from Rich Gunn, of Burr Pilger Mayer, regarding tax credits available to business. Thanks Rich for sending.
Yesterday a committee of the Workers Compensation Insurance Rating Bureau decided not to do a midyear recommendation on workers compensation rates. It is expected the full Board will follow next week.
This does not mean companies will not make new filings July 1.
At some point rates are going to go up dramatically. Rates have gone up for most classes of business but they have not been dramatic except for construction and State Fund. With a projected combined loss ratio of 125% to 130% for 2009 the pressure is there but no one knows when.
Cal Insurance, the California Association of Employers and PrimePay will be holding a webinar April 13th at 9AM discussing the recently passed health legislation. The Presenter will be Lucian Wulsin the head of the Insure the Uninsured Project and partner of Small Business California. Lucian is a recognized expert on this and he will answer your question about how the health legislation will affect your business. If you are interested in participating let me know. It is free but we can only accommodate 200 callers.
Scott Hauge
President
Small Business California
2311 Taraval
StreetSan Francisco, CA 94116
shauge@cal-insure.com
415-680-2188
President Signs HIRE Act into Law Creates New Tax Incentives
On March 18, President Obama signed into law the Hiring Incentives to Restore Employment (HIRE) Act (H.R. 2847). The Act includes provisions designed to spur job growth and help business owners.
The effective date for many of its provisions is March 18, 2010. This means that provisions like the up-to-$1,000 credit for "retained workers" (under Act Sec. 102) apply for any tax year ending after March 18, 2010.
Below we have highlighted key business and offshore provisions.
Business Tax Changes in the 2010 HIRE Act:
Extension of enhanced small business expensing (Section 179) retaining the $250,000 expensing election
Payroll tax holiday eliminating the current 6.2 percent employer Social Security tax for eligible new hires
Up-to-$1,000 business tax credit for keeping eligible employees for at least 52 consecutive weeks
Note: The HIRE Act does not extend the "bonus depreciation" tax break that was also available for business equipment purchases in 2009
Offshore Anti-abuse Provisions in the 2010 HIRE Act
Increased disclosure of beneficial owners
Foreign financial asset reporting
New reporting rule for PFICs
IRS will be authorized to require a financial institution to electronically file returns with respect to any taxes withheld by the financial institution even though the financial institution files less than 250 returns during the year
Provisions related to foreign trusts and imposition of a minimum penalty of $10,000 on any such failure to file
To review each provision in-depth please go to this link:
http://tinyurl.com/yh7wrkv
For further information contact Rich Gunn at rgunn@bpmcpa.com
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