News Updates | Blackman & Sloop

403(b) Retirement Plans: A Guide To Understanding

May 1, 2010

Beginning in 2009, The U.S. Department of Labor’s Notice of Adoption of Revisions to Annual Return/Report Forms issued November 2007 eliminated the exemption from the annual IRS Form 5500 reporting, disclosure, and audit requirements previously granted to ERISA-covered 403(b) Retirement Plans.

Small Business Health Care Tax Credit

May 1, 2010

Does your small business provide health insurance for your employees? Then you might be eligible for a special tax credit as part of the health care reform legislation, the Patient Protection and Affordable Care Act, approved by Congress, and signed by President Obama on March 23.

2010 Estate Tax Repeal

April 1, 2010

You may have heard that the federal estate and the generation-skipping transfer taxes have been temporarily repealed in 2010. Your estate planning documents have been prepared to ensure that your family and financial goals are met after you die. The estate planning documents tell everyone exactly where you want your assets distributed.

Audit Committee: Do We Need One?

March 31, 2010

Does your organization have an audit committee? Have you ever considered proposing the implementation of one to your board of directors? Let’s take a closer look into audit committee responsibilities and why having one can be important for your business.

New Tax Provisions with the Health Care Act

March 27, 2010

There are many tax provisions in the health care bill signed into enactment Monday. Some of these provisions go into effect immediately, and some extend into 2017.

New Tax Benefits Aid Employers

March 19, 2010

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 March 18, 2010.

Starting Your New Business

March 1, 2010

Are you aware of the critical financial decisions you will confront in starting your new business? In assembling this team, the best place to start is with friends and business associates who can provide quality referrals. The right person in each position on your team can save you vast amounts of time and energy while providing cost effective solutions to the hurdles you face each day.

Mandatory E-Filing is Coming

March 1, 2010

Are you currently filing your tax returns electronically? Congress recently passed legislation that will require tax return preparers to e-file all income tax returns for individuals, estates and trusts. This rule goes into effect for returns filed after December 31, 2010. Individuals who file their own returns will still have the option of e-filing or paper filing.

Understanding Uncertain Tax Positions

March 1, 2010

By now you should have at least heard about Financial Accounting Standards Board Interpretation No. 48 (“FIN 48”), Accounting for Uncertainty in Income Taxes. FIN 48 has been superseded by the Accounting Standards Codification (“ASC”) 740-10, but is still referred to as FIN 48. Most calendar year organizations are now subject to the provisions of FIN 48, and most non-profit organizations with a June 30 year-end will be subject to its provisions come this June. Yes, I did say non-profit organizations. FIN 48 applies to all entities that prepare financial statements under generally accepted accounting principles (“GAAP”), and it affects the year of implementation, and all years under the statute of limitations for each applicable taxing authority. So, what are the requirements?

New Website

January 13, 2010

In order to better serve our clients, Blackman & Sloop, CPAs, P.A. has launched its new website and web 2.0 initiatives. Through the use of social media, our firm is…