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›WK Publications
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The IRS set the standard mileage rate at 50 cents per business mile driven for 2010.
To Convert or Not to Convert? Converting a traditional IRA to a Roth IRA might benefit certain taxpayers. Download our brochure here.
IRS TAX TIP: Ten Facts About Claiming Donations Made to Haiti
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Provisions of proposed jobs bill could have impact on businesses (Updated 3/3/10) On February 24, 2010, the U.S. Senate approved a $15 billion jobs package that includes tax relief for employers and an extension of the $250,000 threshold for small business expensing. Now, the House will either proceed with legislation similar to the Senate version and work toward agreement, or they will seek to reconcile the Senate version with a $150 billion jobs bill approved by the House in December. Below is a brief list of key provisions that might impact you and your business. • For wages paid after the enactment date until December 31, 2010, the bill includes an exemption from Social Security payroll taxes for employers that hire workers who have been unemployed for at least 60 days and are not individuals replacing another employee unless the separated employee left voluntarily or was dismissed for cause. This provision provides a maximum value of 6.2% of wages up to the FICA wage cap. • For any tax year ending after the enactment date, the bill includes a $1,000 business credit for unemployed individuals hired by an employer on any date during the tax year, provided: - employees work for a period of not less than 52 consecutive weeks; and - wages for such employment during the last 26 weeks of the period equaled at least 80 percent of wages for the first 26 weeks of the period. • The bill extends to 2010 (an effective date of January 1, 2010) the higher expensing provisions so that taxpayers can write off up to $250,000 of certain capital expenditures (subject to phase out of total expenditures exceeding $800,000 for 2010). CONTACT US We will continue to monitor the progress of this new, possible legislation. Please contact us at (573) 442-6171 or (573) 635-6196 if we can address any questions. Click here to view the article in PDF format. |
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Columbia, MO (573) 442-6171 | Jefferson City, MO (573) 635-6196 | information@williamskeepers.com Member, PKF North American Network | Copyright © 2008 Williams-Keepers LLC
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