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The Whitlock Company News Update July 2, 2009
 
Dear Client and Friends,
 
Happy July 4th from The Whitlock Company!  We hope you have a fun and safe holiday!
 
Sincerely,
 
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Community BankingCommunity Banking
Accounting For Loan Losses-GAAP vs. RAP...Not Again!
 
This issue is a lot like the Rocky movies.  Just when you think it's over they make another movie!  In Early March U.S. Comptroller of the Currency, John Dugan said that the accounting rules need to be changed to allow banks to reserve for future losses in the loan portfolio so that earnings would be less volatile. Didn't we just spend the last 14 years hashing out this issue and finally eliminating any differences?  Read more...
Tax
Services-TaxIRS Updates COBRA Premium Assistance Guidance For Employers And Dislocated Workers?
 
Many unemployed individuals want to keep their former employer-provided health insurance but the cost is too high. To help pay for COBRA continuation coverage, the American Recovery and Reinvestment Act of 2009 (2009 Recovery Act) provides a temporary subsidy. COBRA premium assistance is available for individuals who are involuntarily terminated from employment between September 1, 2008 and December 31, 2009. Read more...
Tax
Services-TaxCongress Ramps-Up Tax Legislation at Mid-Year Mark
 
A new administration brings a flurry of activity to Washington, D.C., and the Obama administration is no exception. Almost immediately after taking office, President Barrack Obama and Congress passed a massive stimulus bill, the American Recovery and Reinvestment Act of 2009 (2009 Recovery Act).  Read more...

Not-For-Profit
Green Book
IRS Issues New Rules For 403(b) Retirement Plans  
 
Changes Are Substantial!
 
While the Internal Revenue Service and Department of Labor have collectively spent a considerable amount of time and effort overseeing the compliance of the rules governing 401(k) retirement plans, they have spent very little time, up until now, examining the ways tax-exempt organizations operate their 403(b) retirement plans.  This has all changed following the enactment of new 403(b) retirement plan regulations.  Read more...
In This Issue
Accounting For Loan Losses
IRS Updates COBRA Premium Assistance
Congress Ramps-Up Tax Legislation
IRS Issues New Rules For 403(b) Plans
Why Our Membership In PKF Is Important
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PKF Affiliation
Why Is Our Membership  In PKF Network Important To You?
 
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Our Media and Resources page on our website includes Whitlock Resources that provide links to: 
 
Info Center-Includes tax event calendar, tax forms library and IRS Tax Publications library 
 
Financial Tools-Includes various financial planning tools, calculators and spreadsheets 
 
Newsletter-Additional tax articles and analyisis
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About Us 
The Whitlock Company is a full-service CPA firm. However, we excel in areas beyond traditional accounting services. We help you grow and protect your assets with our wealth management services. We offer outstanding consulting services for clients in a variety of fields including Community Banking, Manufacturing and Distribution, Not-For-Profits and Higher Education. We are not only a full-service CPA firm; we are a full-service professional services company. For more information on how we can change your business, please contact us.