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| The Whitlock Company News Update |
December 7, 2009 |
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Community Banking
 Deferred Tax Assets For Banks May Be Questioned By Regulators
Deferred tax assets on a bank's balance sheets have always been a problem for regulators. Most of the deferred tax assets are currently disallowed for capital purposes. And now with banks piling up losses and creating deferred tax assets due to net operating loss carryovers regulators are taking a harder look at these assets. Writedowns of these assets are expected and will more likely hurt regional and community banks. Read more...
By Tom Beisner, CPA, The Whitlock Company |
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Community Banking
First Research Publishes Quarterly Update For Banks
As a member of PKF, an association of almost 100 legally independently accounting and consulting practices, we have access to all of First Research's industry profiles for many different industries. Here is the most recent update for banks and credit unions: First Research Banks and Credit Unions Quarterly Update. Read more...
by Tom Beisner, CPA, The Whitlock Company |
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Employee Benefits
 401(k) Plan Sponsor Newsletter-Third Quarter 2009
- Obama Outlines Retirement Initiatives
- Citigroup 401(k) Participant Lawsuit Dismissed
- Auto Enrollment Working As Intended
- Employers Should Be On The Lookout For Common Retirement Plan Errors
- IRS Requests Guidance On Defined Benefit/401(k) Plans
- Downturn Knocks 15% Off Retirement Plans
- 10 Things For A Plan Fiduciary To Do
by R. Barnes Whitlock, CPA, The Whitlock Company |
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Employee Benefits
How Do I Make A Catch-Up Contribution?
Employees can elect to make voluntary contributions from their salary to certain retirement plans. The type of plan may depend on your employer. Many employers maintain cash or deferred  arrangements - 401(k) plans - as part of their defined contribution retirement plan. State and local governments can maintain 457 eligible deferred compensation plans. Read more... |
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Taxes
Opportunities And Challenges Presented by 2009 Roth IRA Rollovers
There is an interesting new rollover opportunity that's coming up in a few months. After 2009, you will be able to roll over amounts in qualified employer sponsored retirement plan accounts, such as 401(k)s and profit sharing plans, and regular IRAs, into Roth IRAs, regardless of your adjusted gross income (AGI). Currently, individuals with more than $100,000 of adjusted gross income as specially modified are barred from making such rollovers. Read more... |
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Taxes
Last Minute Strategies For Year-end Tax Savings
2009 is quickly coming to a close but there is still time to possibly maximize your federal tax savings for the year. Many year-end tax planning techniques can help you save money. Because of the recession, some of the year-end strategies take on added urgency for individuals affected by a job loss or a reduction in income. Read more... |
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Taxes
Working With The New Loss Carryback Tax Break
The Worker, Homeownership, and Business Assistance Act of 2009 (2009 Worker Act), enacted November 6, 2009, gives all businesses (or their owners in the case of pass-through entities) an opportunity to obtain a quick refund from the IRS using net operating losses (NOL). Read more... |
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Taxes
IRS Reminds Homeowners About New Energy Credits To Help "Winterize" Your Home
Two expanded home energy credits are available to help homeowners lower both their winter heating bills as well as their 2009 tax bill, the IRS is reminding taxpayers. The nonbusiness energy property credit and the resident energy efficiency property credit can both be claimed by eligible homeowners when filing their 2009 federal income tax return. The credits are available when you itemize your deductions or take the standard deduction. Read more... |
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Taxes
Congress Has Busy Tax Agenda As 2009 Comes To A Close
December is poised to be an important month for federal tax legislation as members of Congress work to finalize heath care reform, a possible jobs bill and more before the new year. Their ambitious agenda may keep lawmakers in Washington, D.C. beyond their scheduled mid-December holiday recess. Read more... | |
| Media And Resources
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
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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.
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