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| The Whitlock Company News Update
| May 5, 2010 |
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Taxes
 Congress Completes Overhaul of Health Care Law and Makes Many Tax Changes
Passage of the Health Care and Education Reconciliation Act of 2010 (H.R. 4872) Reconciliation Act) by Congress, followed by its signing by President Obama on March 30, 2010, completes a massive overhaul of the nation's health insurance and health delivery systems.
The Reconciliation Act amends the Patient Protection and Affordable Care Act of 2010 (P.L. 111-148), which President Obama signed on March 23. Combined, the two new laws include more than $400 billion in revenue raisers and new taxes on employers and individuals. Read more... |
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Community Banking
 Commercial Lending: How To Spot The Living Dead
Zombies have long been popular among a certain segment of moviegoers, but what does this have to do with commercial lending? The present state of the economy and the small business segment, in particular, is starting to resemble a modern-day zombieland. There are a number of businesses today that can best be described as "the living dead." Read more... |
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FAQ:
 Are Individuals Now Required To Purchase Health Insurance?
The answer is no for 2010, but yes, in practical terms, for 2014 and beyond. The health care reform package (the Patient Protection and Affordable Care Act of 2010 and the Health Care and Education Reconciliation Act of 2010) does not require individuals to carry health insurance in 2010. However, after 2013, individuals without minimum essential health insurance coverage will be liable for a penalty unless otherwise exempt. Read more... |
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Taxes
IRS Ramps Up Guidance On New Small Employer Health Insurance Tax Credit
The IRS is moving quickly to alert employers about a new tax credit for health insurance premiums. The recently enacted health care reform package (the Patient Protection and Affordable Care Act of 2010 and the Health Care and Education Reconciliation Act of 2010) created the small employer health insurance tax credit.
The temporary credit is targeted to small employers that offer or will offer health insurance coverage to their employees. The credit, like so many federal tax incentives, has certain qualifications. Read more... |
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Community Banking
Commercial Lending: Deferred Tax Assets. The Good and the Bad.
When examining potential borrowers' financial statements, some lenders are beginning to see something that's unfamiliar to many of them: deferred tax assets. These are created as a result of timing differences that occur between book and taxable income for things such as depreciation and investment gains and losses.
With more companies experiencing losses the past couple of years due to the recession, many are setting up deferred tax assets associated with their operating loss carryforwards in their financial statements. And there are many others that aren't recording these deferred tax assets, but should be. Read more... |
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Taxes
IRS Issues Forms, Instructions For HIRE Act Employer Tax Incentives Wasting little time in helping important business hiring, the IRS has released forms and instructions for the employer tax breaks in the Hiring Incentives to Restore Employment (HIRE) Act. The IRS unveiled new Form W-11, Employee Affidavit, which covered employees can use to certify that they meet the criteria of the HIRE Act.
It also revised Form 941, Employer's Quarterly Federal Tax Return, and Forms W-2, Wage and Tax Statement, and W-3, Transmittal of Wage and Tax Statements, to reflect the HIRE Act. Read more... |
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| Media And Resources
The 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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