Month: July 2009

  • Healthcare Reform

    “I suffer no illusions that this will be an easy process. It will be hard. But I also know that nearly a century after Teddy Roosevelt first called for reform, the cost of our health care has weighed down our economy and the conscience of our nation long enough. So let there be no doubt: health care reform cannot wait, it must not wait, and it will not wait another year.”

    – President Barack Obama

    Follow Healthcare Reform news here:

  • 652 Businesses Served with Audit Notices

    U.S. Immigration and Customs Enforcement (ICE) is launching a bold, new audit initiative by issuing Notices of Inspection (NOIs) to 652 businesses nationwide – which is more than ICE issued throughout all of last fiscal year.

    The notices alert business owners that ICE will be inspecting their hiring records to determine whether or not they are complying with employment eligibility verification laws and regulations. Inspections are one of the most powerful tools the federal government has to enforce employment and immigration laws.

    This new initiative illustrates ICE’s increased focus on holding employers accountable for their hiring practices and efforts to ensure a legal workforce.

    For more information, visit www.ice.gov.

  • S Corporations

    IRS Posts New S Corporation Information
     

    S corporations are corporations that elect to pass corporate income, losses, deductions and credit through to their shareholders for federal tax purposes. Shareholders of S corporations report the flow-through of income and losses on their personal tax returns and are assessed tax at their individual income tax rates. This allows S corporations to avoid double taxation on the corporate income. S corporations are responsible for tax on certain built-in gains and passive income.

    Please visit IRS’ expanded S Corporation pages at www.irs.gov/businesses/small/article/0,,id=98263,00.html 

    for more information on S Corp Employment taxes, including Social security, Medicare taxes, income tax withholding, Federal unemployment (FUTA) tax, and more.