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Brady and Associates, LLC |
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Serving your financial needs today and tomorrow |
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Newsletter Winter 2009-2010 |
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This year has brought many changes to the Accounting profession and the tax laws. These changes mean new rules, procedures and licensing requirements for our industry. Some of these changes are affecting the manner in which we do business. These changes include the mandatory use of engagement letters, preparer registration, education and testing, and a change in the peer review process. All of this will bring about better consistency in our industry.
We have also seen a multitude of new individual and business tax laws again this year. We now have mandatory electronic filing for all paid preparers of individual tax returns, and an increase in documentation requirements. A significant number of tax provisions expired and new ones enacted. These including the Health Care Reform Act which has provisions that come into effect each year from now until 2014 the and the Tax Relief and Unemployment Insurance Reauthorization and Job Creation Act which extended many of the Bush era tax cuts and rates for 2 years. In the payroll area, we have hiring credits for employers, a reduced FICA tax for employees, and increased reporting requirements for W-2’s. It has been an eventful year for tax changes. Explore the information on our website or visit IRS.gov for more information.
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