Joe Ramos, CEO & Sr. Wealth Advisor
Joe Ramos, CEO

Letter from the CEO


Tax Planning Update

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Q2 2010

On March 18, 2010, President Barack Obama signed into law the Hiring Incentives to Restore Employment (HIRE) Act, which was designed to encourage employers to hire and retain workers. The legislation includes an exemption on payroll taxes through the end of 2010, a tax credit for hiring workers who have been unemployed, and an extension of enhanced Section 179 expensing rules for small businesses. We detail the provisions in HIRE Act Provides Incentives for Hiring and Retaining Workers.

For the first time in 2010, all taxpayers can now take advantage of the Roth IRA, as the income limit on conversions from traditional IRAs to Roth IRAs has been eliminated. For higher income taxpayers especially, the opportunity to convert can provide tax savings over time and help facilitate tax-efficient estate planning strategies. We provide more information in Roth IRA Conversions Available for Higher Income Taxpayers.

In the current economic climate, some businesses are bartering, rather than buying and selling, certain goods and services. When it comes to bartering, the IRS expects businesses to report the fair market value of any goods or services received on their tax returns. In Tax Consequences of Bartering for Businesses, we provide more information.

Finally, in Tax Relief in the Wake of a Disaster, we explain the tax relief available to those affected by burglary or natural disasters such as hurricanes, tornadoes, fires, and volcanic eruptions.

As always, we welcome your comments,

C. Joseph Ramos