Taking the emotion out of investments in a tough economic climate

With unemployment at its highest level in more than 25 years, large numbers of laid-off workers are electing to continue their health care coverage under COBRA, but COBRA continuation coverage can be expensive, and many laid-off workers are struggling to pay the premiums. Others are electing not to take COBRA coverage because of the high expense, in many cases leaving themselves uninsured.

On November 6, 2009, President Obama signed into law the Worker, Homeownership and Business Assistance Act of 2009 (WHBAA). In addition to extending unemployment benefits for millions of Americans and enhancing net operating loss tax breaks for businesses, the act extends, expands and enhances a popular tax break: the first-time homebuyer credit.

On September 5, 2009, the Obama administration announced several new initiatives intended to make it easier for employees to save for their retirement. Under the initiatives, the Department of Treasury will expand opportunities for automatic contributions to retirement plans, allow employees to convert their unused vacation or similar leave into retirement savings and help employees and employers better understand the tax-favored options for retirement savings when employees change jobs.

The California New Home Tax Credit is available for qualified buyers who, on or after March 1, 2009, and before March 1, 2010, purchase a qualified principal residence that has never been occupied. The buyer must reside in the new home for a minimum of two years immediately following the purchase date.

The recent economic downturn, coupled with the tightening of the credit market, is affecting all types of businesses, including S corporations. A financially distressed S corporation may have to work with its creditors to restructure debt or satisfy indebtedness in various creative ways in order to ease its financial difficulties. These transactions may include subordinating shareholder debt to a third-party loan, issuing stock to creditors, or soliciting additional capital contributions. This article highlights tax issues and planning opportunities that may arise relative to a distressed S corporation, its shareholders, and its creditors.

This top-five list gives you insight into the experience that accounting and consulting firm Armanino has gained while performing Sarbanes-Oxley (SOX) compliance services for small public companies.

Money, money, money! The solid waste industry has seen huge amounts of capital being invested to meet the AB 939 diversion goals and the required truck replacements and modifications to meet the CARB requirements.

SOX-inspired regulations now making their way to the insurance industry

On Monday, May 4, 2009, President Obama released a proposal for "getting tough" on overseas tax havens and eliminating certain "tax advantages" for U.S. corporations that do business and invest overseas. The President’s proposal includes the following: