Small Business Act Signed into Law

On September 27, 2010 the President signed the Small Business Jobs and Credit Act of 2010 (the “Act”) into law.  The Act provides for more than $40 billion worth of tax benefits aimed to support economic growth among small businesses. In summary, the Act provides – Increased deductions under Section 179 of the Internal Revenue…

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Switzerland Approves UBS Agreement

I have always been impressed with the Swiss government’s longstanding capacity for discretion – much like the governmental equivalent of a friend that can keep a secret. Unfortunately, as we have been discovering, there are some very good reasons that Swiss account holders have demanded confidentiality, and Switzerland has finally had to cough up its…

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Are Severance Payments Subject to FICA?

According to the recent decision in United States v. Quality Stores, Inc., No. 1:09-cv-44 (W.D. Mich. Feb. 23, 2010) (“Quality Stores”), severance payments resulting from an involuntary termination are not subject to taxation under the Federal Insurance Contributions Act (“FICA”) because such payments do not constitute “wages.” Prior to Quality Stores, it was generally accepted…

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HIRE Act Signed into Law

On March 18, 2010 the President signed the Hiring Incentives to Restore Employment Act of 2010 (“HIRE”) into law.  HIRE provides $13 billion worth of tax incentives to businesses in the form of – (1) Temporary payroll tax relief for employers who hire individuals that have been unemployed at least 60 days; (2) An income…

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