Tax-free Health Insurance Coverage for Children up to the Age of 26
Mon, 08/16/2010 - 12:08 | by Jolene Benson
Employees are now able to include their children (up to the age of 26) on their employer provided health care coverage tax-free. Previously, the health care coverage rules regarding children, followed dependency status rules. A child cannot be claimed as a dependent unless by the end of the tax year, they have not reached the age of 19 (or 24 if the child was a student). Along with the increase in age, the new law states that dependency status in no longer a requirement to claiming the health care coverage benefits. The expanded health care tax benefits apply to workplace and retiree health plans, self-employed individuals as well as cafeteria plan contributions.
You May Be Richer Than You Thought!!!
Mon, 08/09/2010 - 14:52 | by Pamela Griffin
The Washington State Department of Revenue announced on July 20, 2010 that it has recently received approximately $9.8 million from the Federal Deposit Insurance Corporation (FDIC) for Washington Mutual deposits that have not been claimed by the former customers of the financial institution. Most of WaMu’s accounts were taken over by J.P. Morgan Chase when the bank failed but the inactive accounts were turned over to the FDIC. In a search for the rightful owners of the deposits, the Department has mailed claim forms to the last known addresses of anyone with more than $75 in unclaimed deposits. In addition, the names of businesses and individuals who have at least $25 in unclaimed assets have been posted on the Departments searchable Unclaimed Property database.
What's Keeping Us Busy In the Next Few Months?
Thu, 08/05/2010 - 13:40 | by Tayla Flanders
Being in the line of business that we're in, some of you may wonder at times just what accountants do with themselves when it's not the months of January-April. No, we're not sitting around twiddling our thumbs…in fact our "off season" is a prime opportunity for us to focus on other parts of our business, besides preparing tax returns and financial statements.
