2010

• A Small Employer Tax Credit is Available to Eligible Non-Profit and For-Profit Entities that Pay Health Care Coverage for Employees. The Maximum Credit is 35%.
• Other Health Insurance Coverage Reforms begin to be Implemented--Employer Sponsored Plans may Require Amendment.
• Employers that Hire Unemployed Workers may be Eligible to Receive a Tax Break of up to $6,621 per Employee.
• Businesses can Continue to Deduct Capital Expenditures of up to $250,000 of Qualified Property.

2011

• Employers Must Report the Value of Health Benefits Provided to Employees on Form W-2.
• Businesses will Receive an Annual Form 1099-K Documenting the Credit Card and On-Line Payments Processed by Financial Firms. The IRS will have the Ability to Implement a More Extensive Revenue Matching Program.

2012

• Businesses Must Report Payments of $600 or More Made to Vendors for Goods and Services even if the Vendor is Incorporated. Penalties for Non-Compliance are Doubled.

2013

• High Income Individuals Must Pay Additional Medicare Tax on Wages and Unearned Income.
• The Floor on Itemized Medical Deductions Increases from 7.5% to 10% for Taxpayers not yet Age 66.

2014

• The Small Employer Tax Credit Increases from 35% to 50%.
• Low Income Individuals may be Eligible to Receive a Tax Credit for Health Care Coverage.
• Individuals without Health Care Coverage will be Penalized.
• Large Employers Who Do Not Offer Health Care Coverage will be Penalized.
• Employers who do Offer Coverage Must Offer a Voucher to Certain Low Income Employees that Choose to Participate in a State Plan rather than the Employer's Plan.

Please consult our Tax Advisors to assist you in your proactive 2010 busines and income tax planning.

Fort Collins - Greeley - Cheyenne