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June 30, 2011 Deadline for Cafeteria Plan (FSA) Amendments

Jun-14-2011 — The health care reform law passed last year provides that certain employer health plans, including health flexible spending arrangements (FSAs) and health reimbursement arrangements (HRAs) cannot reimburse expenses incurred for over-the-counter drugs unless they are prescribed by a physician or are insulin. Employers who sponsor FSAs may need to amend their plans by June 30, 2011 to comply with this new restriction. More...

Court of Appeals Decision Opens New Opportunities for the NYS Brownfield Cl

Jul-27-2010 — Eligibility into the tax credit-rich Brownfield Cleanup Program (BCP) has been eased by the New York State Department of Environmental Conservation (NYSDEC) due to a recent New York Court of Appeals decision in LighthousePointe Property Assoc. v. NYSDEC, 14 NY3d 161 (2010). If a site exceeds cleanup standards, it appears that the site is now eligible for inclusion into the program. This ease of eligibility returns the BCP to its earlier days, when NYSDEC was eager to get sites into the Pro More...

IRS Guidance on the Small Business Health Care Tax Credit

Jun-03-2010 — The new health care reform law provides a valuable tax credit to some small employers that provide health insurance coverage to their employees. The credit is available beginning this year to employers that pay at least half the cost of their employees' h More...

HIRE Act Provides Tax Breaks for Hiring and Retaining Unemployed Workers

Apr-06-2010 — In a renewed attempt to encourage new employment and stimulate the economy, Congress recently passed the Hiring Incentives to Restore Employment Act ("the HIRE Act"), which President Obama signed into law on March 18, 2010. Under the HIRE Act, a partial payroll tax "holiday" is available to qualified employers that hire unemployed workers, and a business tax credit is available if the employer retains such employees for at least a year. Companies that intend to hire new employees during the rema More...

Desperate for Dollars - New York State Announces Taxpayer Amnesty Program

Feb-10-2010 — New York's annual multi-billion dollar tax gap - the difference between taxes owed and taxes collected - has led the State to increase enforcement and encourage payment and compliance through its tax incentive programs. The Penalty and Interest Discount Program ("PAID") and the Voluntary Disclosure and Compliance Program are currently available for delinquent taxpayers, but time is of the essence with PAID. More...

U.S. Treasury Awards $5 Billion To Subsidize Projects Under The New Markets

Nov-23-2009 — On October 30, 2009, Treasury Secretary Timothy Geithner announced that the federal government has made $5 billion in financing available to subsidize business and real estate projects under the New Markets Tax Credit Program. The New Markets Tax Credit (NMTC) program was enacted in 2000 as part of the Community Renewal Tax Relief Act of that year. Intended to address the lack of investment capital available for business and economic development in low income communities, the NMTC program w More...

Articles

New incentives make historic renovation more attractive

Oct-19-2009 — In 2006, New York became the 28th state in the nation to enact a tax incentive to encourage the rehabilitation of historic commercial and residential properties in rundown and abandoned areas. However, limitations imposed by the initial legislation restricted the ability of the incentive to deliver on its promise - the economic and community revitalization of these neighborhoods. More...

Business First Article - Developers Tap eco-incentives

Jun-17-2009 — Cazenovia Recovery Systems Article - Raymond Reichert & Christopher Ollinick quoted regarding eco-friendly construction and installations benefitting low-income housing projects. More...