Posts made in July, 2012

Illinois Small Business Jobs Creation Tax Credit

By on Jul 31, 2012 in Illinois taxes, Uncategorized | 0 comments

Small Business Jobs Creation Tax Credit Program FAQ’s What is the purpose of the Small Business Job Creation Tax Credit? Previously the Small Business Jobs Creation Tax Credit (Public Act 096-0888) was a pilot program created to help reverse the trend of high unemployment in Illinois and to help spur the economy to recovery, by assisting and encouraging small...

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NEW MEDICARE TAX UNDER THE HEALTHCARE REFORM LAW

By on Jul 25, 2012 in General Tax, Uncategorized | 0 comments

The Patient Protection and Affordable Care Act (“the Act”) contains tax increases that will go into effect for tax years beginning after December 31, 2012. One such tax is an additional hospital insurance tax (“Additional Medicare Tax”) for higher-earning self-employed and working taxpayers. Recently, the IRS released guidance containing some frequently asked...

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SUPREME COURT UPHOLDS HEALTH CARE REFORM LAW

By on Jul 1, 2012 in Uncategorized | 0 comments

The U.S. Supreme Court has upheld the individual mandate in the Patient Protection and Affordable Care Act (the health care reform law, or “the Act”). The mandate generally requires that most U.S. citizens and legal residents maintain “minimum essential coverage” for tax years ending after December 31, 2013, or pay a penalty. Minimal essential coverage includes...

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