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Eastern Kentucky University recently recognized two firms as Employers of the Year.
Baldwin CPAs, represented by Lisa Foley, CPA, fourth from left, and Sara Beth Clements, fifth from left, has been using EKU co-op students since 1986; for the past four years years or so, the Richmond firm has used three or more co-op students each year. Over the years, at least 15 co-op students have remained in full-time positions. Currently 19 of the Baldwin staff members are EKU alumni.
Also recognized as an Employer of the Year was the Social Security Administration, represented by Lyman Russell, second from left, and Bruce Fraley, third from left. Fraley, an EKU grad, is Richmond district manager, a frequent participant in EKU job fairs and posts positions with Eastern on a regular basis. Of the 18 staff members in the Richmond office, seven are EKU grads and two others attended Eastern. Seven staff members of the Lexington office are EKU alumni.
Others in photo are Laura Melius, director of Career Services, EKU; far left; Dr. Jim Conneely, associate provost and vice president for Student Affairs, second from right; and Gladys Johnson, director of Cooperative Education, EKU.
Find this article here courtesy of the Journal of Accountancy.
The IRS on Monday issued average small group market premiums for use in determining the new small business health care credit under IRC § 45R (Rev. Rul. 2010-13).
The Patient Protection and Affordable Care Act, P.L. 111-148, provides tax credits for small businesses, beginning in years after 2009, designed to increase levels of health insurance coverage. In 2010, small businesses—defined as businesses with 25 or fewer employees and average annual wages of less than $50,000—are eligible for credits of up to 35% of nonelective contributions the businesses make on behalf of their employees for insurance premiums. Tax-exempt organizations get a 25% credit against payroll taxes.
The amount of the credit is based on a percentage of the lesser of: (1) the amount of nonelective contributions paid by the eligible small employer on behalf of employees under the arrangement during the tax year, and (2) the amount of nonelective contributions the employer would have paid under the arrangement if each such employee were enrolled in a plan that had a premium equal to the average premium for the small group market in the state (or in an area in the state) in which the employer is offering health insurance coverage.
For purposes of item (2), the revenue ruling provides a table setting forth the average premium for the small group market in each state for the 2010 tax year, as determined by the secretary of Health and Human Services (HHS).
The revenue ruling also notes that for the 2010 tax year, HHS may provide additional average premium rates for the small group market in certain areas within states. However, in no case will any such additional sub-state rates be lower than the applicable rate for each state that is set forth in Rev. Rul. 2010-13.
This newly signed legislation may prove benefitial to employers.
View the firm's letter to our clients by clicking here.
This letter is to provide details on the recently enacted “Hiring Incentives to Restore Employment Act of 2010,” (the HIRE Act) which was signed into law March 18, 2010. The Act creates a “payroll tax holiday” for employers who hire qualified unemployed workers and an additional credit if these new hires are retained for at least one year.
