PR Log, August 27, 2010 (Click here to read the original article)
Silicon Valley’s top tax preparer, LMGW Certified Public Accounts, LLP, has promoted Rebecca L. Elkins, CPA as manager in charge of individual and business tax services.
The Affordable Care Act passed in March of 2010 as part of the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010 has expanded the health insurance coverage available to older children. An older child is defined as the son, daughter, stepson, stepdaughter, legally adopted child or eligible foster child of the employee who is under the age of 27. The Affordable Care Act requires group health plans that provide dependent coverage of children to extend that coverage until the child reaches the age of 27. The child does not have to be a dependent for tax purposes to qualify for the extended coverage. Furthermore, health care coverage and reimbursements for medical care under an employer provided accident or health plan to an employee’s child who is under age 27 will not be taxable.
The IRS has just released a one-time relief program for small charities. Under the one-time relief program, small nonprofit organizations at risk of losing their tax-exempt status because they failed to file required returns for 2007, 2008 and 2009, would be allowed to preserve their status by filing returns by October 15, 2010.
To check if your organization qualifies, check for charities located in California or the full list.
If you need assistance with your organization’s return filings, please contact LMGW.