Jon Dinkins recognized by Eagle Scouts
November 17, 2010 | 
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Jonathan Dinkins, Financial Services Partner at Glass Jacobson was awarded the “Eagle to Eagle” award by the Boy Scouts of America on November 9, 2010. The award is given to an adult Eagle Scout for demonstrating role model leadership back to scouting.
Jon is active with the Baltimore Area Council – Boy Scouts of America, serving on its Executive Board and numerous committees. Himself, an Eagle Scout, he believes in building a stronger community to improve the lives of Baltimore’s citizens.
New Rules- Take another look at R&D
November 4, 2010 | Subscribe to our RSS Feed
For many, the Research and Development (R&D) tax credit proves to be a driving force behind R&D activities. And for good reason- claiming R&D credits can mean tremendous tax savings for businesses. For many others the credit is only a dream as the Alternative Minimum Tax (AMT) rules limit the amount of the credit that can be currently used to little or nothing.
In previous years, falling subject to the AMT rules limited a taxpayer’s ability to take advantage of certain credits and deductions, including the R&D credit. You could claim the R&D credit, but could only carry it over for potentially future year’s use (when you were not subject to AMT).
However, in 2010, the R&D credit is not subject to the AMT rules. The new tax law changed this in 2010 for an eligible small business (ESB). An ESB can use 2010 General Business Credits to offset AMT. This will allow many business owners who were unable to take advantage of the credit until now to utilize the tax benefit of performing R&D activities.
If your business is improving its products, services, or processes, this is an especially important year to look at R&D credits.
Questions?
2010 Tax Tips Series- Hiring?
October 29, 2010 | Subscribe to our RSS Feed
We are moving into a period of economic recovery and growth for businesses. This is a good thing, but for business owners, this often means higher taxes. As your tax advisor, we are always watching for opportunities to help you lessen your tax burden. There are more tax credits available in 2010 than in many recent years for small and mid-sized businesses, but taking advantage of many of them requires proper planning.
Steve Albert, Managing Partner of our Tax Practice, provides weekly insight here: This week we talk specifically to businesses in hiring mode.
For more information on tax credits for businesses in hiring mode, check out the related posts below:
Are You Ready for the Next Step?
October 27, 2010 | Subscribe to our RSS Feed
I recently had the opportunity to take the second half of a Social Media Marketing seminar. And while I have written before about the benefits of using social media as a marketing tool my eyes were opened even more by what was presented at this class.
Website development will continue to be a crucial marketing tool now and in the future. It is important that your website developer understand all the “stuff” that drives someone to your website and not your competitor’s. This search engine optimization is dependent on many factors and can easily be botched unknowingly. You don’t want to have a prospective patient search for practices in your community only to have your practice website link show up on page 3 of the listings where no one will see it. Make sure your website developer knows what they are doing. Cheaper is not always better if it does not get anyone to your website.
The use of video in conjunction with the website is another tool that is easy to do and relatively inexpensive thanks to the Flip video camera. Whether the video is posted on your website or on You Tube you need to know how to properly make the video work for you.
Don’t pooh pooh this new technology and think it is just a passing fad. Make sure you take the proper approach and present a professional appearance. Get the knowledge necessary to position yourself at the forefront of this important marketing tool. Check out any courses which may be presenting this information in your area or travel to where they are giving the course, it will be money well spent.
Questions for Larry the Accountodontist?
larry.goldberg@glassjacobson.com
IRS Scam Alert
October 25, 2010 | Subscribe to our RSS Feed
The IRS has issued a warning about a fraudulent scheme targeting Electronic Federal Tax Payment System (EFTPS) users. The scheme uses an e-mail claiming that the user’s tax payment was rejected and directs the user to a website for additional information. The website contains malware that will attempt to infect the user’s computer.
The IRS does not initiate taxpayer communications through e-mail. If anyone receives a message claiming to be from the IRS or EFTPS, do not reply to the sender, access links on the site or submit any information to them. Report and identify this or other phishing, e-mail scams and bogus IRS websites by forwarding the e-mail or URL information to the IRS at phishing@irs.gov.
Questions?
tammy.schneider@glassjacobson.com