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This quarterly newsletter supplement provides new and updated information pertinent to your business, concerning changes and additions in tax laws along with upcoming tax deadlines. As new tax laws come into effect and current tax laws change, we will keep you informed.
We have a section which introduces you to the Martinet Recchia team members. Each quarter we will highlight a member of our team. These staff members help define reliability, respect, responsiveness, courtesy and communication within Martinet Recchia.
small business 401(k)s
U.S. Treasury passed a new ruling, effective immediately, which provides more flexibility to suspend contributions to employee 401(k) retirement accounts. This rule allows companies to stop making payments to their safe harbor 401(k)s without having to terminate the programs as previously required. In order to implement this ruling, companies must show significant financial distress, such as the loss of money from low sales or a rise in health-care costs. This ruling is set up to help keep the 401(k)s in place to ensure a safe and secure retirement for all employees of small businesses. To find out steps are required to qualify for this ruling, Please contact us.
expanded work opportunity tax credit
The work opportunity tax credit (WOTC) has been expanded to include unemployed veterans (discharged on/after 9/1/01 but prior to 12/31/10) and disconnected youth (min. age 16 but not yet 25 on hire date and not attending secondary, technical, or post-secondary school during 6 months prior to hire date and not regularly employed 6 months prior to hire date and is lacking sufficient number of basic skills). The WOTC rewards employers who hire individuals from these targeted groups. The credit loosely equals 40% of first year wages up to $6,000 ($3,000 for summer youth and $12,000 for qualified veterans). For long term family aid recipients, the credit also includes 50% of qualified second year wages.
alerts/deadlines
July 31st: Last day for employers (including self-employed individuals) to file appropriate Series 5500 Form for Employee Benefit Plans (includes Keogh Plans).
Firm news and updates
Martinet Recchia will be celebrating one year at our new location in August! We welcome you to come visit our new office if you haven’t done so.
meet OUR staff
SARAH YEAGLIN has been with Martinet Recchia close to five years. She knew she wanted to go into business but was undecided on her major until she took her first accounting class. She enjoyed the class so much that she decided accounting was what she wanted to do. She graduated from Ohio University with a BBA in Accounting. Her specialty is business taxation, estate planning and multi-state taxation. She has been a great asset to our firm.
Sarah had a healthy baby boy named Cooper on March 12th, 2009. Congratulations to Sarah! | 
