Deadline for Haiti Donations for 2009 Tax Deductions is Feb. 28

You have until midnight on Sunday, Feb. 28 to make charitable donations to the earthquake relief efforts in Haiti, if you want to take the tax deduction for 2009.

Typically, if you file an itemized individual federal return and you want to deduct your charitable contributions, you can only deduct the contributions you made in that tax year. The earthquake hit Haiti on January 12, 2010. Under the normal rules, charitable contributions made to help Haiti would be deductible when taxpayers file their 2010 returns in 2011. However, due to special legislation signed into law by President Obama in January, there is a special and temporary exception for Haiti relief.

Under the new law, you can treat a contribution made to help Haiti after January 11, 2010 and before March 1, 2010 as if made on December 31, 2009. You can decide whether to deduct your 2010 Haiti contribution on your 2009 return or on your 2010 return. While you cannot deduct the same Haiti contribution on both your 2009 and 2010 returns, you can allocate multiple donations to more than one year.

Click here to read more.

Elliott Davis’ Jay Gibson Discusses Importance of Business Valuations in The Mecklenburg Times

When it comes to determining the value of your business, there’s more to consider than just the numbers. Yes, cash flow, profit margins and debt all must be taken into consideration — but so must your company’s viability, management staff and the competition in the market. Click here to read more.

Elliott Davis Real Estate Advisor March-April 2010

Real Estate Advisor is a great source for the latest in real estate trends for all real estate professionals.

We are pleased to present the March/April 2010 issue of Real Estate Advisor as a way to help you make smart investment and development decisions in the real estate market. The articles cover several topics we think you’ll want to know about.

Specifically, we describe creative concessions that buyers may be able to obtain from sellers in lieu of a lower selling price. We show that conduit financing, though scarcer than in recent years, can still be an attractive option for certain borrowers. We also discuss five important steps in establishing a strong preventive maintenance program, and look at how environmentally friendly paving projects can not only enhance developers’ reputations, but also save money on materials and labor.

Business Owners Offered Broad Slate of Deductions

Richard Battle, CPA

This article was published in the Charlotte Business Journal on February 12, 2010.

This tax year presents new challenges and new opportunities for business owners. You are likely questioning how the increasingly confusing and ever-changing tax laws will affect you and your business. Couple this with the impact of the recent economic slowdown and it’s no surprise that savvy business owners are looking for ways to reduce tax liabilities and preserve cash balances. There are several new or expanded deductions and other incentives that, depending on your specific situation, may help reduce the overall tax burden of your business for 2009 and 2010.

New Department of Labor Rule Prompting Employers to Review 401(k) Deposits

The Department of Labor (DOL) recently issued a safe harbor rule aimed at protecting employee contributions to benefit plans subject to ERISA with fewer than 100 participants.

Effective January 14, 2010, employee 401(k) contributions and loan repayments to these “small” plans must be deposited by plan sponsors no later than the seventh business day following the payroll date.

Currently, this ruling does not extend to plans with more than 100 participants. However, large plans must still comply with the prior deposit rule and plan sponsors may be subject to a faster deposit requirement.

Elliott Davis is here to help you evaluate, interpret and implement this new requirement. Please contact Terri McNaughton, Employee Benefit Plan Practice Chair, at 864.552.4740 or .(JavaScript must be enabled to view this email address) for assistance.

To read the press release from the Department of Labor, click here.

Your Donations to Haiti Relief Can Be 2009 Tax Deductions

Following the devastation in Haiti, did you make a charitable donation to the earthquake relief efforts? If so, you can choose whether you want to take the tax deduction for 2009 or 2010, due to special legislation signed into law by President Obama in January.

Elliott Davis On-Site Newsletter Winter 2010

Do you know how to choose the best subcontractor for a particular job? Or feel uncertain about the new world of social networking?

We are pleased to present the Winter 2010 issue of On-site. In it, we discuss:

• Two important steps to take to be sure of hiring the best subcontractors,
• Five prime suspects in an investigation of profit fade,
• How contractors can improve their bidding practices, and
• The pros and cons of social networking for construction companies.

The ideas we discuss in On-site are relevant to your success, and we would welcome your questions or comments.

Elliott Davis VitalSigns Newsletter Winter 2010

The beginning of a new year provides a great opportunity to evaluate the position of your organization. Are you meeting your financial goals, making your patients healthy and happy, growing your practice, satisfying regulatory demands, improving your technology, and working well with your fellow professionals? Whether only one or all of these items are on your organization’s radar for the new year, you should take a moment to plan for how you can progress toward meeting your goals in the year ahead.

In this issue of VitalSigns, we discuss the growth stages of a hospital-owned physician network, regulatory reporting requirements, incentives of CMS reporting, finding the best doctor to hire for your practice, and standardized patient surveys.

We wish the best for you and your practice in the coming year and hope that, if nothing else, we are finally moving past the economic hurdles our nation has recently faced and will be able to once again fully focus on both the practice and business of medicine.

Elliott Davis Dental Services Practice: Financial Check-Up Newsletter January 2010

2009 was a tough year for the American economy, but indications are that 2010 will be better. With potentially higher tax rates looming, it is important to take a proactive financial approach in this New Year.

In this issue, Susan Harris discusses the basics of Health Savings Accounts and how they can be best utilized. Also provided is information on new and/or revised tax credits, as well as a guide to deducting meal and entertainment costs. As always, please contact us if you have any questions. We hope you enjoy the reading!

Elliott Davis Manufacturer Newsletter Winter 2010

Do you know how benchmarking with financial ratios can allow you to break your operations into individual segments to measure effectiveness? Or that your cargo insurance may not provide as much coverage as you think?

We are pleased to present the Winter 2010 issue of Manufacturer. In it, we discuss:

• Benchmarking with financial ratios,
• Common problems with cargo insurance,
• Steps a manufacturer can take to reduce the chances of fraud, and
• The increasing sophistication of transportation management systems.

The ideas we discuss in Manufacturer are relevant to your success, and we would welcome your questions or comments.