BEBWS Announces Robert D. Bankston as Managing Partner
Bevis, Eberhart, Browning Walker & Stewart, P.C. is pleased to announce that Robert D. Bankston has been named managing partner of the firm, effective January 1, 2010. Robert joined BEBWS in 2004 in the Accounting, Advisory, Tax, and Assurance Services group. In addition, Robert has risen to the leadership role on our Audit and Attestation team.
BEBWS Announces Tracy Knowles as Partner
Bevis, Eberhart, Browning, Walker & Stewart, P.C. is pleased to announce that Tracy Knowles has been named a partner in the firm, effective June 1, 2009.
HIRE Act
Under the Hiring Incentives to Restore Employment (HIRE) Act, enacted March 18, 2010, two new tax benefits are available to employers who hire certain previously unemployed workers (“qualified employees”).
The first, referred to as the payroll tax exemption, provides employers with an exemption from the employer’s 6.2 percent share of social security tax on wages paid to qualifying employees, effective for wages paid from March 19, 2010 through December 31, 2010.
In addition, for each qualified employee retained for at least 52 consecutive weeks, businesses will also be eligible for a general business tax credit, referred to as the new hire retention credit, of 6.2 percent of wages paid to the qualified employee over the 52 week period, up to a maximum credit of $1,000.
Small Business Health Insurance Incentive
If you buy a new passenger vehicle between February 16, 2009 and January 1, 2010, you may be entitled to deduct state and local sales and excise taxes paid on the purchase on their 2009 tax returns next year. WASHINGTON — The Internal Revenue Service announced today that taxpayers who buy a new passenger vehicle this year may be entitled to deduct state and local sales and excise taxes paid on the purchase on their 2009 tax returns next year. The deduction is limited to the state and local sales and excise taxes paid on up to $49,500 of the purchase price of a qualified new car, light truck, motor home or motorcycle. The amount of the deduction is phased out for taxpayers whose modified adjusted gross income is between $125,000 and $135,000 for individual filers and between $250,000 and $260,000 for joint filers.