Next Level CPA and Business Advisors

Next Level CPA

Volume 1, Issue 1	October 2009

	Welcome to the Next Level Email Newsletter! We have redesigned our website, and we are hoping this newsletter provides useful and helpful information. In the coming months, we will be providing articles on hot topics in the business/tax community. Help us! If there are some topics you would like to know more about, let us know. Our goal is to help your business to grow. New tax laws, ways to save money, methods of building your business – help us, by letting us know what you need, and we can help you! Len Titone, President & Owner (ltitone@nextlevelcpa.net)
	Tax Law Update What’s happening with the new tax law? Confused? Unsure how it will affect you? The American Institute of Certified Public Accountants (AICPA) recently stated “The ’09 Stimulus Act provides a staggering $300 billion in tax breaks over 10 years and contains virtually no revenue raisers. In addition the ’09 Stimulus Act contains more than 300 changes to the Internal Revenue Code.” Here is a brief summary of highlights of what you can expect….
	Individuals First-Time Homebuyer Credit Expands. Homebuyers who purchase in 2009 can get a credit of up to $8,000 with no payback requirement, up to December 1, 2009. Making Work Pay - The Making Work Pay tax credit, normally a maximum of $400 for working individuals and $800 for working married couples. Unemployment Benefits - Up to $2,400 in Unemployment Benefits Tax Free in 2009. Money Back for New Vehicle Purchases. Taxpayers who buy certain new vehicles in 2009 can deduct the state and local sales taxes they paid or other taxes and fees they paid in states with no sales tax. To qualify for this deduction, the vehicle must be purchased after Feb. 16, 2009, and before Jan. 1, 2010. Education benefits. The new American opportunity credit and enhanced benefits for 529 college savings plans help families and students find ways to pay higher education expenses.
	Business Net operating-loss carrybacks. Struggling, once profitable businesses, can get a refund of taxes they've previously paid, by filing a amended return – and get cash now. Work Opportunity tax credit. This newly-expanded credit adds returning veterans and "disconnected youth" to the list of new hires covered by the credit that businesses may claim. COBRA: Health Insurance Continuation Subsidy. The IRS has increased the amount deductible to employers up to 65%. Energy Efficiency and Renewable Energy Incentives. Several tax breaks are available for new and renewable energy efficiency. Be Concerned about... Higher income tax rates. Taxes ARE going to go up. The former high rate will appear to rise from 33% to 36%, and 39.6%, from 35%. The higher rates kick in at $200,000 for a single individual and $250,000 for a married couple filing jointly. (Can you say marriage penalty?) Capital gains. The administration proposes taking the top capital gains rate back up to 20% from its current 15%. Itemized Deductions: The 28% limit on itemized deductions, in effect, pushes the top marginal income tax rate above 40%. Charity: Due to decreased deductions expect a reduction in charitable donations from large wage earners. More IRS Audits. There will be significant increase in IRS enforcement over the next several years. Billions of dollars are being spent to upgrade IRS computers and revenue officers will be aggressively pursuing taxpayers. Now is the time to check with Next Level and make sure your books and records are in order.
	Save Money and Offer Better Benefits with Next Level PEO We are pleased and excited to announce that we have started up a new Professional Employment Organization (PEO) called Next Level PEO. Leveraging Len Titone’s lengthy experience in the health-care industry, our PEO company is now able to offer exceptional discounts on Health Insurance plans, HR management, and payroll service. Professional employer organizations (PEOs) enable clients to cost-effectively outsource the management of human resources, employee benefits, payroll and workers' compensation. PEO clients focus on their core competencies to maintain and grow their bottom line. Businesses today need help managing increasingly complex employee related matters such as health benefits, workers' compensation claims, payroll, payroll tax compliance, and unemployment insurance claims. They contract with a PEO to assume these responsibilities and provide expertise in human resources management. This allows the PEO client to concentrate on the operational and revenue-producing side of its operations. A PEO provides integrated services to effectively manage critical human resource responsibilities and employer risks for clients. A PEO delivers these services by establishing and maintaining an employer relationship with the employees at the client's worksite and by contractually assuming certain employer rights, responsibilities, and risk. Businesses across America have discovered the incredible value of PEOs because they provide: Relief from the burden of employment administration. A wide range of personnel management solutions through a team of professionals. Improved employment practices, compliance and risk management to reduce liabilities. Access to a comprehensive employee benefits package, allowing clients to be competitive in the labor market. Assistance to improve productivity and profitability. For more information, you can visit our new website at www.nextlevelpeo.com. Better yet, call us today for more information! we would be happy to explain how Next Level PEO can save you money and offer your employees better benefits.
	Controller Solutions Expanding Services & Changing Name In 2007, Next Level Financial acquired the Controller Solutions accounting practice in Frankfort, IN. We are thrilled to have the outstanding team in Frankfort as part of the Next Level corporate family. We’re excited to announce that we’re now offering our financial consulting services in the Frankfort office. In addition to our well-established accounting, tax and bookkeeping services, we have added our full line of business advisory consulting to help clients manage through financial challenges and drive business growth. Next Level Financial has been offering financial consulting service for years, helping our clients take their business “to the next level” financially. Our proven experience covers every aspect of business growth strategy including financial planning, business growth planning, tax consulting, and much more. To reflect the expansion in services in this office, Controller Solutions name will change to Next Level CPA and Business Advisors. Is your business financial situation where it needs to be? If not, call us for a free initial consultation. We are certain we can help you take your business “to the next level” with our innovative, proven solutions. You can reach our Zionsville office at (317) 873-0600, and our Frankfort office at (765) 654-6701.