Changes made by the recently enacted Patient Protection and Affordable Care Act, provide tax-free health coverage for an employee’s children who are under age 27. The change is effective March 30, 2010. These changes immediately allow employers with cafeteria plans to permit employees to begin making pre-tax contributions to pay for this expanded benefit.

Employees who involuntarily lost their jobs had been eligible to continue their employer sponsored health insurance coverage through a subsidized assistance program. This plan was set to expire on March 31, 2010. A new law was recently passed that extends this subsidy program to those eligible employees through May 31, 2010.

A new law was recently passed called The Hiring Incentives to Restore Employment (HIRE) Act. The HIRE Act is a $17.5 billion dollar plan that is intended to accelerate the hiring of unemployed workers and further stimulate this uncertain economy.

The Domestic Production Activities Deduction (DPAD) is a much overlooked deduction by business owners.

Aaaah……The week after tax season (and the first full weekend home in two and half months) is the best week in a tax accountant’s life!Even though tax season is over---we will continue our Tax Tip of the Week mailing for the rest of the year. We will keep you updated on the constant changes as well as spotlighting specific tax planning ideas.