When your accountant or attorney wants to discuss entity choice, they are referring to the various types of business entities or structures available. When considering the pros and cons of each type of entity, the many multifaceted issues may be grouped in taxation and asset protection.

During the recent 2009 tax filing season, we saw many clients take advantage of the Residential Energy Tax Credit.As a reminder, this credit is available to homeowners who install energy-efficient components and appliances. See the full list.

One of the provisions of the Patient Protection and Affordable Care Act is a credit designed to encourage small employers to offer health insurance coverage for the first time or maintain coverage they already have. In general, the credit is available to small employers that pay at least half the cost of single coverage for their employees.

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.