 |
| Let us help you manage it all. |
Resource Center
SC law Regarding Hiring and Employing Illegals Goes into Effect for All SC Businesses
In 2008, SC passed a law to address hiring illegal workers. The law was implemented in tow phases. The first phase was for larger businesses (those with greater than 100 employees) and the second phase is for businesses with less than 100 employees.
The law requires that a business check all new hires to verify that they are either a citizen of the US or have a right to work in the US legally. Although the bill applies to checking the new hires, there is a provision for existing employees. If a business discovers they may have an employee that does not have a right to work in the US, they must investigate and fire any persons they find working illegally.
Businesses that do not comply can face fines up to $1,000 per illegal employee. Approximately, 200 violations statewide, through May, were found in violation of the law according to the department of Labor licensing and regulation. The second phase of the law, for small businesses, went into effect in July. It will be closely watched to see its impact on the issue of illegal workers.
Extension Passed for Claiming Homebuyer Tax Credit
All those buyers that signed a contract to purchase a home before April 30 deadline and could not close before the June 30 deadline can breath a little easier. Congress passed an extension to September 30 for those buyers who qualified for the homebuyers tax credit but could not close before the June 30 deadline.
The original deadlines were April 30 and June 30. A house had to be under contract by April 30, 2010 and the deal finalized by June 30, 2010 According to Tami Luhby, a senior writer at CNNMoney, an estimated 200,000 people would have missed out on the credit, because they would not have been able to close on the house before the June 30 deadline.
The homebuyers tax credit was not extended for new buyers. At this time, if a house did not go under contract before April 30, 2010, the buyer would not qualify for the credit.
Donating a Life Insurance Plan to a Charity
Many people would contribute more to a charity if they could afford it. One often overlooked asset that could be donated to charity is a life insurance policy that is no longer needed for its original intended purpose. Individuals who might be receptive to this type of charitable gift include those still carrying large amounts of life insurance even though the major financial obligations in their lives have been met.
of course, good reasons may exist for keeping the policy in force (such as to provide liquidity for a taxable estate or to meet the continuing needs of a surviving spouse or disabled child). other times, the best option simply will be to cancel any excess coverage, convert it into a paid-up policy with a lower face amount, or sell the policy in a life settlement transaction. Still, for clients with both excess life insurance and a charitable intent, the donation of a life insurance policy makes sense. However, the donation must be handled correctly for the policy owner to get the maximum tax benefits. Here's the deal.
Seizing on this situation as an opportunity, some charities ask their donors to consider donating life insurance policies rather than (or in addition to) cash, in order to make substantially larger gifts than would otherwise be possible. The advantage to donors is that they can make a sizable with relatively little upfront cash (or even no cash, if an existing policy is donated). That a charity may have to wait many years before receiving a payoff from the gift is typically not a problem because charities normally earmark such gifts for their endowment or long-term building funds.
If handled correctly, a life insurance policy donation can net the donor a charitable deduction equal to the value of the policy. A charitable deduction is also available for cash contributed in future years to pay premiums on a policy that was not fully paid up at the time it was donated. However, if handled incorrectly, the deduction is lost. For this reason, we encourage you to contact us if you are considering the donation of a life insurance policy. We can help ensure you receive the expected income or transfer tax deduction and that the contribution works as planned.
Our company is committed to assembling and making available current information, resources and tools to assist and educate you. We are confident that you will find this page an invaluable resource for questions related to personal or corporate taxes, starting and managing your business, estate planning and an array of other topics.
Remember there is no substitute for professional advice, so feel free to contact us if you have any questions.
|
