As the year draws to an end, we would like to highlight a few tasks that employers may perform in December and January to make the year-end payroll processing go more smoothly.

The Internal Revenue service announced that the cost of living adjustments have affected the dollar limitations for pension plans and other retirement-related items for the 2012 Tax Year. In general, many of the pension plan limitations will change for 2012 because the increase in the cost-of-living index met the statutory thresholds. However, other limitations will remain unchanged.

With 2011 drawing to an end, now is the time to review any possible tax credits that your company might qualify for.  One such credit is the New Hire Retention Credit, which was included as part of the Hiring Incentives to Restore Employment Act of 2010 (HIRE).  The credit allows for up to a $1,000 credit each for an unlimited number of qualifying retained workers.

As 2011 draws to a close, there is still time to reduce your 2011 tax bill and plan ahead for 2012. This letter highlights several potential tax-saving opportunities for you to consider. We would be happy to meet with you to discuss specific strategies and issues.

Although there are only three weeks left to go before the year ends, it's not too late to implement some planning moves that can improve a your tax situation for 2011 and beyond.

In June of 2010, the United States Government Accountability Office (GAO) presented their report “Continuing Care Retirement Communities Can Provide Benefits, but Not Without Some Risk” to the Chairman of the Special Committee on Aging of the United States Senate. This report addressed four key issues: