ARTICLES and PUBLICATIONS

The Homebuyers Credit

In 2008, a refundable tax credit equal to 10% of the purchase price of a principal residence was made available to qualified first-time homebuyers.  This credit was set to expire July 1, 2009, and generally required repayment.  But in Feburary the American Recovery and Reinvestment Act of 2009 (ARRA) extended its availability to purchases made before Dec. 1, 2009, and generally removed the repayment obligation for qualifying purchases after Dec. 31, 2008. more...

Regional Firm has International Capabilities

When Mikunda, Cottrell & Co., Inc. opened its doors in 1977, it was a small certified public accounting firm serving a few select clients.  Today, it is the largest locally owned CPA firm in Alaska and provides a complete range of accounting services to local and regional clients including companies with overseas operations. more...

IRS Likely Does Not See Nonprofits Like You Do

If you ever have been involved in serving on nonprofit organizations with some degree of active participation, the chances are that you've learned to dislike the acronym "UBIT."  more...

Overseas Operations Require Knowledge of Foreign Tax Strategies

Anchorage is an international crossroads, as such it makes an excellent location for an international business.  What are the tax considerations for international/multi-national businesses?  Look inside this article for some basics.  It contains important tax concepts to consider when doing business abroad.  more...

Beware of Well-Dressed Active Management Plans 

There are two general theories about how markets work. The first, which is the conventional wisdom, is that there are smart people, working hard, who can uncover securities that have been mispriced by the market. In the case of stocks, that means identifying stocks that are under- or overvalued and identifying when the bear is about to emerge from its hibernation and when the bull is about to start another rampage. The former is the art of stock selection and the latter is the art of market timing. Together they form the art of active management.  more...

HIRE Act

In an effort to confront high unemployment, the Hiring Incentives to Restore Employment (HIRE) Act provides incentives for hiring and retaining unemployed workers. Under the HIRE Act, a qualified employer's 6.2 percent share of Social Security tax liability is forgiven for new hires, and a general business credit is allowed for each retained worker that satisfies a minimum employment period. The first opportunity to take advantage of the HIRE Act is with the second quarter 2010 form 941, which is due July 31.  more...  HIRE Act Form W-11

PPAC and HIRE Acts of 2010

Summary of Provisions

Recently the Patient Protection and Affordable Care (PPAC) Act, as amended by the Health Care and Education Reconciliation Act of 2010 (Reconciliation Act), was enacted on March 21, 2010. Additionally the Hiring Incentives to Restore Employment (HIRE) Act was enacted March 18, 2010. These two pieces of legislation have imposed many new requirements, including taxes, fees, and reporting obligations of which you need to be aware. more...