* * * * * * IMPORTANT TAX BULLETIN * * * * * *

Wednesday, December 17, 2008. The US Treasury Department does not intend to suspend the current 50 percent tax penalty -- for the year 2008 -- on Section 401(k) retirement accounts and individual retirement accounts (IRAs) subject to minimum withdrawal rules when the account holder is 70 ½ years or older. BNKJ obtained this information through the efforts of Georgia U.S. Senator Johnny Isakson’s office, and we greatly appreciate their time and assistance in getting us this information.

Note: Last week both the House of Representatives and the Senate passed a waiver of the minimum distribution rule for 2009, for employer-provided qualified retirements plans and individual retirement accounts and annuities in H.R. 7327, the Worker, Retiree, and Employer Recovery Act of 2008. President Bush is expected to sign it this week. For the Technical Explanation prepared by the Staff of the Joint Committee on Taxation, please click here.

If you have questions, please don’t hesitate to contact us.

* * * * * * IMPORTANT TAX BULLETIN FOR GEORGIA RESIDENTS * * * * * *
October 24, 2008
The State of Georgia has enacted a new tax credit program, effective for 2008, which will allow individuals and businesses to receive a contributions credit for donations made to qualified student scholarship organizations (SSOs). The contributions would go to SSO scholarship programs that provide low-income families the opportunity to send their children to Georgia private schools for grades K through 12. For more information on this new program, click here.

As always, the goals of our firm are focused on helping you plan effective tax strategies and save money. To help achieve these goals, we're pleased to provide you with our 2008 Tax Planning Guide. In this year's guide, we offer essential information and resources on the latest tax law changes and opportunities.
 
Some tax incentives are not permanent, so it is important to understand the timeframe available to benefit from these temporary changes. We review key dates for the best savings and offer several methods to help minimize your tax bill.
 
As well as covering efficient tax planning for both the present and future, we highlight significant reform making an impact in 2008, including:

  • The start of the zero-tax window for long-term capital gains and dividends, which applies to investors in the bottom two income-tax brackets
  • The increase in Individual Retirement Account (IRA) contributions
  • The expansion of the "kiddie tax"
  • The increase in Section 179 expensing limits for businesses

We encourage you to review this tax guide at www.taxguideonline.com/bnkj and contact us with any questions at 770-261-1900 or info@bnkj.com. Babush, Neiman, Kornman & Johnson, LLP is committed to helping you through the tax planning process from start to finish. We hope you will take advantage of our resources in order to maximize your tax savings.
BNKJ NEWS:

Leading retirement plan audit partner joins BNKJ, LLP

Monday, December 29, 2008. Atlanta, GA. One of Atlanta’s premier accountants for performing retirement plan audits has joined the accounting and consulting firm of Babush, Neiman, Kornman & Johnson, LLP (BNKJ).

Melissa “Missy” Herbert joined BNKJ on December 15 as a partner. She brings 12 years of employee benefit plan audit and consulting experience to the firm, serving both public and private companies with plans ranging in size from 100-300,000 participants and assets ranging from $1 million to $10 billion.

Prior to joining BNKJ, Missy was a principal at a regional firm and before that a director at a big four accounting firm. She is known for servicing prominent businesses in the Southeast.

The addition expands BNKJ’s plan audit practice to include 18 professionals in the ERISA area.

“We’re thrilled that Missy has joined our team,” said Barry Klein, partner in charge of ERISA audits. “Her clients can’t say enough about her, and the quality of her work is well known in the City. We’re all looking forward to working with her, and think she’ll bring some real value to the growing number of clients we’re serving in this area.”

Missy earned her Bachelors of Science degree in Accounting at the University of New Orleans, and is a certified public accountant.
About BNKJ

 

  
Proud Members of the American Institute of Certified Public Accountants (AICPA) and the AICPA Employee Benefit Plan Quality Center
 
BNKJ is proud to be a founding sponsor and 21 year supporter of the Kennesaw State University Cox Family Enterprise Center. Congratulations to KSU, Coles College of Business, which Fortune Small Business recently named one of the six best places in the United States for family business education.