To claim the credit, you’ll need the proper documentation:

• Proof you received the employee’s share of the premium (35%)
• A declaration that the former employee was “involuntarily terminated,” and
• For insured plans, a copy of the invoice or similar statement from the insurance carrier, as well as proof the premium was paid on time.

You can claim your credit on Form 941, starting with the first quarter of ’09.

IRS has also released a new FAQ page for employers who need more details on the new procedure. If employees (or former employees) have questions about their rights and responsibilities, you can refer them to this page, which has several links to even more info.

Everyone wants the new administration to do something to end the economic slide. But will the likely courses of action mean more work on your part? It seems likely.

Even before he officially took office, President Obama had outlined several steps he planned to take to stimulate the economy, create jobs and put more cash into people’s pockets.

Some proposed changes will affect businesses directly. But even those that are aimed at the average worker and consumer could significantly affect your work in Accounting. Here are some of the biggest proposed changes — and how they could impact you:

1. Minimum wage increases — by 2011, the federal minimum wage may be increased to $9.50. And some states may further increase their own minimum wages, resulting in more work — and more questions — for Payroll.
2. Expanding the Earned Income Credit — some full-time workers would be eligible for much larger credits. Again, more questions regarding eligibility and claims for Payroll to field.
3. Changing federal withholding rates — The Obama administration wants to reverse most of the Bush-era tax cuts for the highest-income earners, as well as a permanent tax reduction of $500 per person through a change in federal withholding rates and/or a federal payroll holiday. In either case, it’s more calculations you’ll have to make to ensure everyone has the right withholding. And again….more questions from workers when they seen new numbers on their pay-stubs.

Several proposals would also tweak the rules and regulations surrounding popular employee benefits. These changes could have you dealing with more paperwork and having to explain new rules to employees:

• Penalty-free hardship withdrawals from employees’ 401(k) accounts.
• Automatic enrollment in pension plans. If your company doesn’t have a pension plan, it would have to offer an IRA with direct deposit. Employees would be able to opt out of the program.
• Expanded health insurance options. There are several proposals in this area, including a small business health tax credit for providing health insurance benefits, coverage for catastrophic health costs and mandated health care coverage for larger employers.

It’s too soon to say exactly which of these measures will pass — and what their final form will be — as Congress and the President negotiate the various bills pending. But there’s no doubt that some of these changes will be prompting you to make some changes in your department relatively soon.

For more details on the government’s fiscal and tax proposals, click here.

The new regs cover reporting procedures and require you to file a return including information such as the number of employees covered under the insurance contracts; the total amount of insurance; the name, address and TIN of the policyholder and more.

The rules are in effect starting Nov. 6 and apply to contracts issued after Aug. 17, 2006.

You can get the full text here.

The good news: Accounting jobs were said to be the hardest to find qualified workers for by 32% of CFOs (another 18% said it was audit and finance staff). So if you’re looking for a new gig  – or just want to be prepared for the worst — a freshly polished resume listing any new skills you’ve developed is key.

Where the jobs are

Highest anticipated hiring rates by region:

• Middle Atlantic (New Jersey, New York, Pennsylvania) 
• West South Central (Arkansas, Louisiana, Oklahoma, Texas)

Has your company hit some hard times? Or maybe you’re just bracing for the worst. Either way, the time to look for hidden cost-savings is now. In an article for AccountingWeb.com, Marcus Scholes points to a silver lining in the clouds of the current economic unrest. Changes that help you more effectively track asset management can save your company thousands of dollars. Even better: These changes can also help make Accounting’s job a little easier in the long run.

The place you want to look is your company’s asset management. According to Scholes, the multiple asset registers kept by most companies are prone to letting errors seep into your books.

Among the most common problems: Finance often keeps only general aggregate numbers for depreciation purposes. But the detailed info and updates that department managers are more likely to keep is where the real gold is.

For instance, it’s not uncommon for up to 20% of the assets listed in the register to be “ghost assets” — that is, items that have been trashed, broken, put out of service, etc.

Not getting that info to Accounting can unnecessarily bloat asset registers — and lead your company to pay more in taxes, insurance and other ongoing costs. It’s also a good sign that your company isn’t squeezing as much efficiency out of its processes as it probably can.

The fix

For most companies, “the register” is basically just a compendium of all the different spreadsheets individual departments use to track assets. Getting your company to use one standardized asset manager system will need a two-prong approach:

1. First, review each department’s asset list to make sure it’s up to date. You’ll also want to find out exactly which pieces of info (serial numbers, date purchased, etc.) are vital to department managers.

2. Second, once you have the info updated, put together a single, dynamic asset register that can serve multiple functions. For instance, see if IT can customize the register so that all the info is in there, but various departments can access only the sections they need. That gives you the security you need (only certain people can access specific info) and it makes the register useful to everyone who needs it.

Alternate plan: If you don’t want to have department managers actually update the info, make sure you have a specific procedure or form for them to use when it’s time to for updates. The easier and more routine you make the process, the more likely they are to follow it. And the more likely you are to get all the nearly-near-time info you need.