US Banks in 2010

Butler Bank of Lowell, Massachusetts was seized by the FDIC on Friday. 50 US banks have failed in the first 4 months of 2010. To put that in perspective, 29 banks failed in the first 4 months of 2009, and only 25 banks failed in the entire year of 2008. That curve is alarming!

This Year's Income Tax Refunds

The IRS wants you to know the average income tax refund is up nearly 10% this year because of new tax benefits made possible by the Recovery Act.

Massachusetts Unemployment Assistance for Federal Disaster Area

Massachusetts has announced special unemployment assistance handling for areas affected by the flooding. Application must be made between March 14th, 2010 and May 3, 2010. This applies to self-employed individuals also.

Examples of reasons for unemployment that may make a person eligible to receive Disaster Unemployment Assistance:

* You were injured in the disaster and are unable to work, whether you are an employee or self-employed.
* Your workplace was damaged, destroyed, or you can't work because of the disaster.
* Your transportation to work is not available because of the disaster.
* You can't get to your job because you must travel through the affected area, and you cannot do that because of the disaster.
* You were about to begin working, but could not because of the disaster.
* You are now the breadwinner or major support for a household because the former head of household died in the disaster.
* You are out of work because the Federal government took over or closed the facility where you worked.
* You derived most of your income from areas affected by the disaster, whether working for yourself or for an employer.

Rhode Island Unemployment

Rhode Island is waiving some unemployment rules. RI residents will not have a "waiting" week. Self-employed residents will be eligible for unemployment. RI employers will not be charged for those laid off as a result of the flooding.

Now it's up to Congress to make unemployment funds available to those affected by this disaster, and for those still unemployed as a result of last year's economic disaster!

Wonder if Congressional members are eligible for unemployment when the electorate lays them off!

Flexible Health Spending Accounts

Starting in 2011, over the counter medications must be prescribed by your doctor in order to use them in flexible health, health savings accounts.

Health Care and W-2's

Employers must begin reporting the value of health care benefits on W-2 statements in 2011.

Indoor Tanning Tax

A 10% excise tax will be assessed on indoor tanning services starting July 1, 2010!

Masschusetts Deadline extended

Governor Deval Patrick directed Massachusetts Department of Revenue to allow residents in Bristol, Essex, Middlesex, Norfolk, Plymouth, Suffolk, and Worcester counties to extend the 2009 state tax filing deadline to May 11th, 2010. This extends the time for payment of balance due amounts and first estimates also.