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Bush-Era tax cuts extended in the Tax Relief of 2010, Louisiana Digital Media Tax Incentive Program, Louisiana increases number of unclaimed property audits, and more.

2010 Tax Relief Act

Multi-Billion Dollar Tax Package Affects Almost Every Taxpayer

The Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 provides a two-year extension of the Bush-era tax cuts. Called the most sweeping tax law in a decade, the new law is much more than an extension of existing tax rates.

The new law provides a temporary across-the-board payroll tax cut for wage earners, a retroactive AMT "patch," estate tax relief, education and energy incentives and several valuable incentives for businesses, including 100 percent bonus depreciation and extension of numerous temporary tax breaks, many of which we highlight here.

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Louisiana: The Entertainment
Capital of the South

State Expands Digital Media Tax Incentive Program

Louisiana has become accustomed to being called Hollywood South, but what about the Entertainment Capital of the South?

With the success of film tax credits, Louisiana patterned tax credits in additional entertainment sectors to create sustainable growth in emerging trends. The state recently expanded upon it's digital media tax incentive program which we take a close look at here.

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Don't Get Caught with Unclaimed Property

Louisiana unclaimed property audits are on the rise making it increasingly important for businesses to carefully review the procedures involved in handling and reporting unclaimed property.

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Change in Lease Accounting Around the Corner

The FASB recently released an Exposure Draft, Leases, which would eliminate the operating lease option. Companies should start reviewing their leases to determine the effect this change in accounting policy will have on its financial statements.

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Small Business Jobs Act Offers Tax Relief for Businesses

The Small Business Jobs Act of 2010 includes several business tax incentives meant to stimulate business investment and spending and provide tax relief for small and medium sized businesses.

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Are You Employment Tax Compliant?

The IRS is increasing its focus on employment tax compliance. In early 2010, it began what is said to be the most comprehensive employment tax compliance study in 25 years, auditing 6,000 randomly selected businesses over three years.

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In This Issue
2010 Tax Relief Act
Digital Media Tax Credit
Unclaimed Property Audits
Small Business Jobs Act
Change in Lease Accounting
Employee Tax Compliance

More On The Web

2011 Tax Rates & Other Inflation-Adjusted Figures

2011 Mileage Rates Increase

New Standard Affecting Compilations and Reviews

IRS on Twitter

HMV Employees Honored

Partner John Dean was awarded the Society of LA Certified Public Accountants' Distinguished Public Service Award. He was also inducted into the Junior Achievement of North LA Business Hall of Fame and most recently, honored as Business Leader of the Year by the Greater Shreveport Chamber of Commerce.

Partner Gerry Hedgcock was presented the annual Dr. Ronny Joe Hampton Memorial Award by the Shreveport-Bossier Executives Association (SBEA).

Amanda Speckman and Walker Coburn were honored as two of NWLA's 40 Under 40.

HMV Welcomes New Employees

Kristina Guedry accepted a position in the audit department in late 2010 working out of our Shreveport location. Kristina received her accounting and finance degree from the University at Lafayette.

Stephanie Lawman joined HMV the last quarter of 2010 as part of our Retirement Plan Services department.

Jodi Penn came on board in November as the firm's first Business Development Director. With an accounting degree and her leadership involvement in numerous community organizations, Jodi is a great asset to the firm's business development efforts.

Lauren Rollins is the newest member of our audit department. She graduated from LSU Shreveport in August of 2010 with a Bachelor of Science in Accounting.

Liz Seals joined HMV in December as part of our administrative staff in Monroe.

HMV is excited to have three interns currently at the firm. Madalyn Allen and Michael Hiller are both seniors at Centenary College. Madalyn will graduate with a double major in accounting and finance, and Michael will graduate with a double major in accounting and business administration. Ashley Kirby, also a senior, is currently working toward her accounting degree at University of LA - Monroe.

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IRS Circular 230 Disclosure: To ensure compliance with U.S. Treasury Regulations governing tax practice, we inform you that any U.S. federal tax advice contained in this communication, including any appendices, is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding any penalties under U.S. federal tax law, or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.