October 30, 2014 4:00 pm
Published by Mark
More than 1,000 American taxpayers have collectively lost about $5 million as a result of a recent phone scam that has been reported to be active in virtually every corner of the nation. The Internal Revenue Service (IRS) reminds everybody to be vigilant, to never give personal financial information to anybody over the phone, and to report instances of phone scams to the IRS and/or to the Treasury Inspector General for Tax Administration (TIGTA). A taxpayer first contact with the IRS will not be...
October 30, 2014 4:00 pm
Published by Mark
Whether you are giving a lot of money one time or a little throughout the year you need to keep good receipts for all your donations. It’s particularly important if you are giving a lot to a charity or charities. If a taxpayer does not have proper documentation, the taxpayer has no standing for the charitable deduction.
October 30, 2014 4:00 pm
Published by Mark
2014 2015 Increase Limit on employee contributions to 401k, 403b, or 457 plan $17,500 $18,000 $500 Limit on age 50+ catchup contributions to 401k, 403b, or 457 plan $5,500 $6,000 $500 Traditional and Roth IRA contribution limit $5,500 $5,500 None Traditional and Roth IRA age 50+ catchup contribution limit $1,000 $1,000 None SIMPLE 401k or SIMPLE IRA contributions limit $12,000 $12,500 $500 SIMPLE 401k or SIMPLE IRA age 50+ catchup contributions limit $2,500 $3,000 $500 Maximum annual additions t...
October 30, 2014 4:00 pm
Published by Mark
Under the Affordable Care Act, the Federal government, State governments, insurers, employers, and individuals share the responsibility for health insurance coverage beginning in 2014. Many people already have qualifying health insurance coverage (called minimum essential coverage) and does not need to do anything more than maintain that coverage. The individual shared responsibility provision requires you and each member of your family to either: Have minimum essential coverage, or Have an exem...
September 17, 2014 9:00 am
Published by Mark
In recently posted employer healthcare arrangement FAQs, the IRS warns employers about using employer payment plans to reimburse employees on a pretax basis for health insurance premiums the employee pays on an individual policy (either through a qualified health plan in the Marketplace or outside the Marketplace). As explained in Notice 2013-54, these employer payment plans are considered to be group health plans subject to the market reforms, including the prohibition on annual limits for esse...
September 17, 2014 9:00 am
Published by Mark
The following is a summary of the most important tax developments that have occurred in the past three months that may affect you, your family, your investments, and your livelihood. Please call us for more information about any of these developments and what steps you should implement to take advantage of favorable developments and to minimize the impact of those that are unfavorable. Employer health insurance tactic may backfire.
September 17, 2014 9:00 am
Published by Mark
On June 16, 2014, Ohio Governor John Kasich signed into law House Bills 492 (“H.B. 492”)1 and 483 (“H.B. 483”),2 followed by his signature on June 17th of Senate Bill 263 (“S.B.
September 17, 2014 9:00 am
Published by Mark
Like many small employers with under 50 full-time equivalent employees, most small employers thought they would be relatively unaffected by the Affordable Care Act. Upon review of the law, it is discovered that Healthcare Reimbursement Arrangement are legal, but are now completely unworkable. Employers have offered for several years to full-time employees a standalone HRA for which they get pre-tax reimbursements for out-of-pocket medical expenses and health insurance premiums, up to the annual ...
September 17, 2014 9:00 am
Published by Mark
After a one-year delay, health care reform’s employer shared responsibility (“play or pay”) penalty tax rules are scheduled to take effect January 1, 2015. A “large employer” is subject to penalties if it fails to offer health coverage to enough full-time employees (and their children up to age 26) and any full-time employee receives premium tax credits for health coverage purchased on a state or federal Exchange. Even large employers that offer coverage may be subject to penalties if the covera...
September 17, 2014 9:00 am
Published by Mark
The final tangible property repair regulations include a de minimis rule related to the acquisition or production of property. This rule provides for a safe harbor applied at the invoice or item level, based on the policies used by a taxpayer for its financial accounting books and records. A taxpayer is generally required to capitalize amounts paid to acquire or produce a unit of real or personal property.
