January 14, 2014 12:00 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. Delayed start date for 2014 tax filing season.
January 14, 2014 12:00 am
Published by Mark
The IRS will begin accepting 2013 business tax returns on Monday, Jan. 13, 2014. This start date applies to both electronically-filed and paper-filed returns.
January 14, 2014 12:00 am
Published by Mark
On January 1, 2013, the fiscal cliff legislation negotiations passed new laws and regulations, which were a combination of expiration of old law, modification of current law and introduction of new law focused on the wealthiest of American taxpayers. Increase #1: Rise in maximum marginal rate from 35% to 39.6%. The U.S.
January 14, 2014 12:00 am
Published by Mark
Many small businesses are owned by individuals or families, but tend to operate as a corporate or pass-through entity, which is a separate legal entity from the individual or family. Incorporating as a corporation or limited liability company (“entity”) provides the “entity” with certain advantages, such as certain protections from liability, a perpetual business existence, and eligibility for special treatment under the tax codes. However, the “entity” can only enjoy these advantages if it main...
January 14, 2014 12:00 am
Published by Mark
The IRS continues to increase its scrutiny of Form 1099 reporting by individuals and businesses. The IRS uses 1099s submitted to them to be sure Form 1099 recipients report the income on their income tax returns. Failure to comply with 1099 filing requirements may result in substantial penalties.
December 30, 2013 12:00 am
Published by Mark
For individuals: Above-the-line deduction for certain expenses of elementary and secondary school teachers. Deduction for state and local sales taxes. Above-the-line deduction for qualified tuition and related expenses.
December 30, 2013 12:00 am
Published by Mark
The IRS announced the official 2014 inflation-adjusted amounts for health savings accounts (HSAs). These limits include the maximum annual HSA contribution amount, the minimum annual deductible for a high-deductible health plan (HDHP) and the maximum annual out-of-pocket (OOP) expense limits for an HDHP. The maximum annual OOP expense limits in 2014 for an HSA-qualifying HDHP (i.e., $6,350 self-only/$12,700 family) are the same amounts applying to 2014 OOP expense limits for all non-grandfathere...
December 30, 2013 12:00 am
Published by Mark
While the American Taxpayer Relief Act of 2012 (ATRA) may be largely a misnomer, a few provisions are beneficial to taxpayers. One such provision is the extension through this year of the qualified charitable distribution (QCD). This provision permits an IRA holder who is age 70½ or older to make a distribution from his or her IRA account directly to a public charity and exclude the distribution from gross income.
December 30, 2013 12:00 am
Published by Mark
Although there are only a few weeks left to go before the year ends, it's not too late to implement some planning moves that can improve your tax situation for 2013 and beyond.. Make HSA contributions. Under Code Sec.
December 30, 2013 12:00 am
Published by Mark
The U.S. Department of Health and Human Services (HHS) announced that it would delay again online enrollment in the federally-facilitated Small Business Health Options Program (SHOP) until November 2014, a year later than expected. Instead, small businesses that wish to apply must continue to do so through an agent or broker or submit their enrollment applications via fax or mail.
