Now that we're in the final quarter of the year, older taxpayers need to keep a careful eye on their required minimum distributions (RMDs) for the year, as a stiff penalty applies to those who don't withdraw enough from their retirement accounts. Take the RMD or pay a big penalty. Taxpayers must start taking annual RMDs from their traditional IRAs by April 1 following the year in which they attain age 70 1/2.
November 19, 2015 1:20 pmAccording to the Internal Revenue Service (IRS) rules, a Safe Harbor 401(k) plan requires the plan sponsor/employer to provide notice to employees who are eligible under a qualified Safe Harbor 401(k) plan of their rights, obligations, and benefits under the plan. The Safe Harbor notice should be provided to eligible employees within a reasonable time before the beginning of the plan year or during the year in which the employee becomes eligible. Generally, this means at least 30 da...
September 4, 2015 10:00 amThe 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. 2015 luxury auto depreciation dollar limits and lease income add-backs released. Annual depreciation and ...
September 4, 2015 10:00 amA comparison of the 2016 and 2015 limits is shown below: Contribution and Out-of-Pocket Limits for Health Savings Accounts and High-Deductible Health Plans For 2016 For 2015 Change HSA contribution limit(employer + employee) Individual: $3,350 Family: $6,750 Individual: $3,350 Family: $6,650 Individual: no change Family: +$100 HSA catch-up contributions(age 55 or older)* $1,000 $1,000 No change** HDHP minimum deductibles Individual: $1,300 Family: $2,600 Individual: $1,300 Family: $2,600 ...
September 4, 2015 10:00 amSuspecting and then confirming that you have had your identity stolen is a nightmarish scenario. It combines your worst fear if you have ever lost your wallet or purse with all of the work of replacing those things that were lost. It can be so overwhelming you might be wondering, “where do I even start!?” There are an increasing number of identify thefts that are first identified when a thief attempts to file a tax return on your behalf and claim a refund from the IRS or Ohio....
September 4, 2015 10:00 amMany companies use independent contractors to slash payroll taxes and the high cost of fringe benefits. But using outside workers can result in other problems. It's no secret that Uncle Sam wages battle with businesses over freelancers.
September 4, 2015 10:00 amIn its efforts to combat identity theft, the IRS is stopping suspicious tax returns that have indications of being identity theft, but contain a real taxpayer's name and/or social security number and sending out (by US Postal Service) Letter 5071C to request that the taxpayer verify his or her identity. (The IRS will not email or telephone the taxpayer directly to request this information.) Taxpayers may use the idverify.irs.gov site or call a toll-free number on the letter to confirm their iden...
September 4, 2015 10:00 amIf your small business has been selected for an IRS audit, having qualified expense receipts is essential. You will need to be able to show the IRS auditor that all of the deductions that your business claimed on its return are viable. Following IRS audit guidelines on receipts can help increase your chances of passing the audit.
September 4, 2015 10:00 amAs part of Ohio BWC ongoing efforts to modernize their operations and provide better service to Ohio's employers, they will be transitioning to a new prospective billing system beginning in July 1, 2015 for private employers and Jan. 1, 2016 for public employer taxing districts. Prospective billing is an insurance industry standard practice that will enable us to collect premiums before extending coverage.
September 4, 2015 10:00 amAs if the process of getting married isn't complex and difficult enough, prospective spouses also need to take income tax considerations into account before tying the knot. That's particularly true for those who plan to marry late this year or early next year. As this article explains, from the federal income tax standpoint, those marrying next year may come out ahead by deferring or accelerating income, depending on their circumstances.
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