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 pmMany business and individuals tax provisions expired 12/31/2013. In 2014 Congress has proposed to extend some of these provisions, but none of these proposals have been passed. Do not expect any action on these expired provisions until after the November 4 elections, which means any restoration of these provisions, will not be until near year-end making year-end planning difficult and uncertain.
October 30, 2014 4:00 pmWhen it comes to filing a federal tax return, many people discover that they either get a larger refund or owe more tax than they expected. But this type of tax surprise doesn’t have to happen to you. One way to prevent it is to change the amount of tax withheld from your wages.
September 17, 2014 9:00 amThe 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.
September 17, 2014 9:00 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. Employer health insurance tactic may backfire.
September 17, 2014 9:00 amIn 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 amAfter 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 amLike 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 amOn 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 amCountless small businesses soon may find that they have money coming back to them. The Ohio Bureau of Workers’ Compensation (BWC) has decided to settle a class action lawsuit alleging that the BWC, over the course of many years, had a system of group rating in place that improperly overcharged many Ohio businesses. A lower trial court originally ruled in favor of the plaintiffs with possible damages exceeding $800 million.
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