Tax Changes for 2014: A Checklist

Welcome 2014! As the new year rolls around, it’s always a sure bet that there will be changes to the current tax law and 2014 is no different. From health savings accounts to retirement contributions and standard deductions, here’s a checklist of tax changes to help you plan the year ahead. General Changes 1. Filing… Read more »

New Repair Regs from the IRS

The IRS recently issued long-awaited regulations (“regs”) on the tax treatment of amounts paid to acquire, produce, or improve tangible property. The regs explain when these payments can be deducted (which confers an immediate tax deduction) and when these payments must be capitalized. The regs must be followed for tax years that begin after December… Read more »

2013 Year-End Tax Planning: Personal Tax Considerations

As January 1, 2014 gets closer, year-end tax planning considerations should be starting to take shape. New tax legislation has brought greater certainty to year-end planning, but has also created new challenges. The number of changes made to the Tax Code and the opportunities these changes bring may seem overwhelming. However, early planning will help… Read more »

2013 Year-End Tax Planning: Businesses Tax Considerations

This year end provides unique opportunities for virtually every business to reassess their business plan with an eye toward maximizing tax savings for the 2013 tax year and forward, for 2014 and beyond. This year, shareholders and other business owners face a new landscape of tax rates for “higher income” individuals in the form of… Read more »

2013 Year End Tax Planning Help

2013 Year-End Tax Planning Letter Dear Clients and Friends, Tax planning is inherently complex, with the most powerful tax strategies often relying as much on clairvoyance as they do calculations. As 2013 begins to wind down, the need for a crystal ball lessens, and the ability to strategize with more certainty is upon us. This… Read more »

November Tax Deadlines

November 15 Businesses – Form 990 due

Tax Implications of Health Care Reform

The Patient Protection and Affordable Care Act of 2010, in concert with the enactment of the Health Care and Education Tax Credits Reconciliation Act of 2010, resulted in a number of changes to the US tax code. As such there are a number of tax implications for individuals and businesses. With healthcare exchanges set to… Read more »

Tax Due Dates for October 2013

October 10 Employees who work for tips – If you received $20 or more in tips during September, report them to your employer. You can use Form 4070. October 15 Individuals – If you have an automatic 6-month extension to file your income tax return for 2012, file Form 1040, 1040A, or 1040EZ and pay any tax,… Read more »

Attention Employers: Notification of Health Care Exchange Option Necessary by Oct. 1

As you may know, the health care law – the Patient Protection and Affordable Care Act (PPACA) – requires most individuals (including children and other dependents) to carry health insurance, beginning January 1, 2014. The law also requires the establishment of a health insurance exchange in all states by October 1, 2013. The goal is… Read more »

Health Care Exchange Letters Due 10/1/2013

The healthcare reform law requires that all companies covered by the Fair Labor Standard Act provide and/or circulate written notice to all their workers informing them of the ability to purchase health insurance through the new Health Insurance Marketplace (the health exchanges) that open on Oct. 1.  They are required to provide this notice before… Read more »