The TG Blog

Resources and articles to empower you and keep you up to date.

You may be able to save more for retirement in 2015.

December 30, 2014

Many retirement plan contribution limits increase slightly in 2015; thus, you may have opportunities to increase your retirement savings.

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What Every Business Owner Needs to Know About Implementing the New Tangible Property Regulations

December 29, 2014

Over the last several years, the IRS has published a series of regulations and rulings that dramatically change how taxpayers must account for the costs of acquiring, repairing, improving and even disposing of tangible property. These new rules represent some of the most significant changes in tax law since the Tax Reform Act of 1986…

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Employer Reimbursement of Individual Health Insurance Premiums May Subject Employers to Severe Penalties

December 22, 2014

In the past, employers were allowed to either reimburse employees for the cost of individual health insurance policy premiums or pay the premiums directly on behalf of the employee.  Provided the proper requirements were met, as required under the Internal Revenue Code, these benefits could be provided to the employee on a pre-tax basis.  Due…

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President Signs Tax Increase Prevention Act

December 22, 2014

Thanks to the tenacious activity by Congress at year end, the President signed into law the “Tax Increase Prevention Act of 2014,” (TIPA) on December 20, 2014. This is commonly referred to as the “Tax-Extenders” law that retroactively extended, for one year only, many of the previously passed tax breaks for businesses and individuals that…

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Virginia Payroll Due Date Changes

December 19, 2014

Form VA-6 and supporting statements (W-2s and 1099s) will now be due January 31 each year. The previous due date was February 28. In 2015, because January 31 falls on a weekend, the actual due date will be the next business day: Feb. 2. As usual, the forms must be filed electronically, according to the…

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Why you should make annual exclusion gifts before year end

December 19, 2014

The 2014 gift tax annual exclusion allows you to give up to $14,000 per recipient tax-free without using up any of your lifetime gift tax exemption. If you and your spouse “split” the gift, you can give $28,000 per recipient.

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Review gains and losses now to see if action by Dec. 31 can save 2014 taxes

December 19, 2014

Appreciating investments that don’t generate current income aren’t taxed until sold, deferring tax and perhaps allowing you to time the sale to your tax advantage. Review your year-to-date gains and losses now to see if selling any additional investments by Dec. 31 can reduce your 2014 tax liability.

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Take Advantage of Government Commercial Purchases

December 18, 2014

What makes products or services commercial for the purposes of government acquisitions? Generally speaking, they must be similar, but not necessarily identical, to those sold in the commercial market and used by the general public or non-government agencies. Federal Acquisition Regulation (FAR) Part 12 establishes purchasing policies for government agencies that closely resemble those of the…

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Subcontractor Due Diligence: 8 Questions to Ask

December 18, 2014

Prime contractors are responsible for negligence in the selection of subcontractors. In one fraud perpetuated against the U.S. Department of Interior’s Fish and Wildlife Service, two individuals were engaged in a series of transactions that were intended to hide the involvement of one of them from the government.

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Be Prepared: Optional Schedules Aren't So Optional

December 18, 2014

There are a number of schedules in the Defense Contract Audit Agency’s (DCAA) incurred cost proposal model that do not have to be included with your annual incurred cost proposal submission. But that doesn’t mean you are off the hook.

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