With the implementation of the ACA, a new vocabulary has been added to the world of tax preparation. In order to properly complete your income tax filings going forward, you will need to answer many questions concerning health care coverage for yourself and your family. Do not be surprised if your tax preparer asks you…Read More
The Tax Increase Prevention Act of 2014 (TIPA) extended through Dec. 31, 2014, a wide variety of tax breaks, including many tax credits — which are particularly valuable because they reduce taxes dollar-for-dollar. Here are three credits that businesses may benefit from when they file their 2014 returnsRead More
On Dec. 19, the president signed into law the Tax Increase Prevention Act of 2014 (TIPA), which extended through Dec. 31, 2014, many valuable tax breaks that had expired at the end of 2013. Here are three that individuals may be able to take advantage of when filing their 2014 returnsRead More
Many retirement plan contribution limits increase slightly in 2015; thus, you may have opportunities to increase your retirement savings.Read More
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…Read More
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…Read More
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…Read More
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…Read More
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