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Category: Blog

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Affordable Care Act Tax Provisions

Effect of Sequestration on Small Business Health Care Tax Credit Pursuant to the requirements of the Balanced Budget and Emergency Deficit Control Act of 1985, as amended, certain automatic cuts took place as of March 1, 2013. These required cuts include a reduction to the refundable portion of the Small Business Health Care Tax Credit
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Independent Contractors & Workers Comp

Many business owners also do not realize that even though you do not have so called employees or treat your employees as independent contractors you are still responsible to have workers compensation insurance. The law REQUIRES you to carry workers compensation insurance for your business to cover your employees and those independent contractors that do
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Tax season is behind us!

Now that tax season is behind us, at least for the majority, I want to take this opportunity to thank you for your business & patience while our office and staff went through the learning curve of our new software.  While there were errors in the initial release, in addition to Congress changing laws in
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Relief Available To Many Extension Requesters

Relief Available To Many Extension Requesters Claiming Tax Benefits IR-2013-31, March 20, 2013 WASHINGTON —The Internal Revenue Service today provided late-payment penalty relief to individuals and businesses requesting a tax-filing extension because they are attaching to their returns any of the forms that couldn’t  be filed until after January. The relief applies to the late-payment penalty,
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2013 filing season moves ahead

2013 filing season moves ahead, late-legislation delays expected to end soon The IRS expects to process more than 140 million individual returns this filing season and for many taxpayers the process has been moving along without any significant problems. A large number of taxpayers, however, have experienced delays in filing their returns because of late
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New IRS Guidance on Health Care Employer

New IRS Guidance on Health Care Employer Mandate Looks to 2014 Start Date Under the new health care law, starting in 2014, “large” employers with more than 50 full-time employees will be subject to stiff monetary penalties if they do not provide affordable and minimum essential health coverage. With less than eleven months before this
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IRS introduces simplified method for claiming home office deduction

IRS introduces simplified method for claiming home office deduction The IRS has announced a new optional safe harbor method, effective for tax years beginning on or after January 1, 2013, for individuals to determine the amount of their deductible home office expenses (IR-2013-5, Rev. Proc. 2013-13). Being hailed by many as a long-overdue simplification option,
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Tax Changes in Congress’ Fiscal Cliff Legislation

Here is a summary of the provisions included in the bill – Tax rates beginning January 1, 2013 A top rate of 39.6% (up from 35%) will be imposed on individuals making more than $400,000 a year, $425,000 for head of household, and $450,000 for married filing joint. 2% Social Security reduction gone AMT permanently
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Sales and Use Tax Rate Increase January 1, 2013

Due to voter approval of Proposition 30, the statewide sales and use tax rate will increase one quarter of one percent (0.25%) on January 1, 2013. The higher tax rate will apply for four years — January 1, 2013 through December 31, 2016. For more information on this increase, please visit http://www.boe.ca.gov/rateincrease/. For a listing
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What are your chances of an IRS audit?

Often, timing is everything or so the adage goes.  Does timing play a factor in raising or decreasing your risk of being audited by the IRS? For example, does the time when you file your income tax return affect the IRS’s decision to audit you? Some individuals think filing early will decrease their risk of