July 08, 2013
Andrew Presti- Author's Bio
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Many tax planning questions arise after Supreme Court’s DOMA decision
On June 26, the U.S. Supreme Court held that Section 3 of the federal Defense of Marriage Act (DOMA) is unconstitutional (E.S. Windsor, SCt., June 26, 2013). Immediately after the decision, President Obama directed all federal agencies, including the IRS, to revise their regulations to reflect the Court’s order. How the IRS will revise its tax regulations […]
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- July 05, 2013
- Wayne Naegele
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Employer Mandate for Healthcare Reform Delayed Until 2015
In a decision announced on July 2, the Obama administration has decided to postpone the employer mandate for companies with 50 or more employees until 2015. The mandate was previously set to go into effect on January 1, 2014. The mandate is now scheduled to go into effect in January 2015 for employers to offer […]
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- July 01, 2013
- Steve Grgas
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July 2013 tax compliance calendar
As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important tax reporting and filing data for individuals, businesses and other taxpayers for the month of July 2013. July 3 Employers. Semi-weekly depositors must deposit employment taxes for payroll dates June 26-28. July […]
Read more- June 17, 2013
- Andrew Presti
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June 2013 tax compliance calendar
As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important tax reporting and filing data for individuals, businesses and other taxpayers for the month of June 2013. June 5 Employers. Semi-weekly depositors must deposit employment taxes for payroll dates May 29-31. […]
Read more- June 17, 2013
- Andrew Presti
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How do I? Calculate imputed interest on bargain-rate loans
Loans without interest or at below-market interest rates are recharacterized so that the lender must recognize market-rate interest income. Put another way, below-market loans are loans for which a rate of interest that is lower than the applicable federal rate (AFR) (which is computed by the government and released by the IRS on a monthly […]
Read more- June 17, 2013
- Andrew Presti
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FAQ: How are vacation homes taxed?
Vacation homes offer owners many tax breaks similar to those for primary residences. Vacation homes also offer owners the opportunity to earn tax-advantaged and even tax-free income from a certain level of rental income. The value of vacation homes are also on the rise again, offering an investment side to ownership that can ultimately be […]
Read more- June 17, 2013
- Andrew Presti
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Senate passes Internet Sales Tax Bill that will require state sales tax on all online purchases
On May 6, 2013 the Senate passed the Marketplace Fairness Act of 2013 (a.k.a, the “Internet Sales Tax Bill” by 69-27. Passage in the Senate was considered a major hurdle for taxing Internet sales. The bill, if passed in the House and signed by the President, would enable states to collect from certain online sellers […]
Read more- June 17, 2013
- Andrew Presti
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IRS steps up guidance under Health Care Law as 2014 mandates loom
The government continues to push out guidance under the Patient Protection and Affordable Care Act (PPACA). Several major provisions of the law take effect January 1, 2014, including the employer mandate, the individual mandate, the premium assistance tax credit, and the operation of health insurance exchanges. The three agencies responsible for administering PPACA – the […]
Read more- June 17, 2013
- Andrew Presti
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Review of IRS’s treatment of conservative groups intensifies; Agency under 30-day top-down review
The IRS’s improper handling of applications for tax-exempt status from conservative groups has led to the removal of top officials, the appointment of a new Acting Commissioner, a 30-day top-down review of the agency’s operations, Congressional hearings, and a criminal investigation. The outcome of all these activities may reshape how the IRS operates and how […]
Read more- May 27, 2013
- Andrew Presti
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May 2013 tax compliance calendar
As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important tax reporting and filing data for individuals, businesses and other taxpayers for the month of May 2013. May 1 Employers. Semi-weekly depositors must deposit employment taxes for payroll dates April 24-26. […]
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