December 18, 2013
Steve Grgas- Author's Bio
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FAQs: How do I time a year-end stock sale?
Stock held by an investor is a capital asset under the tax law. Gain from the sale of stock held for more than a year qualifies as long-term capital gain, taxed at a reduced rate (zero, 15 or 20 percent) compared to the rates that apply to ordinary income. To achieve these favorable rates, investors […]
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- December 18, 2013
- Wayne Naegele
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How do I? Time year-end bonuses for tax purposes
Taxpayers generally prefer to accelerate deductions to reduce their current year income and taxes. In some situations, the tax code’s accounting rules allow an accrual-basis employer to deduct a year-end employee bonus in the current year, even though the bonus will not be paid until the following year. A recent IRS Chief Counsel memorandum (FAA […]
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- December 18, 2013
- Andrew Presti
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IRS eases strict “use-or-lose” rule for health flexible spending arrangements
Health flexible spending arrangements (health FSAs) are popular savings vehicles for medical expenses, but their use has been held back by a strict use-or-lose rule. The IRS recently announced a significant change to encourage more employers to offer health FSAs and boost enrollment. At the plan sponsor’s option, employees participating in health FSAs will be […]
Read more- December 03, 2013
- Wayne Naegele
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December 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 December 2013. December 2 Employers. Semi-weekly depositors must deposit employment taxes for payroll date November 23-26. […]
Read more- November 25, 2013
- Steve Grgas
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IRS delays start of 2014 filing season; Administration clarifies individual mandate penalty
Shortly after resuming operations post-government shutdown, the IRS told taxpayers that the start of the 2014 filing season will be delayed by one to two weeks. The delay will largely impact taxpayers who want to file their 2013 returns early in the filing season. At the same time, the White House clarified on social media […]
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