September 13, 2012
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Funding Mechanisms in Place for the Affordable Care Act
The Supreme Court upheld the constitutionality of the PPACA on June 28 based on the federal government’s taxing power. The Act requires that all individuals not covered by an employer-sponsored health plan or a public insurance program to purchase health insurance or pay a penalty. In exchange, insurance companies are required to cover all applicants […]
Read more- September 13, 2012
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Business or Hobby? It Matters to the IRS
According to the IRS, the incorrect deduction of hobby expenses accounts for a portion of $30 billion per year in unpaid taxes and is a frequent issue in IRS audits. The IRS defines a hobby as an activity that is not engaged in with the expectation of making a profit, while a business is an […]
Read more- May 03, 2012
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Time for post-filing season checkup
Your 2011 tax return has been filed, or you have properly filed for an extension. In either case, now it’s time to start thinking about important post-filing season activities to save you tax in 2012 and beyond. A few loose ends may pay dividends if you take care of them sooner instead of later. Successful […]
Read more- May 03, 2012
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Countdown to Supreme Court’s health care decision
After three days of oral arguments in March, the Supreme Court is deciding the fate of the Pension Protection and Affordable Care Act (PPACA) and its companion law, the Health Care and Education Reconciliation Act (HCERA). Not only do the new laws impact health care, they contain numerous tax provisions, many of which have yet […]
Read more- May 03, 2012
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Congress eyes retirement savings plans in push toward tax reform
Proposals to reform retirement savings plans were highlighted during an April 2012 hearing by the House Ways and Means Committee. Lawmakers were advised by many experts to move slowly on making changes to current retirement programs that might discourage employers from sponsoring plans for their workers. Nevertheless, it is clear that Congress wants to make […]
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