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Archive for November 14th, 2016

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FAQ: What are “excepted benefits” for purposes of ACA minimum essential coverage?

FAQ: What are “excepted benefits” for purposes of ACA minimum essential coverage? The ACA created Code Sec. 5000A. Individuals must have minimum essential health insurance coverage, qualify for a health coverage exemption, or make an individual shared responsibility payment. Minimum essential coverage includes most government-sponsored health care programs, such as Medicaid, Medicare, and TRICARE.  Eligible […]

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wnaegele

How do I? Make tax-free gifts for tuition

How do I? Make tax-free gifts for tuition With the soaring cost of college tuition rising on a yearly basis, tax-free tuition gifts to children and grandchildren can help them afford such an expensive endeavor, as well as save the generous taxpayers in gift and generation skipping taxes. Under federal law, tuition payments that are […]

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wnaegele

Are IRS Q&As authoritative guidance?

Are IRS Q&As authoritative guidance? The Tax Code is among the most complex of all federal statutes. To explain the Code, the IRS issues guidance. Recently, the IRS has used the “Frequently Asked Question (FAQ)” format to explain some of the tax laws. At the same time, questions have arisen about the FAQs. May taxpayers […]

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wnaegele

November 2016 tax compliance calendar

November 2016 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 federal tax reporting and filing data for individuals, businesses and other taxpayers for the month of November 2016. November Employers. During November, ask employees whose withholding […]

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How Do I? Make an in-plan Roth IRA rollover?

How Do I? Make an in-plan Roth IRA rollover? In-plan Roth IRA rollovers are a relatively new creation, and as a result many individuals are not aware of the rules. The Small Business Jobs Act of 2010 made it possible for participants in 401(k) plans and 403(b) plans to roll over eligible distributions made after […]

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sgrgas

Business identity theft, tax consequences and best practices

Business identity theft, tax consequences and best practices Facilitated by the speed, ubiquity, and anonymity of the Internet, criminals are able to easily steal valuable information such as Social Security numbers and use it for a variety of nefarious purposes, including filing false tax returns to generate refunds from the IRS. The victims are often […]

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sgrgas

Congress passes targeted tax bills, stop-gap spending measure

Congress passes targeted tax bills, stop-gap spending measure As lawmakers prepared to recess for November elections, they also passed several tax-related bills in September. The bills addressed IRS operations, deductions, and more. At the same time, House and Senate negotiators reached an agreement to avoid a federal government shutdown, including the IRS, after the end […]

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srusso

A first look at 2017 inflation-adjusted tax amounts now available

A first look at 2017 inflation-adjusted tax amounts now available An early glimpse at the income tax picture for 2017 is now available. The new information includes estimated ranges for each 2017 tax bracket as well as projections for a growing number of inflation-sensitive tax figures, such as the tax rate brackets, personal exemption and […]

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