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Author Archive for Steve Grgas

sgrgas

Appeals courts split on tax credits for ACA Marketplaces

Employers may be able to claim a tax credit for a portion of their expenses for providing child care to their employees. Code Sec. 45F allows a employer-provided child care credit, which is a part of the general business credit. Businesses calculate the credit using Form 8882, Credit for Employer-Provided Childcare Facilities and Service, and […]

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Treasury set to develop new retirement savings vehicle: myRAs

In his January 2014 State of the Union address, President Obama instructed the Treasury Department to develop a new savings vehicle called “myRA.” The new savings arrangements share many similarities with Roth IRAs but also have some unique features. At press time, the Treasury Department is expected to roll out myRAs before year-end 2014. Certain […]

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Keeping Good Records for Tax Season and Beyond – Some Guidelines

Good recordkeeping is essential for individuals and businesses before, during, and after the tax filing season. First, the law actually requires taxpayers to retain certain records for a specified number of years, for example tax returns or employment tax records (for employers). Second, good record is essential for taxpayers while preparing their tax returns. The […]

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sgrgas

Ready in Real-time: How Financial Preparedness Can Fuel Success

Success isn’t accidental. It’s the result people making good business decisions based on the best information possible. If you polled one hundred business owners, the vast majority would choose to have current, accurate and meaningful financial information on hand when making critical decisions. Yet despite this, many business owners view accounting and finance as necessary […]

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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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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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Presti & Naegele’s Joe Romano Discusses Retaining Talent in Forbes Magazine

How Successful Companies Hold On To Their Talent — And Why It’s So Important Sometimes you get lucky: you capitalize on a new technology, build a business, and within a few short years sell it for 126,315 bitcoins (+/- $11.4M), as Erik Voorhees did with SatoshiDice. The other 99% of entrepreneurs, unfortunately, spend much of […]

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sgrgas

Presti & Naegele’s Joe Romano Discusses Five Keys to Selling a Business in Forbes Magazine

Sometimes you get lucky: you capitalize on a new technology, build a business, and within a few short years sell it for 126,315 bitcoins (+/- $11.4M), as Erik Voorhees did with SatoshiDice. The other 99% of entrepreneurs, unfortunately, spend much of their adult lives building and maintaining their businesses. At some point, whether you are […]

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sgrgas

529 Savings Plans

September is here and school is back in session. Your kids are one year older and hopefully one year closer to heading off to college. Whether that prospect excites you or terrifies you probably depends on the day, but the specter of college tuition is a constant. Regardless of whether your children are starting kindergarten […]

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sgrgas

IRS Issues New Rules on Small Employer Health Insurance Credit

Small employers will be able to purchase health insurance for their employees for 2014 and subsequent years through Small Business Health Options Program (SHOP) Marketplaces. Many of these small employers may also be eligible for the Code Sec. 45R tax credit that helps to offset the cost of insurance. In August, the IRS issued new […]

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