July 2015 Newsletter
Wayne Naegele’s review: Supreme Court upholds ACA Code Sec. 36B premium tax credit regs. Salvatore Russo answers the frequently asked question; Can I deduct the cost of sending my child to summer camp?
Read more- July 15, 2015
- Andrew Presti
- Author's Bio
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July 2015 tax compliance calendar
July 2015 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 2015. July 1 Employers. Semi-weekly depositors must deposit employment taxes […]
Read more- July 15, 2015
- Salvatore Russo
- Author's Bio
- Blog Posts
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How Do I? Determine when the “at risk” rules apply to my business
How Do I? Determine when the “at risk” rules apply to my business Taxpayers that invest in a trade or business or an activity for the production of income can only deduct losses from the activity or business if the taxpayer is at risk for the investment. A taxpayer is at risk for the amount […]
Read more- July 15, 2015
- Salvatore Russo
- Author's Bio
- Blog Posts
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Treasury, IRS get moving on ABLE account rules
Treasury, IRS get moving on ABLE account rules Late in 2014, Congress passed and President Obama signed into the law the Achieving a Better Life Experience (ABLE) Act. The new law, which enjoyed strong bipartisan support, authorizes the creation of tax-favored accounts for qualified individuals challenged by disabilities. Congress instructed Treasury and the IRS to […]
Read more- July 15, 2015
- Salvatore Russo
- Author's Bio
- Blog Posts
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Supreme Court’s same-sex marriage decision affects federal, state taxation
Supreme Court’s same-sex marriage decision affects federal, state taxation The Supreme Court’s decision in Obergefell v. Hodges (2015-1 ustc ¶50,357) on June 26, 2015 continues what was set in motion in 2013: the expansion of tax benefits to same-sex married couples. In Obergefell, the Court ruled 5 to 4 that the Fourteenth Amendment requires a […]
Read more- July 15, 2015
- Salvatore Russo
- Author's Bio
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FAQ…Can I deduct the cost of sending my child to summer camp?
FAQ…Can I deduct the cost of sending my child to summer camp? Now that summer 2015 is officially here and the main filing season is out of the way, tax planning may be far from your mind. However, typical summer traditions can yield tax benefits. For example, when school lets out for the summer, some […]
Read more- July 15, 2015
- Wayne Naegele
- Author's Bio
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Supreme Court upholds ACA Code Sec. 36B premium tax credit regs
Supreme Court upholds ACA Code Sec. 36B premium tax credit regs After months of waiting, the U.S. Supreme Court announced its decision on the fate of the Code Sec. 36B premium assistance tax credit on June 25 in King v. Burwell, 2015-1 ustc ¶50,356. In a 6 to 3 decision, the Court held that enrollees […]
Read more- June 17, 2015
- Andrew Presti
- Author's Bio
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June 2015 tax compliance calendar
June 2015 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 June 2015. June 2 Retirement plans. Deadline for sponsors and […]
Read more- June 17, 2015
- Andrew Presti
- Author's Bio
- Uncategorized
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FAQ: What is the saver’s credit?
FAQ: What is the saver’s credit? Under Code Sec. 25B, a low-income taxpayer can claim a tax credit for a portion of the amounts contributed to an individual retirement account, 401(k) plan, or other retirement plan. A credit is allowed for up to $2,000 of contributions to qualified retirement savings plans. The maximum credit is […]
Read more- June 17, 2015
- Andrew Presti
- Author's Bio
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Liability for the “nanny” tax
Liability for the “nanny” tax Employers of course have to pay employment taxes on the wages they pay to their employees. A nanny who takes care of a child is considered a household employee, and the parent or other responsible person is her household employer. Housekeepers, maids, babysitters, and others who work in or around […]
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