- January 13, 2015
- Wayne Naegele
- Author's Bio
- Uncategorized
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How do I? Comply with the Affordable Care Act’s individual mandate?
Beginning January 1, 2014, the Affordable Care Act (ACA) required individuals to carry minimum essential health coverage or make a shared responsibility payment, unless exempt. Individuals will report on their 2014 federal income tax return if they had minimum essential health coverage for all or part of the year. Individuals who file Form 1040, U.S. […]
Read more- January 13, 2015
- Salvatore Russo
- Author's Bio
- Blog Posts
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IRS enters filing season with reduced enforcement and service due to budget cuts
The IRS is expected to shortly open the 2015 filing season and both the agency and taxpayers are preparing for some turbulence. The IRS is going into the filing season with a reduced budget, which could translate into fewer audits. Legislation passed by Congress in late 2014 could delay the start of the filing season, […]
Read more- January 13, 2015
- Steve Grgas
- Author's Bio
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Year-end tax legislation renews extenders, cuts IRS funding
Eleventh-hour votes in Congress in December renewed a package of tax extenders for 2014, created new savings accounts for individuals with disabilities, cut the IRS’ budget, and more. At the same time, the votes helped to set the stage for the 114th Congress that convenes this month. Republicans have majorities in the House and Senate […]
Read more- January 13, 2015
- Andrew Presti
- Author's Bio
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Top 10 tax developments of 2014 with impact on 2015
2014 was a notable year for tax developments on a number of fronts. Selecting the “top ten” tax developments for 2014 necessarily requires judgment calls based upon uniqueness, taxpayers affected, and forward-looking impact on 2015 and beyond. The following “top ten” list of 2014 tax developments is such a prioritization. Nevertheless, other 2014 developments may […]
Read moreDecember 2014 Newsletter
Joe Romano discusses Outsourced Accounting and 5-steps to transform financial accounting from a headache to a competitive advantage. Andy Presti reviews the latest tax extenders passed by Congress.
Read more- December 22, 2014
- Steve Grgas
- Author's Bio
- Blog Posts, Uncategorized
- 0 Comments
Time payments to maximize year-end tax benefits
When accelerating or deferring income or expenses at year end as part of an overall tax strategy, certain timing rules become critical. So does the ability to prove to the IRS when certain actions take place. The following timing rules, among others, should be considered especially important as year-end approaches: Actual payment rule. Cash-basis taxpayers […]
Read more- December 22, 2014
- Andrew Presti
- Author's Bio
- Articles, Blog Posts, Uncategorized
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Outsourced Accounting
Five Steps to Transform Financial Accounting from a Headache to a Competitive Advantage Accurate and up-to-date financial information can be a powerful tool for growing businesses. With reliable financial information, business owners can make better strategic decisions, secure resources and increase profitability. While there is no doubt that financial information can be an important competitive […]
Read more- December 17, 2014
- Andrew Presti
- Author's Bio
- Articles, Blog Posts, P&N News
- 0 Comments
IRS Announces New Mileage Rates
The IRS has announced that the optional mileage allowance for owned or leased autos will increase by 1.5¢ to 57.5¢ per mile for business travel beginning Jan. 1, 2015. This rate can also be used by employers to provide tax-free reimbursements to employees who supply their own autos for business use, under an accountable plan, […]
Read more- December 17, 2014
- Andrew Presti
- Author's Bio
- Articles, Blog Posts, P&N News
- 0 Comments
Congress Passes Tax Extenders
Extending personal and business tax incentives retroactively for 2014 With just two weeks left in the 2014 calendar year, Congress finally passed the much anticipated tax extenders bill extending, for 2014 only, a number of personal and business tax breaks that had expired at the end of 2013. The recently passed bill only extends the […]
Read moreNovember 2014 Newsletter
Andy Presti uncovers problem signs and tips for cash-flow improvement in his article “Cash-flow 101”.
Read moreRecent Posts
- October 2022 Newsletter
- IRS Warns Taxpayers of Dirty Dozen Tax Scams for 2022, IR-2022-113
- IRS Urges Business Owners to Take Advantage of Tax Benefits for 2022, IR-2022-100; IR-2022-101; IR-2022-103; IR-2022-104
- President Biden Signs Inflation Reduction Act Into Law
- Simplified Portability Election Relief Procedure Updated, Rev. Proc. 2022-32