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Newlyweds: Saying ‘I Do’ to the Money Talk

Newlyweds: Saying ‘I Do’ to the Money Talk

You’re married at last! The beautiful day went off without a hitch. Bliss is the only thing you feel right now. Congratulations! Enjoy the honeymoon. But when reality sets in and the newness wears off, don’t run from the hard conversations, especially the dreaded money talks. Many newlyweds avoid this subject because it can cause tension. But quite frankly, addressing the dirty word—money, that is—early in the marriage, will enable you as a couple to learn healthy ways to discuss ...

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15
AUG
0

Categories: Personal Finance

Tags: , , ,

Same Sex Marriage: Far from Equal under the Tax Laws

Same Sex Marriage: Far from Equal under the Tax Laws

Now that the U.S. Supreme Court has delivered its rulings on same-sex marriage—jubilation has given way to frustration and complication as reality sets in. Practically, what does this ruling mean for gay couples? It means that the Administration is facing a giant dilemma over whether the states or the federal government should define marriage.

Some gay rights proponents contend that while it was a step forward, the Obama Administration’s first decision was a little non-committal; it granted spousal benefits to all ...

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9
AUG
0

Categories: Business Planning, Personal Finance, Tax Preparation

2013 “Tax Extenders” are Nearly Out of Time

2013 “Tax Extenders” are Nearly Out of Time

What are Tax Extenders?

The tax code contains temporary business tax provisions  to incentivize and help businesses from being over-taxed. Each time these provisions expire at the end of a tax year, legislation is introduced by Congress to extend the provisions. Proposals submitted on behalf of Congressional members to extend the expiration of given tax provisions have been coined “tax extenders.”

A Look Forward: Business Tax Provisions Ending This Year

Many business tax extenders are set to expire this year. Although Congress had ...

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2
AUG
0

Categories: Accounting Advice for Businesses, Business Planning, Corporate Accounting, Tax Preparation

Partners Be Warned: The IRS May Not View You Equally

Partners Be Warned: The IRS May Not View You Equally

What’s Your IRS Payment Responsibility for Joint Income?

People who are in receipt of money—whether by gift or for business purposes—often erroneously assume that if it’s split among other recipients, then the tax liability is on the final figure not the original dollar amount. Not so in some cases, says the IRS. You could be taxed on the entire amount if you were originally in receipt of the whole dollar payment and you cannot prove a partnership or “community” property relationship. ...

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1
AUG
0

Categories: Accounting Advice for Businesses, Business Planning, Corporate Accounting, Personal Finance, Tax Preparation

Retirement: A Sound Investment

Retirement: A Sound Investment

The earlier you begin planning for retirement, the better. However, if you are middle-aged with no current plan, don’t despair. There is still time. It’s never too late as long you start developing a consistent and solid plan. The better the plan, the more peace and security you will have in your golden years. Whether you fall into a high income tax bracket or you find yourself just getting by, you should indeed make retirement planning a priority– even if ...

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26
JUL
0

Categories: Personal Finance

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IRS Formally Announces 2014 ACA Relief

IRS Formally Announces 2014 ACA Relief

On July 9th, the Internal Revenue Service released Notice (2013-45) of the Affordable Care Act delay for applicable large employers.

The IRS Notice solidifies the implementation of the delay of IRS reporting requirements and key Employer Shared Responsibility provisions under the Affordable Care Act, first announced by the U.S. Treasury on July 2nd.  At that time there was a promise of more definitive information forthcoming by the Treasury, thus the Notice.

Notice 2013-45 is the formal, legal announcement of the ACA ...

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19
JUL
0

Categories: Business Planning, Corporate Accounting, Tax Preparation

ESR Provisions Delayed for Employers Until 2015

ESR Provisions Delayed for Employers Until 2015

On July 2nd, the U.S. Department of the Treasury announced a one year delay in the enactment of the Employer Shared Responsibility (ESR) provisions of the Affordable Care Act until January 2015.

 The ESR provisions, also known in the press as the “Employer Mandate,” state that the responsibility of applicable large employers—that is, employers who have 50 or more full-time employees and full-time equivalent employees—must provide qualified and affordable health insurance to their full-time employees and dependents or face a financial ...

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12
JUL
0

Categories: Accounting Advice for Businesses, Corporate Accounting

Revised Version of Form I-9

Revised Version of Form I-9

On March 8, 2013, the U.S. Citizenship and Immigration Services (USCIS) released a revised version of Form I-9, Employment Eligibility Verification. It is required that employers use Form I-9 to verify the identity and employment authorization eligibility of their employees.

Employers should begin using the new version of Form I-9 (with a revision date of “03/08/13 N”) immediately.

The USCIS will allow a 60-day grace period, so after May 7, 2013, the only acceptable version will be the newly released form.

The revised Form I-9 includes ...

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22
MAR
0

Categories: Accounting Advice for Businesses

Health Insurance Premium Tax Credit: What’s In It for You?

Health Insurance Premium Tax Credit: What’s In It for You?

The IRS has issued final regulations regarding the health insurance premium tax credit enacted by the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act. The final regulations provide guidance to employees who may enroll in eligible employer-sponsored coverage and who want to enroll in qualified health plans through affordable insurance exchanges and claim the health insurance premium tax credit.

Certain individuals who buy qualified health care coverage through a state insurance exchange are ...

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15
MAR
0

Categories: Personal Finance, Tax Preparation

Any Port in a Storm: Behind the New IRS ‘Safe Harbor’ Method

Any Port in a Storm: Behind the New IRS ‘Safe Harbor’ Method

The IRS has announced a new optional safe harbor method, effective for tax years beginning on or after January 1, 2013, for individuals to determine the amount of their deductible home-office expenses. Hailed by many as a long-overdue simplification, taxpayers can now determine their deduction by simply multiplying a prescribed rate by the square footage of the home office.

Over three million taxpayers in recent years have claimed home-office deductions, which normally require a 43-line form.  Now, a significantly simplified form is ...

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6
MAR
0

Categories: Accounting Advice for Businesses, Tax Preparation

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