Archive for 'Accounting Advice for Businesses'

Select Tax Benefits to Increase in 2014 Due to Inflation

Select Tax Benefits to Increase in 2014 Due to Inflation

The IRS announced adjustments for over 40 tax provisions today to account for annual inflation.  These changes will take apply to tax year 2014 returns. Review some of the most notable changes outlined below:

Income Tax Rates

The tax rate of 39.6% applies to singles who earn more than $406,750 (or $457,600 for married couples filing jointly). This is an increase from $400,000 (and $450,000) in 2013.

Standard Deduction

The standard deduction will increase to $6,200 for singles (or married couple filing separately) and ...

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Mixed Reviews for the Health Insurance Exchanges

Mixed Reviews for the Health Insurance Exchanges

The Exchanges Surprise Some and Anger Others

As per the Patient Protection and Affordable Care Act, the insurance market exchanges were officially launched on October 1, 2013. The reviews continue to trickle in from small business owners on the exchanges. The feedback is mixed at best. Designed to offer low-cost insurance for individuals and small businesses, some owners are reporting that the rates and coverage are surprisingly affordable, but many aren’t as happy.

As with any major change, people adapt at ...

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The End of 2013 Brings Big Tax Changes…

The End of 2013 Brings Big Tax Changes…

The end of 2013 will bring with it relief—hopefully now that the Shutdown crisis is over—as well as major changes in tax laws to consider. This may be one of the most significant years in terms of tax law revisions especially for business owners but also individuals, since the ACA is now a reality.

The year’s end also brings with it challenges for both individuals and businesses. There are very important changes in the works because of both the American ...

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CA LLC Laws, Is Your Corp. at Risk?

CA LLC Laws, Is Your Corp. at Risk?

For California limited liability organizations, it’s vital that you review your current operating agreements. New California legislation which governs limited liability companies becomes effective on effect Jan. 1, 2014. Notably, the law may have a negative impact on limited liability partners who own companies in California. Essentially, this law can effectively rewrite the terms of your current operating agreements. To avoid any negative repercussions in the future among partners, members of California limited liability companies should seek a professional review ...

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IRS Down, Taxpayers Still Operational

IRS Down, Taxpayers Still Operational

Due to the current shutdown, IRS operations are limited but tax laws don’t go on furlough. Laws don’t close even if the offices do. So what does this mean for taxpayers?  Essentially, all taxpayers must still meet their tax obligations. Both individuals and businesses must still file tax returns and make deposits with the IRS, by law.

Returns and Payments Due–File Automatically

Thought you got a stay? Think again. The IRS returns and payments will still be processed at this time and ...

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The IRS Publishes Per Diem Rates

The IRS Publishes Per Diem Rates

The annual notice of per diem tax rates has been released by the IRS. This notice applies to per diem business expenses that are paid to any employee on or after October 1, 2012. Listed below are the new yearly rates that apply to four categories. As reported on gsa.gov the categories are as follows:

  • The lodging allowance
  • The meals allowance
  • The incidental expense allowance

CONUS v. NSA

Allowable per diem deductible rates apply to CONUS or the contiguous United States, 48 U.S. states ...

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More Money for You: Inflation Adjustments for Taxes 2014

More Money for You: Inflation Adjustments for Taxes 2014

ATRA & Adjustments for 2014

Alas, inflation is put to good use– taxpayers will be seeing its benefits in the form of tax relief in 2014. The mandatory annual inflation-adjustments as provided under the Tax Code should provide relief. According to George Jones, JD, LLM and CCH Senior Federal Tax Analyst:

Indexing for inflation has become an established part of our tax system, and it’s likely to be a part of the tax law for the foreseeable future – even as ...

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ACA: Notice of Exchange Letters are Mandatory!

ACA: Notice of Exchange Letters are Mandatory!

ACA Deadlines Approach

As most Americans know by now, health care reform – the Patient Protection and Affordable Care Act (PPACA)– will make it mandatory beginning in January 2014 for individuals to carry health insurance. As part of the Affordable Care Act (ACA), states must also choose to opt into a health insurance exchange by October 1, 2013. The idea of the exchanges is that they make the insurance companies compete for your business. Insured individuals (as well as their ...

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IRS Ruling on Same Sex Marriage, One Step Closer to Equal

IRS Ruling on Same Sex Marriage, One Step Closer to Equal

The IRS has finally issued a statement regarding the Supreme Court’s June 26th judgment in E.S. Windsor, 2013-2 USTC 50,400, which makes Section 3 of the Defense of Marriage Act no longer valid and allows the federal government to recognize same-sex marriages despite the state’s position.

Marital Status Affects a Myriad of Fed Tax Provisions

A taxpayer’s marital status affects 100’s of federal tax provisions so this really moves gay marriage in the direction of ‘true’equality. Thousands of couples in same-sex marriages, domestic partnerships ...

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CA Franchise Tax Board: Income Tax 2013

CA Franchise Tax Board: Income Tax 2013

The California Franchise Tax Board has released the adjusted personal income tax brackets, standard deduction amounts, return filing thresholds, and various exemptions and credits for the year 2013. The figures were adjusted for inflation at a 1.7% rate. All adjustments apply to the period July 1, 2012 through June 30, 2013.

Overview: Income Tax Adjustments 2013

  • Single Taxpayers

Single taxpayers under the age of 65 and with no dependents will not be mandated to file a tax return if their adjusted gross ...

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