Archive for 'Business Planning'

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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All that Glitters Isn’t ‘Gold’ for Cali Retirees

All that Glitters Isn’t ‘Gold’ for Cali Retirees

Sun, surfing, long stretches of Pacific Ocean, this is the California we know. The Golden State is the home of Hollywood premieres and Haight Ashbury, the place where dreams are made, a playground to the rich and famous.  But, if are you planning your retirement in the Golden State, think again. Retired residents should have a plan B or they may end up on the boulevard of broken dreams.

Disney, Apple & Taxes!

The home of Disney make-believe, Apple, The Golden ...

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IRS Releases Draft Form 8960, But Is It Clear?

IRS Releases Draft Form 8960, But Is It Clear?

The Internal Revenue Service has just-released 2013 draft Form 8960. As so succinctly stated by Ted Batson, executive vice president at Renaissance Administration LLC., to Bloomberg News on Aug. 7th, he summarized 8960 as the form which:

… beneficiaries of charitable remainder trusts and others will use 8960 to compute the new 3.8 percent surtax on net investment income. This form accounts for the fact that not all items reported on a beneficiary’s Schedule K-1 meet the ...

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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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