Archive for 'Corporate Accounting'

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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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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Is the Cost of A College Education Too Costly?

Is the Cost of A College Education Too Costly?

Student Debt Looms Large

While this September many college students will rush off to begin their freshman years, for those seniors who will graduate in May, the reality of huge student loan debt looms large. Unfortunately, someone has to foot the bill, whether it is the student who graduates with tens of thousands of dollars in debt or dear old Mom and Dad. Student loan debt has reached astronomical proportions.

According to an article in Sacramento Bee the rate of debt ...

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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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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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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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