Archive for 'Tax Preparation'

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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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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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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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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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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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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Review Your Options for Comfortable Retirement

Review Your Options for Comfortable Retirement

Have you thought about your retirement options? Have you reviewed all of your options? Do you know what your pension and health will be? Following is a basic review of some of the pertinent questions you should be asking and some relevant solutions for a comfortable retirement plan..

Social Security

  • Do you qualify for Social Security benefits? If you have been in the work force, you probably have received that letter from the IRS telling how much you are eligible for if ...
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CA Income Tax: Shareholder Denied Claim Deduction for Alleged Advance Made to Corp.

CA Income Tax: Shareholder Denied Claim Deduction for Alleged Advance Made to Corp.

The sole shareholder of a corporation, which provides health and support services to very ill patients, was denied her claim on a California personal income tax deduction for an alleged advance made by her to the corporation. This deduction was denied because the taxpayer failed to substantiate that she actually made the advance. But even in the event that the advance was substantiated, the taxpayer failed to prove that this was actually a business ...

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Making A Film with Tax Incentives

Making A Film with Tax Incentives

If you are in the film industry and you have been seeking states to film in that offer better tax incentives than California, here are some recent film production tax incentives for post-production.

New York state has increased the state’s film post-production tax credit from 10 percent to 30 percent (for post-production facilities in New York City or (Dutchess, Suffolk, Westchester counties and Nassau, Orange, Putnam, Rockland.) For any of the other counties in the state that tax credit is now ...

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