Tax & Business Issues Newsletter, Spring 2016
Insight on the IRA-to-charity provision, the penalty for not having health insurance, proving noncash charitable contributions, foreign operations reporting, and more.
Penalty for Not Having Health Insurance Surprises Many
Many taxpayers are surprised by the size of the penalty being imposed for not having health insurance in 2015. This may be a wake-up call for many who didn’t realize the penalty is being phased in over a three-year period between 2014 and 2016, and the increases are substantial each year.
Take Advantage of the IRA-to-Charity Provision
If you are age 70.5 or over and have an IRA, this provision may provide significant tax benefit.
Proving Noncash Charitable Contributions
One of the most common tax-deductible charitable contributions encountered is that of household goods and used clothing. The major complication of this type of contribution is establishing the dollar value of the contribution.
All You Need to Know about the New Tax Extender Legislation
Congress reached a bipartisan agreement on tax extenders. Here is a look at some of the key provisions included in the legislation that pertain to individuals and small businesses.
Tax & Business Issues Newsletter, Winter 2016
Articles in this issue cover whether you should itemize your deductions for taxes, IRS pension limits for 2016, Coverdell and 529 Education Savings Plans, and more.
Tax & Business Issues Newsletter, Fall 2015
In this issue, we look at retirement plan options, gift and inheritance tax considerations, how to avoid IRS underpayment penalties, whether charity auction purchases are deductible contributions, and more.
Tax & Business Issues Newsletter, Summer 2015
Articles cover the increase in the tax penalty for not having insurance, when local lodging may be deductible, the saver's credit for retirement, how long you're on the hook for a tax assessment, and more.
Tax & Business Issues Newsletter, Spring 2015
Learn how working abroad can yield tax-free income, whether the interest on your vehicle loan is deductible, what to do if you get a letter from the IRS, and more.
Important Update on Employer Health Insurance Premium Reimbursement/Payment Plans
February 20, 2015 - For many years, employers were able to directly pay for, or reimburse employees for, the premiums of health insurance policies purchased by an employee without the employee being taxed. This favorable treatment changed effective January 1, 2014. Employers offering premium reimbursement plans are not complying with the Affordable Care Act (ACA), and may be subject to substantial penalties.