Category Individuals


Tax Filing Season Delayed to January 31

A 16-day shutdown of the government in October has resulted in the IRS delaying the tax filing season to January 31.  This will create some of the same headaches taxpayers and preparers endured last year when a last minute fiscal cliff deal delayed the opening of tax season.  The people it will hurt the most …


S Corp Tax Status Targeted Again

While recent deals have postponed financial disasters such as the “Fiscal Cliff”, “Default”, and “Government Shutdown”, each of these monsters are once again waiting just around the corner.  As a result, Congress is back to the drawing board in an attempt to strike up a grand bargain to prevent the next scheduled crisis.  The grand …


Cancellation of Debt: What it Means to You

Cancellation of debt is an issue that we see increasingly often while preparing tax returns and is something that every taxpayer should understand.  Any time there is a short sale, or a foreclosure, or any other such transaction, there is cancellation of debt.  These are not the only circumstances in which cancellation of debt occurs, …


IRS Offices, Call Centers Closed… Taxpayer Requirements Unaffected

The IRS offices and call centers are closed! But don’t get excited yet… it’s not going to be a tax holiday. If you call the IRS, you’ll hear the following greeting: “Due to the current budget situation, all IRS offices are closed. We will resume normal operations as soon as possible. All tax payment and …


FAQ on the ACA Forms and Deadlines

We have been receiving a lot of questions in our office about the ACA forms due October 1 to be distributed to all employees.  We would like to take a moment to answer those questions and others with our own FAQ on the ACA forms and deadlines: 1. Do these forms need to be distributed …


IRS Comes Out With Same-Sex Marriage Answer

The IRS has finally come out with an answer to the question of how same-sex marriage will be taxed among the varying states.  Kiplinger is reporting that as of September 16 all legally married same-sex couples must file jointly or married filing separate regardless of what state they live in.  This answers the question of …


Important Notice to All Employers: Obamacare Has Begun!

If your business has employees, there is a critical change in the law that affects you in a massive way… and it kicks in on October 1, 2013. Notices are due to all employees. Here’s what you need to know. Keep in mind that virtually all employers are subject to this notice requirement. Further, employers must provide …


Note To Service Industry: IRS Says Service Charges Are Not Tips!

The IRS has recently released an updated tax rule that differentiates between tips, which are voluntary payments to service personnel such as waiters, waitresses, bartenders, valet staff, etc. and service charges, such as those automatically applied to bills by restaurants for groups of certain sizes. Beginning January 2014, the IRS will treat any automatic gratuity as …


IRS Offers Affordable Insurance Safe Harbor Under Affordable Care Act

Under the Affordable Care Act, a company with fifty or more employees must provide them with affordable health insurance, meaning the employee’s share of the premium cannot exceed 9.5% of the employee’s household income. Although that may seem relatively cut-and-dry, putting it into action will be challenging to say the least.  One of the biggest …


Florida Sales Tax Holiday

Starting Friday and going through the weekend of August 2-4, Florida is having a sales tax holiday to get ready for school.  The result is a 7% discount on many items including many electronics. Items covered include clothing items under $75, school supplies under $15, and many electronic devices under $750.  Electronic devices include computers, …

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