I don’t know if you have heard this before, but it really is better to choose Direct Deposit for your refunds when you e-file your tax returns. See this tip from the Service about the advantages: http://content.govdelivery.com/accounts/USIRS/bulletins/f1c801?reqfrom=share Since it is fast, convenient, secure, easy and gives you options on depositing portions to various bank accounts. Now that security is so important, do you really want to trust the post office to mail you your tax refunds instead of the Direct Deposit? You have more security and you will get your money a week or two earlier than waiting for a check that you then have to take to the bank and deposit. For financial, accounting and tax musings, You can count on us to count for you! Email: bstonercpa@sbcglobal.net Phone: 818-317-6035 Website: www.briantstonercpa.com Android and the IPhone: Has been Featured On https://twitter.com/bstonercpa
Tax Musings of a Burbank CPA: IRS Spares Small Employers Big Obamacare Penalties For 2014
With all the turmoil of the potential $100 a day penalty (per employee) for group insurance not being in compliance with the Affordable Care Act, the IRS issued Notice 2015-17 to try and address these issues. At least until June 30, this penalty will not be imposed for businesses with less than 50 full time employees. See this article in Forbes by Tony Nitti for some clarification on the Notice (we definitely need some): http://www.forbes.com/sites/anthonynitti/2015/02/18/in-last-minute-move-irs-spares-small-employers-big-obamacare-penalties-for-2014/ It is interesting that at this point it appears that if you have a more-than-2% shareholder getting a reimbursement for family coverage on an individual plan and other family members (spouse and dependents) are employees of the corporation, they are considered one employee being covered, so it is not subject to the ACA (at this time) (see the answer to question 2 on page 3 of the Notice). That appears to mean that an S-Corporation with family members as employees only can still reimburse their health insurance (until the IRS issues further guidance on this.) For financial, accounting and tax musings, You can count on us to count for you! Email: bstonercpa@sbcglobal.net Phone: 818-317-6035 Website: www.briantstonercpa.com Android and the IPhone: Has been Featured On https://twitter.com/bstonercpa [...]
Burbank CPA Tax Musings: When Property ‘Taxes’ Are NOT Deductible on Schedule A of Form 1040
Normally, if you itemize your deductions, you can deduct real estate taxes on your 1040 Schedule A. But there can be exceptions to what can actually be a tax deduction. See this post in AccountingWeb by Julian Block for more information on this potential problem: http://www.accountingweb.com/article/when-property-taxes-are-not-deductible-schedule-form-1040/224373?utm_campaign=Daily+Clips&utm_source=hs_email&utm_medium=email&utm_content=16090885&_hsenc=p2ANqtz-9jFbikFAEF_9tXi7p439GP7LbFgGeJm6pVpqSOvTGYCHgpkBEgI33ItEFAXhND0eZUCdDCxdker5Uwp0oFovwhgfgTJQ&_hsmi=16090885 I remember we discussed the listing of nondeductible items on the property tax bill at length at my Spidell tax seminar a few years ago. The problem is that if the property tax is impounded, there is not a breakdown of the deductible and nondeductible items. Well, most deduct the whole thing, anyway. For financial, accounting and tax musings, You can count on us to count for you! Email: bstonercpa@sbcglobal.net Phone: 818-317-6035 Website: www.briantstonercpa.com Android and the IPhone: Has been Featured On https://twitter.com/bstonercpa