Archive for the ‘Tax Tips’ Category

New Filing Requirement for Business Owners with Self-Insured Health Plans (such as HSA’s and FSA’s)

Posted on: July 21st, 2014 by admin No Comments

Hidden within the Affordable Care Act of 2010 is a new tax that many businesses are not aware of.  In 2013, many employers were subject to the new Patient-Centered Outcomes Research Trust Fund Fee for the first time.  Self-insured health plans, as well as issuers of some health insurance policies, are now required to report […]

Presidential Budget Proposal includes tax changes- summary (FY 2015)

Posted on: March 26th, 2014 by admin No Comments

President Obama released his fiscal year 2015 budget last week by submitting to Congress a 3.9 trillion federal budget proposal aiming to increase government revenue by way of several large tax changes and numerous small ones.  While there are some favorable provisions, we expect this proposal will increase tax burdens for most of our clients.  […]

Fiscal year 2015 Budget Proposals- full version

Posted on: March 7th, 2014 by admin No Comments

Click online below to read 12 page full briefing by CCH 2015-Federal-Budget-Proposals  

ARE YOU PREPARED? NEW IRS REPAIR VS. CAPITALIZATION REGULATIONS

Posted on: February 10th, 2014 by admin No Comments

The IRS released final regulations dealing with when taxpayers are required to capitalize and when they can deduct expenses for acquiring, maintaining, repairing and replacing tangible property. All businesses that own fixed assets will be affected in some manner and are required to comply with these new regulations as of January 1, 2014. There are four basic areas which are […]

Beware: Two New Taxes

Posted on: December 10th, 2013 by admin No Comments

Although the tax law is modified each year, the types of taxes we pay remain relatively constant. These include taxes on sales, income, property, estate/gift, social security, unemployment, etc. However, beginning in 2013, there is an introduction of two new taxes, which are part of the Affordable Care Act: Net Investment Income Tax and an additional Medicare Tax on wages and […]

Are You Engaged in a Business or a Hobby ? The IRS May Not Agree

Posted on: October 9th, 2013 by admin No Comments

No matter the legal form of your business, the IRS may challenge your assertion that you are engaged in a business rather than a hobby. There is a significant difference in how the tax code treats hobby income and expenses versus business income and expenses. The IRS estimates that incorrect deductions of hobby expenses account for an estimated $30 billion […]

North Carolina Steps Toward Tax Reform— How Does it affect YOU?

Posted on: September 10th, 2013 by admin No Comments

The legislature and governor of North Carolina made comprehensive tax reform one of their top priorities for the 2013 legislative session. The previously existing North Carolina tax rates were high compared to neighboring states, making North Carolina relatively unattractive for relocation. Also, the state’s revenue streams were too dependent on income tax, a less predictable and thus more risky revenue stream […]

Tax Reform updates: North Carolina Association of CPAs

Posted on: August 30th, 2013 by admin No Comments

Spreading the word about the Tar Heel Tax Reform initiative and resources: ➢ Confused about tax reform? Check out the North Carolina CPAs’ nonpartisan website. ➢ Check out the latest news about NC tax reform and stay informed on the issue. ➢ Three key principles will guide NC’s tax reform efforts: reliability, transparency, and fairness. Learn […]

Projected Revenue Impact of Proposed Immigration Reform

Posted on: August 20th, 2013 by admin No Comments

Projected Revenue Impact of Proposed Immigration Reform It appears there could be some political compromise on additional tax revenues after all. In April 2013, the Senate passed the Border Security, Economic Opportunity, and Immigration Modernization Act, which most notably would increase the number of people who are granted legal status. If enacted into law, this bill is estimated to save […]

North Carolina 2013 Tax Reform- Summary

Posted on: July 23rd, 2013 by admin No Comments

North Carolina 2013 Tax Reform- Summary see North Carolina Steps Toward Tax Reform for full details   The deal reached in negotiations by the legislature and governor of North Carolina will lower several key tax rates, thus moving the State from one of the highest tax rates in the Southeast to one of the lowest. Some […]