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Tax Blog
“Taxing” is a word synonymous with “onerous” and “wearing.”  Bond Beebe, Accountants & Advisors, have created a user friendly blog called “It’s Taxing” to inform and educate our clients and business associates on timely topics related to tax, estates, accounting and finance.  We hope our blog answers your questions and alleviates the heavy burden and anxiety related to understanding complicated tax laws and related matters. 


IRS Issues Guidance for Correcting Employment Taxes on Same-Sex Spouse Benefits

irs-logoAs promised, the IRS yesterday issued guidance for employers who need to correct prior payroll tax withholding for employees previously taxed on certain same-sex spouse benefits. In Notice 2013-61, the IRS outlines two optional special procedures for correcting income tax withholding and Federal Insurance Contribution Act (FICA) tax withholding for all prior quarters in 2013. It also outlines the procedure for claiming refunds on prior years’ FICA taxes withheld.

IRS Announces Tax Guidance for Same-Sex Marriages

Yesterday the IRS ruled that all legally married same-sex couples will be treated as married for federal tax purposes, regardless of where they currently reside. The ruling is the first official guidance from the IRS since the Supreme Court ruled on June 26 that section 3 of the Defense of Marriage Act was unconstitutional.

Small Business Tax Lessons from the IRS Letters

taxesIn its latest effort to boost compliance, the IRS has sent letters to approximately 20,000 small business owners requesting additional information regarding potentially underreported income. Essentially, the IRS is checking to make sure that you have reported and paid tax on all cash transactions. The IRS letters are ominously titled “Notification of Possible Income Underreporting.”

Student Loan Interest Refresh and Deducting Student Loan Interest

Millions of students returning to college campuses this month received a back-to-school gift from Congress with an interest rate reduction for federal student aid. After rates on new Direct Subsidized Loans had doubled from 3.40% to 6.80% as of July 1st, the Senate and House approved a new system which ties current and future rates to the 10-Year Treasury note. In the short-term, that effectively lowers rates from 6.80% to 3.86% for undergraduate students and from 6.80% to 5.41% for graduate students.

DC Repeals Municipal Bond Income Tax

On July 30, 2013, District of Columbia Mayor Vincent Gray signed the “Fiscal Year 2014 Budget Support Emergency Act of 2013.” Part of this legislation, the Out-of-State Municipal Bond Tax Repeal Emergency Act of 2013, repeals the 2011 law which required interest income from out-of-state municipal bonds acquired after January 1, 2013 to be included in determining DC taxable income for individuals, estates, and trusts.

Tax Strategies for the “Sandwich Generation”: Claiming Dependents Young and Old

The aging population and the challenging job market has “sandwiched” middle-aged Americans. As more and more elderly parents outlive their retirement savings
and unemployed college graduates return to the nest, this generation often finds themselves caring for either their adult children or their elderly parents, and sometimes both.

Fun in the Sun: Summer Camp Tax Credits

As we suffer through July’s heat waves, many summer day camps are in full swing, keeping kids occupied while we parents keep our noses to the grindstone.  In addition to convenient child care and stimulating educational experiences, day camps can also be a tax advantage to your family.

ACA Update: Healthcare Exchanges Delayed for Small Businesses

The Obama Administration announced last Tuesday that the implementation of the employer health insurance mandate, a key piece of the Patient Protection and Affordable Care Act, will be delayed until 2015.

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