Jobe Dupre’, CPA
The IRS has issued the 2015 standard mileage rates. The new rates go into effect beginning January 1, 2015 and are as follows:
57.5 cents per mile for business miles driven.
23 cents per mile driven for medical or moving purposes.
14 cents per mile driven for charitable purposes.
Brian Wynne, CPA
On Wednesday, the House overwhelmingly passed a bill that will extend, for one year, a package of tax provisions into 2014. Though the year is almost over, these breaks had all previously expired as of December 31, 2013, and under this bill they will be extended through December 31, 2014. There has been considerable debate over the content of this package, and whether to pass a one-year extension or two. Last week, President Obama threatened to veto […]
Jobe Dupre, CPA
As an S-Corporation shareholder there are certain items that should be reported on your W-2 as compensation. These items are commonly either reported incorrectly or not reported at all. The good news for this year is that you still have time to call your payroll company and have these items correctly reported on the W-2. The following are two items that are often not reported correctly.
Medical insurance of a 2% or more shareholder-employee: Medical insurance paid […]
Bond Beebe today joins with other local leaders in taking the Community Profits Montgomery pledge.
Community Profits Montgomery is an initiative that promotes companies that give back. Launched by Bethesda Magazine and C. Fox Communications in partnership with The Community Foundation in Montgomery County, the initiative stems from a simple idea: to create a platform that recognizes local businesses for giving back to the community, inspiring them to continue their good work — and encourage others to do the same.
Specifically, […]
Scott Reddersen, CPA
Over the past several months, the IRS has issued several consumer alerts in response to telephone scam artists claiming to represent IRS agents. Some of these callers use sophisticated and threatening tactics in an effort to persuade you to provide sensitive information. While receiving one of these phone calls can be frightening, it is important to remember a few things about how these intimidation tactics differ from common IRS procedures.
The IRS will never call to demand immediate […]
Scott Reddersen, CPA
On Thursday, October 30, the IRS announced annual inflation adjustments for various 2015 tax provisions. Two figures to note in the estate planning arena are the Federal estate (basic) lifetime exclusion, and the annual exclusion for gifts.
The Federal estate tax exemption increased to $5,430,000 for 2015, roughly a 1.7% increase from 2014’s $5,340,000. For more information on estate planning and the basics of portability, please see our previous blog post here.
The annual gift exclusion for 2015 […]
Posting by Sean Urbany
Earlier this week, both the Internal Revenue Service and the Social Security Administration announced cost-of-living adjustments impacting the 2015 tax year.
First, the IRS the announced a number of cost-of-living adjustments related to retirement items. Below are some of the main points announced by the IRS:
Taxpayers who participate in 401(k) plans, 403(b) plans, 457 plans, or the Federal government’s Thrift Savings Plan, may now choose to make annual elective deferrals of up to $18,000 in 2015. […]
Scott Price, CPA
The transitional insurance program was established as part of the ACA in order to stabilize health insurance premiums in the individual marketplace and fund reinsurance payments to eligible market plans. It requires enrollment reporting and contribution payments from health insurance issuers and certain self-insured group health plans for 2014, 2015 and 2016.
Pay.gov will be available beginning Friday, October 24, 2014 to accept reporting and payment of this fee. The 2014 annual enrollment count submission is due on […]
Posting by Brian Wynne
Last year, The Supreme Court ruled in United States v. Windsor that same-sex married couples could be treated as married under federal law. This had broad implications for US federal taxes for same-sex married couples, but at the state level the laws continued to vary state by state. When the IRS issued its guidance, they clarified that for tax purposes the IRS would recognize any marriage entered into legally in a state that allowed the marriage, […]
Posting by Brian Wynne
Last year, The Supreme Court ruled in United States v. Windsor that same-sex married couples could be treated as married under federal law. This had broad implications for US federal taxes for same-sex married couples, but at the state level the laws continued to vary state by state. When the IRS issued its guidance, they clarified that for tax purposes the IRS would recognize any marriage entered into legally in a state that allowed the marriage, […]
