ACA Update: Healthcare Exchanges Delayed for Small Businesses

Posting by Kelly Lopez

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.

The employer healthcare mandate was set to take effect on January 1, 2014. This part of the 2010 legislation requires all employers with more than 50 full-time workers to provide health insurance or pay high penalties.  It also mandates a new insurance marketplace specifically for small […]

July 8, 2013 Tax Read more...

SUPREME COURT RULES DEFENSE OF MARRIAGE ACT UNCONSTITUTIONAL – TAX IMPLICATIONS

Brian Wynne, CPA

The Supreme Court’s June 26th decision in United States v. Windsor has created a great deal of uncertainty surrounding federal taxation of same-sex married couples.  The decision struck down as unconstitutional section 3 of the Defense of Marriage Act (DOMA), which required same-sex married couples to be treated as unmarried for federal law.  This means that in the 13 states (plus the District of Columbia) that currently allow same-sex marriages, the federal government will recognize the marriage.

In […]

July 3, 2013 Accounting, Tax Read more...

THE EFFECT OF THE AFFORDABLE CARE ACT ON MEDICAL EXPENSE DEDUCTIONS

Billy Thomas, CPA 

While sifting through the details of the medicare surtaxes that took effect this year as part of the Affordable Care Act (ACA) implementation, you may have missed the ACA-mandated change to the threshold for deducting qualified, unreimbursed medical expenses.

Before 2013, taxpayers were permitted an itemized deduction for medical expenses exceeding 7.5% of their adjusted gross income (AGI); the level is 10% for those taxpayers subject to Alternative Minimum Tax (AMT).  Beginning this year, the adjusted gross income […]

June 26, 2013 Accounting, Benefit Plan Accounting, Tax Read more...

Employing Your Children

Posting by Joel C. Susco, CPA

Summer is a great time to implement an easy tax savings strategy: hire your children to work for you. Employing your children in your business can be a quick and easy way to generate some additional tax savings, kick-off your children’s retirement savings, and provide your children with important career training that can be particularly crucial for future succession planning if you hope to run a multi-generational family business.

Bond Beebe Accountants & Advisors’ tax […]

June 24, 2013 Family Owned Businesses, Tax Read more...

Out-of-State Sourced Taxable Income – Update on Wynne V. Comptroller

Posting by Jobe Dupre

On Friday, May 17, 2013, the Maryland Court of Appeals denied the comptroller’s motion for reconsideration inBrian and Karen Wynne, et al v. Comptroller of Treasury.  The original ruling was in favor of the taxpayer, allowing taxes paid to another state to count as a tax credit against the income taxes paid to a Maryland County.

The ruling is still standing in favor of the taxpayer, although the effective date is on hold, allowing Maryland time to […]

May 30, 2013 Tax Read more...

IRS FURLOUGH DAY DETAILS AND EFFECTS FOR TAXPAYERS

The IRS has issued details (IR-2013-51) about their planned 2013 furloughed days scheduled for May 24, June 14, July 5, July 22, and August 30.  During these times IRS offices, toll free lines, the Taxpayer Advocate Service, and taxpayer assistance centers will be closed.

It is important to note that none of these days are considered a federal holiday so the closings will have no effect on any filing deadlines.  At this time the only tax payment deadlines impacted are […]

May 21, 2013 Accounting, Tax Read more...

IRS FURLOUGH DAY DETAILS AND EFFECTS FOR TAXPAYERS

The IRS has issued details (IR-2013-51) about their planned 2013 furloughed days scheduled for May 24, June 14, July 5, July 22, and August 30.  During these times IRS offices, toll free lines, the Taxpayer Advocate Service, and taxpayer assistance centers will be closed.

It is important to note that none of these days are considered a federal holiday so the closings will have no effect on any filing deadlines.  At this time the only tax payment deadlines impacted are […]

May 21, 2013 Accounting, Tax Read more...

The Secrets of Successful Buy-Sell Agreements

Posting by Geoffrey D. Brown, CPA, Principal

A well-crafted buy-sell agreement is essential for limiting liability and resolving a number of tax and business issues in closely-held or family enterprises, especially those with multiple owners and partners.  The agreement outlines the roles and rights of the parties involved, fostering smooth relations and the successful continuation of the business.  It also prevents an owner from selling his interests to an outsider without the consent of the other owners, and provides an […]

April 20, 2013 Accounting, Tax, Valuation Read more...

LATE PAYMENT RELIEF AVAILABLE FOR FILERS AFFECTED BY DELAYED FORMS RELEASE

Glenn Bailey, CPA

IRS has published Notice 2013-24 that allows a waiver of the .5% late payment penalty for anyone who files an extension, has underpaid their tax and was affected by the delay in release of certain IRS forms.  Taxpayers must demonstrate “reasonable cause” and make a good faith effort to pay the proper amount with their extension even if they aren’t sure what the actual amount should be.  So filing an extension with no payment when you owe […]

March 21, 2013 Accounting, Tax Read more...

THEY AREN’T REALLY EMPLOYEES, ARE THEY? CORRECTLY CLASSIFYING INDEPENDENT CONTRACTORS

A recent tax court decision, Kureck v. Commissioner, T.C. Memo 2013-64 (Feb. 28,2013), highlights the danger faced by many taxpayers utilizing independent contractors in their businesses.  The taxpayer in this case (Kurek) was a sole proprietor contractor specializing in home renovation.   He hired approximately 30 part-time workers on a project by project basis. None of the workers were engaged full-time by Kureck.  Each worker was paid weekly based on the percentage of work completed on a particular job.  The […]

March 18, 2013 Accounting, Tax Read more...