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What You Need to Know About the Premium Tax Credit

What is the Premium Tax Credit? The Premium Assistance Credit or Premium Tax Credit is a refundable credit that helps taxpayers pay for health insurance purchased through a government-sponsored exchange. In essence, this credit subsidizes the cost of health insurance throughout the year by allowing for a refundable credit at the end of the year. […]


Your 2014 Tax Return – Part I: Sources of Income

Another tax season has snuck up on us already. Tax organizers have already been sent to clients to prepare them for the challenging tax season ahead. Once they receive this subtle reminder that tax season is looming, clients who are trying to stay ahead will email or call me and ask what they can be doing […]


New IRS Treatment of Canadian Retirement Plans

The IRS has made it easier for U.S. taxpayers to benefit from favorable tax treatment on their Canadian retirement plans in 2014. Any U.S. taxpayer with a registered retirement savings plan (RRSP) or registered retirement income fund (RRIF) is now eligible for tax deferral, similar to the treatment of IRAs and 401(k)s. To qualify, all […]


Employer-Provided Transit Benefit for Employees

In 2014, taxpayers were allowed $130 per month in employer-provided transit and vanpooling benefits under Code Sec. 132(f)(2)(A). The Tax Increase Prevention Act of 2014 retroactively changed the monthly exclusion from $130 to $250. The new rate applies to the entirety of 2014 and will force employers to act quickly to make adjustments to 2014 […]


Another Important Change for Business Owners This Tax Season

The Affordable Care Act has grabbed most of the headlines for the upcoming tax season, but there are other requirements that will add to the difficulty of the 2014 filing season. One such requirement that will have an impact on almost all business owners, especially those in the real estate field, is the Repair Regulation […]


You Can’t Do That!

Yesterday, I mentioned the ongoing issues the IRS is having regulating tax preparers. Today, two more preparers have been brought into the spotlight because of their actions. There is also a bonus story about six college students who thought they could out-smart the IRS. Jeffrey Shelby, Jr. plead guilty to filing hundred of fraudulent tax […]


Benefits of Having a CPA (Part 2)

Las Vegas Accountants for Business Read the 1st part of the benefits of having a CPA here Owning a business can be stressful. There are numerous tasks to juggle: orders to fulfill, employees to manage and a seemingly unending mountain of paperwork. It’s difficult to do it all yourself and as a small business owner, […]


More Tax Preparer Regulations on the Horizon?

In recent years, the IRS has been trying to cut down on the amount of fraudulent tax returns. Notably, in 2012, the IRS attempted to require all paid federal tax return preparers to complete registration, competency testing and continuing education. Last spring, it was ruled, and upheld in appeals, that the IRS lacked statutory authority […]


Benefits of Having a CPA (Part 1)

Why Having Accountants in Las Vegas on Your Side Is Important Why is having accountants in Las Vegas on your side so important? Accounting services include tax planning and research, financial accounting, trust and estate compliance and investment and financial services. A CPA offers peace of mind on important compliance requirements and frees up time […]


Final Estimated Tax Payment Due January 15

This is a friendly reminder that the final estimated tax payment for 2014 is due by January 15.* If you owe estimated taxes, make sure to submit them to the IRS (or your state) in order to prevent an underpayment penalty. Individuals must pay estimated taxes if all three are true: You expect to owe more than […]


Cheap Gas and the Push for Higher Taxes

U.S. gas prices have plummeted in recent weeks, dropping them to the lowest levels we have in seen in the last few years. According to the AAA Fuel Report, the national average for a gallon of gas is $2.19, which is significantly lower than the average of $3.32 one year ago. If you are interested to […]


CPAs in Las Vegas

Things to Prepare Prior to Meeting with Your CPA Bringing all paperwork to a meeting with your CPA is imperative so your taxes and other financial documents can be filled out properly. However, it can be difficult to know everything you need to have with you. Consider the following items as you prepare for a […]


Additional Tax Law Changes for 2015

I have touched upon the main tax issues that will changing in 2015, but below are a few additional issues that you should be aware of when beginning to plan for 2015: Limited to One IRA Rollover per Year: Any taxpayer who receives an IRA distribution on or after January 1, 2015, will not be […]


Professional Gamblers Tax Guide for 2015

The start of the new year brings many resolutions, some that will be kept and others that will be broken. Whether it is a resolution, or not, everyone should make an effort to begin documenting their tax year starting today. Many of my clients have heard me say this year after year, and most of […]


Finalized Hospital Regulations Protect Patients

More than half of the hospitals in the U.S. are tax-exempt charitable organizations. Last week, the Department of the Treasury finalized a provision that holds charitable hospitals to a higher standard and protects many of the patients treated at these facilities. Although many of these provisions have been in effect for the past four years, […]


Employer Tax Mandate: A Helpful Guide

Individuals aren’t the only ones who need to deal with changing health care regulations in the new year. Beginning this year, the employer mandate will go into effect, requiring certain employers to offer health insurance to employees. Although tax preparers have been aware of this mandate for quite some time, not all business owners have […]


Affordable Care Act in 2015

Happy new tax year! Now that celebrations are over, its time to start planning for the year ahead. Taxpayers who do not have insurance, or are unsure if they will meet the Minimum Essential Coverage (MEC) requirements of the Affordable Care Act, should start by addressing this issue. In the 2014 tax year, the shared […]


State Tax Rates to Change in 2015

The following state tax rate changes will be in effect beginning January 1, 2015: Arizona: Corporate income tax rate drops from 6.5% to 6.0% Illinois: Income tax rate drops from 5% to 3.75% and corporate income tax rate drops from 9.5% to 7.75% Indiana: Income tax rate drops from 3.4% to 3.3% and corporate income […]


New Retirement Distribution Rules for 2015

The IRS has modified the rule regarding retirement plan rollovers to multiple qualified destinations. The previous rule (which is in effect until December 31, 2014) considered each destination from a retirement plan distribution to be a separate distribution. This meant that if you had both pre-tax and post-tax contributions in your retirement plan, you were not […]


Tax Season to Begin January 20

Its official! The IRS has announced that tax season will begin on-time and, despite the tax extenders delay, tax preparers will be able to electronically file returns beginning January 20. I must say, I am impressed that the IRS, which is not known for its agility, does not need to push back the start of tax […]


Supreme Court Ruling to Impact Affordable Care Act

The Supreme Court will hear King vs. Burwell in the early months of 2015 and its decision could have a substantial impact on the new healthcare mandate. The case will determine which individuals are eligible to receive the Premium Tax Credit. This credit is currently available to individuals that purchase their health care through a state […]


WSOP: 149 Days and Counting

The 2015 World Series of Poker begins on May 27, 2015. We will be in our usual location inside the Rio throughout the entire 49-day event. The WSOP continues to do an excellent job with the event and we look forward it every year. From what has been released so far, it looks like 2015 will […]


Tax Extenders Pass House, Tax Season to Start as Planned

Last week, the House passed the “tax extenders” bill that renewed 55 tax advantages for taxpayers. The extenders include such benefits as the educator deduction, qualified tuition and related expenses, mortgage insurance premiums, and numerous other business-related deductions (the full list can be seen here). All of these items were extended through the end of 2014. […]


New Jersey Preparer Sentenced to Jail

Todd Halpern, a 49-year-old tax preparer from Guttenberg, New Jersey, bought an established tax practice in 2008. He maintained the client base and prepared over 650 returns over the next several years. One problem, he filed each of those returns using the Electronic Filing Identification Number (EFIN) of the prior owner. He used the existing […]


New IRS Publication Aimed at Explaining the Affordable Care Act

The IRS recently released Publication 5187 in order to provide taxpayers with an additional resource regarding the new health care laws for 2014. The 21-page document effectively presents the different nuances that will be required for the coming tax years. If you are looking for an overview or refresher regarding the Affordable Car Act, I would […]


 
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