June 17, 2013
Andrew Presti
Blog Posts
0 CommentsAs an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important tax reporting and filing data for individuals, businesses and other taxpayers for the month of June 2013. June 5 Employers. Semi-weekly depositors must deposit employment taxes for payroll dates May 29-31. […]
Read moreJune 17, 2013Andrew PrestiBlog Posts0 CommentsLoans without interest or at below-market interest rates are recharacterized so that the lender must recognize market-rate interest income. Put another way, below-market loans are loans for which a rate of interest that is lower than the applicable federal rate (AFR) (which is computed by the government and released by the IRS on a monthly […]
Read moreJune 17, 2013Andrew PrestiBlog Posts0 CommentsVacation homes offer owners many tax breaks similar to those for primary residences. Vacation homes also offer owners the opportunity to earn tax-advantaged and even tax-free income from a certain level of rental income. The value of vacation homes are also on the rise again, offering an investment side to ownership that can ultimately be […]
Read moreJune 17, 2013Andrew PrestiBlog Posts0 CommentsOn May 6, 2013 the Senate passed the Marketplace Fairness Act of 2013 (a.k.a, the “Internet Sales Tax Bill” by 69-27. Passage in the Senate was considered a major hurdle for taxing Internet sales. The bill, if passed in the House and signed by the President, would enable states to collect from certain online sellers […]
Read moreJune 17, 2013Andrew PrestiBlog Posts0 CommentsThe government continues to push out guidance under the Patient Protection and Affordable Care Act (PPACA). Several major provisions of the law take effect January 1, 2014, including the employer mandate, the individual mandate, the premium assistance tax credit, and the operation of health insurance exchanges. The three agencies responsible for administering PPACA – the […]
Read moreJune 17, 2013Andrew PrestiBlog Posts0 CommentsThe IRS’s improper handling of applications for tax-exempt status from conservative groups has led to the removal of top officials, the appointment of a new Acting Commissioner, a 30-day top-down review of the agency’s operations, Congressional hearings, and a criminal investigation. The outcome of all these activities may reshape how the IRS operates and how […]
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