July 29, 2013
Andrew Presti
Blog Posts
0 CommentsImplementation of the Affordable Care Act occurs in stages, with many of the reforms and requirements taking effect in 2013 and 2014. While many of the requirements, mandates and media coverage of the Act are directed towards employers with over 50 employees, there are also many significant provisions for smaller employers with up to 50 […]
Read moreJuly 15, 2013Andrew PrestiBlog Posts0 CommentsVacation homes offer owners tax breaks similar-but not identical-to those for primary residences. Vacation homes also offer owners the opportunity to earn tax-advantaged and even tax-free income. This combination of current income and tax breaks, combined with the potential for long-term appreciation, can make a second home an attractive investment. Homeowners can deduct mortgage interest […]
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July 13, 2013Steve GrgasBlog Posts0 CommentsFor many individuals, volunteering for a charitable organization is a very emotionally rewarding experience. In some cases, your volunteer activities may also qualify for certain federal tax breaks. Although individuals cannot deduct the value of their labor on behalf of a charitable organization, they may be eligible for other tax-related benefits. Before claiming any charity-related […]
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July 11, 2013Wayne NaegeleBlog Posts0 CommentsGain or loss is not recognized when property held for productive use in a trade or business or for investment is exchanged for like-kind property. Instead, the taxpayer’s basis and holding period in the property transferred carries over to the property acquired in the exchange. Deferring taxable gain, always a good strategy, makes more sense […]
Read moreJuly 08, 2013Andrew PrestiBlog Posts0 CommentsOn June 26, the U.S. Supreme Court held that Section 3 of the federal Defense of Marriage Act (DOMA) is unconstitutional (E.S. Windsor, SCt., June 26, 2013). Immediately after the decision, President Obama directed all federal agencies, including the IRS, to revise their regulations to reflect the Court’s order. How the IRS will revise its tax regulations […]
Read moreJuly 05, 2013Wayne NaegeleBlog Posts0 CommentsIn a decision announced on July 2, the Obama administration has decided to postpone the employer mandate for companies with 50 or more employees until 2015. The mandate was previously set to go into effect on January 1, 2014. The mandate is now scheduled to go into effect in January 2015 for employers to offer […]
Read moreJuly 01, 2013Steve GrgasBlog Posts0 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 July 2013. July 3 Employers. Semi-weekly depositors must deposit employment taxes for payroll dates June 26-28. July […]
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