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Archive for November 14th, 2016

srusso

Congress returns for year-end tax legislation push

Congress returns for year-end tax legislation push Year-end 2016 is expected to bring a rush of tax-related legislation in Congress. Lawmakers will be up against a December 31 deadline to renew some expiring tax incentives and possibly pass new tax breaks for individuals and businesses. The year may end with what is often called a […]

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apresti

Natural disaster tax relief and preparedness

Natural disaster tax relief and preparedness Following a natural disaster, the affect such a calamity would have on ones taxes is likely the last thing on an individual’s mind—if it crosses his or her mind at all. However, as inconsequential of a thought as it may seem as an individual is contending with the physical […]

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wnaegele

FAQ: What are “excepted benefits” for purposes of ACA minimum essential coverage?

FAQ: What are “excepted benefits” for purposes of ACA minimum essential coverage? The ACA created Code Sec. 5000A. Individuals must have minimum essential health insurance coverage, qualify for a health coverage exemption, or make an individual shared responsibility payment. Minimum essential coverage includes most government-sponsored health care programs, such as Medicaid, Medicare, and TRICARE.  Eligible […]

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wnaegele

How do I? Make tax-free gifts for tuition

How do I? Make tax-free gifts for tuition With the soaring cost of college tuition rising on a yearly basis, tax-free tuition gifts to children and grandchildren can help them afford such an expensive endeavor, as well as save the generous taxpayers in gift and generation skipping taxes. Under federal law, tuition payments that are […]

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wnaegele

Are IRS Q&As authoritative guidance?

Are IRS Q&As authoritative guidance? The Tax Code is among the most complex of all federal statutes. To explain the Code, the IRS issues guidance. Recently, the IRS has used the “Frequently Asked Question (FAQ)” format to explain some of the tax laws. At the same time, questions have arisen about the FAQs. May taxpayers […]

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wnaegele

November 2016 tax compliance calendar

November 2016 tax compliance calendar As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important federal tax reporting and filing data for individuals, businesses and other taxpayers for the month of November 2016. November Employers. During November, ask employees whose withholding […]

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