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Maximizing the tax benefits of your vacation home

Tue, May 31st 2016
Enjoy the property and realize rental income!  If you rent out your vacation home for part of the year, it might provide you with both a much-needed getaway and some nice income. But be careful about how it affects your tax situation. Depending on how frequently you personally use vs. rent out the property, you may be trading its recreational or income benefits for a higher tax bill. How, then, can you continue to rent, yet maximize your vacation home’s tax and financial benefits? If you’re... Read More »

Five-Minute Tax Briefing

Mon, Mar 7th 2016
Five-Minute Tax Briefing® March 08, 2016 No. 2016-05 Item for Friday, March 4, 2016 IRS Reminds Employers of Approaching ACA Information Reporting Due Dates: The IRS is encouraging self-insuring employers and Applicable Large Employers (ALEs) to mark their calendars to ensure they meet the new ACA reporting requirements. Self-insuring employers that are not ALEs must provide Form 1095-B (Health Coverage) and ALEs must provide Form 1095-C (Employer-provided Health Insurance Offer and Coverage)... Read More »

IRS Provides Procedures for Claims Related to Retroactively Extended Fuel Credits

Wed, Jan 27th 2016
IRS Provides Procedures for Claims Related to Retroactively Extended Fuel Credits Notice 2016-5, 2016-6 IRB To take into effect the retroactive extension of certain fuel tax credits under the Protecting Americans from Tax Hikes (PATH) Act, IRS has issued a Notice that provides rules that taxpayers must follow to make a one-time claim for a refund of, or credit for, certain fuels sold or used during calendar year 2015. IRS also provided instructions for how a claimant may offset its Code Sec.... Read More »

What's New for 2016

Tue, Dec 1st 2015
What's new for 2016-a roundup of tax changes effective this year-Part I A large number of important tax changes go into effect this year. Many were ushered in by the Protecting Americans from Tax Hikes (PATH) Act of 2015, although legislation enacted earlier in 2015 and in 2014 also contributed a fair share. Still other changes are the result of various administrative pronouncements by IRS. This article, the first installment of a 4-part Practice Alert, reviews the important changes for... Read More »

Affordable Care Act (ACA) - Employee Reimbursments

Sun, Feb 8th 2015
It is imperative that small businesses immediately evaluate their health reimbursement plans to ensure that they comply with the Affordable Care Act (ACA) requirements. The ACA rules subject noncompliant businesses to a possible excise tax of $100 per day, per employee, per violation penalty. The requirements apply not only to traditional group health plans, but also to employer health reimbursement plans as employer reimbursement plans are considered to be "group health plans". An employer... Read More »

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