Archive

27May2015

How Long Are You on the Hook for a Tax Assessment?

Article Highlights: Statute of Limitations Filing Before April Due Date Filing After April Due Date Extension Amended Returns Three-year Statute Understatement Exceeds 25% Ten-year Collection Period Tax Records A frequent question from taxpayers is: how long does the IRS have to question and assess additional tax on my tax returns?  For most taxpayers who reported
  • 27 May, 2015
  • Jacqueline Cran
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22May2015

Affordable Care Act & Health Reimbursement Arrangements

The IRS has issued guidance indicating that health reimbursement arrangements (HRAs) that do not comply with the Affordable Care Act (ACA) are subject to severe penalties. An HRA is an arrangement whereby the employer reimburses the employee for part or all of qualified medical care expenses and provides coverage up to a maximum dollar amount
  • 22 May, 2015
  • Jacqueline Cran
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20May2015

Tax Penalty For Not Having Insurance Ratchets Up In 2015

    Article Highlights: Flat dollar amount penalty Percentage of income penalty Household income Modified adjusted gross income Tax filing threshold The penalty for not having minimum essential health insurance for yourself and other members of your tax family takes a substantial jump in 2015. For 2014, the penalty was the greater of the flat
  • 20 May, 2015
  • Jacqueline Cran
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15May2015

Read this before Tossing Old Tax Records

  Article Highlights: Reasons to Keep Records Statute of Limitations Maintaining Record of Asset Basis Now that your taxes have been completed for 2014, you are probably wondering what old records can be discarded. If you are like most taxpayers, you have records from years ago that you are afraid to throw away.  It would
  • 15 May, 2015
  • Jacqueline Cran
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11May2015

Is Your Refund Too High or Do You Owe Taxes? You Probably Need to Adjust Your W-4

Article Highlights: Large Refund or Tax Due Employers Withhold Based on W-4 IRS Online Withholding Calculator Self-employed Taxpayers If your income is primarily from wages and you received a very large refund—or worse, if you owed money—then your employer is not withholding the correct amount of tax (but it probably isn’t your employer’s fault). Sure,
  • 11 May, 2015
  • Jacqueline Cran
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05May2015

Is Your Hobby a For-Profit Endeavor?

  Article Highlights:   Hobby Versus For-Profit Endeavor Factors Used To Determine For-Profit Three out of Five Rule Hobby Deductions Whether an activity is a hobby or a business may not be apparent to the customers of the endeavor, but distinguishing the difference is necessary for tax purposes because the tax treatments are substantially different. The
  • 5 May, 2015
  • Jacqueline Cran
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01May2015

May 2015 Due Dates

May 2015 Individual Due Dates May 11 – Report Tips to Employer  If you are an employee who works for tips and received more than $20 in tips during April, you are required to report them to your employer on IRS Form 4070 no later than May 11. Your employer is required to withhold FICA
  • 1 May, 2015
  • Jacqueline Cran
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