2015 Year-End Planning Letter From Bruce

2015 Year-End Planning Letter From Bruce

October 22, 2015 2015 YEAR-END PLANNING Personal Taxes Planning ahead always is a smart idea, and that’s especially true when it comes to your taxes. As 2015 draws to a close, there’s still time to make the most of strategies that can help reduce your tax bill April 15 and allow you to reap other(…)

More

Health reform prohibits most reimbursement plans

Health reform prohibits most reimbursement plans

By Dayna Roane, CPA/ABV   The many small businesses that had for decades relied on freestanding health reimbursement arrangements (HRAs) or employer payment plans (EPPs) under Rev. Rul. 61-146 to provide health care benefits for employees may no longer do so in most cases because of the “market reform” provisions of the Patient Protection and Affordable(…)

More

Issue Spotlight: Identity Theft Adds to Practitioner Anxiety

Issue Spotlight: Identity Theft Adds to Practitioner Anxiety

by Susan Allen, CPA, Project Manager – Taxation  This tax season has presented unique challenges for our members. The tangible property regulations (and late-released guidance/relief), along  with the Affordable Care Act (ACA) mandates have made many a tax CPA lose sleep, work long hours, and pull his or her hair out trying to comply with(…)

More

Beware IRS Phone Scams

Beware IRS Phone Scams

by Susan Allen, CPA, CITP, CGMA, Lead Technical Manager – Taxation  We are hearing growing concerns from our members about IRS phone scams – someone calls pretending to be an IRS employee, trying to collect taxes and threatening various types of enforcement actions. Unfortunately, there are numerous examples of this type of fraud around the(…)

More

Majority of CPAs Polled Had Clients Victimized by Tax ID Theft This Year

Majority of CPAs Polled Had Clients Victimized by Tax ID Theft This Year

By Paul Bonner Sixty-three percent of CPAs who answered the 2015 tax software survey conducted by The Tax Adviser and JofA said at least one of their clients was a victim of tax identity theft in the 2015 filing season. CPAs interviewed in connection with the survey’s findings on identity theft also echoed National Taxpayer Advocate Nina Olson’s report(…)

More

Mid-Year Tax Update from Bruce Warner, CPA

Mid-Year Tax Update from Bruce Warner, CPA

Mid-Year Tax Update from Bruce Warner, CPA Bear Lake Tax &Accounting Warner Financial Group, LLC 801-916-6494 Brucewcpa@yahoo.com Time for a Tax Check-up? We have reached the middle of the 2015 tax year.  Do you need help estimating your quarterly tax deposits, or help with planning the tax effects of your business transactions?  If so, please(…)

More

Important Tax Return Extension Notice and News Updates

Since Bruce Warner will be (working) out of his office from March 10th through March 20th, we would appreciate it if you could provide requests for tax return filing extensions by no later than March 9th.  If you have changed addresses or have a new business this year, please provide the data asked for in(…)

More

Newsflash on Repair Regulations

Here is a news flash that we received on February 16th: The IRS announced in IR-2015-29 relief for small business owners and their tax preparers waiving the Form 3115 filing requirements for those who are attempting to comply with the new “tangible property repair” regulations. Since the repair regulations were issued, tax professionals have spent(…)

More

UPDATE: Affordable Care Act Reporting Problem

New problems for Health Care Reform were announced by the Centers for Medicare & Medicaid Services (CMS). In a CMS blog posting dated February 20, 2015, approximately 800,000 taxpayers will soon receive a corrected Form 1095-A because the original version they were issued listed an incorrect benchmark plan premium amount. Taxpayers who received health insurance(…)

More

Temporary Penalty relief for 2 percent S Corp Shareholders

If an S corporation pays for or reimburses premiums for individual health insurance coverage covering a 2% shareholder-employee, the payment or reimbursement is included in income but the 2% shareholder-employee may deduct the amount of the premiums under the self-employed health insurance rules. The IRS is still deciding on publishing additional guidance on the application(…)

More