Posted on January 30, 2015
by
Joseph Saka
January, the start of a New Year and the time that taxpayers start gathering information and stuffing folders with documents to prepare for the April 15 filing deadline. Sure, taxpayers can prepare their own returns using a variety of online tools. However, these software programs lack the human touch required to understand individuals’ unique financial […]
Posted on January 27, 2015
by
Jeffrey Mutnik
The IRS and U.S. Treasury recently issued a special rule that should allow employees some peace of mind regarding how long their 401(k)s will last through their retirement. The rule grants defined contribution plans permission to offer older employees the option to invest in deferred income annuities in target date funds (TDFs) without violating plans’ […]
During holiday travel, it is not unusual for vacationers to consider buying second homes in the location where they escape to – either for their own enjoyment or for future rental income. In fact, according to the National Association of Realtors, vacation home purchases are on the rise, reaching a seven-year high in 2013. Before […]
Posted on January 19, 2015
by
Adam Cohen
Despite a series of delays, several provisions of the Affordable Care Act (ACA), also known as Obamacare, will go into effect on Jan. 1, 2015. In fact, for many employers across the country, 2015 will make the first time they address the ACA on their tax returns. While the health care law aims to improve […]
Posted on January 15, 2015
by
Jim Spencer
The IRS recently eliminated reporting requirements for certain U.S. persons who hold stock in Passive Foreign Investment Companies (PFICs) that is marked-to-market (MTM) under Internal Revenue Code 1296. According to the IRS, a PFIC is any foreign investment vehicle for which either 75 percent or more of its gross income is passive or more than […]
Posted on January 09, 2015
The IRS has increased the optional standard mileage rate for employees and self-employed taxpayers who use their cars for business use in 2015 to 57.5 cents per mile, up from 56 cents in 2014. Conversely, the IRS reduced the deductible costs for mileage driven for medical and moving purposes to 23 cents, down from 23.5 […]
Posted on January 06, 2015
Effective January 1, 2015, states, local governments and nonprofit agencies receiving federal grants must comply with new single-audit requirements issued by the U.S. Office of Management and Budget (“OMB”). Included in the updated and revised guidance to Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations, are the following provisions for which organizations receiving […]
We are incredibly proud to celebrate 35 years of service to our clients, our community and our profession. Our growth was achieved through a committed focus on client service, a dedication to the well-being and career development of our firm members and a consultative approach to every client engagement. This philosophy has enabled us […]
Posted on January 05, 2015
by
Steve Messing
Residential home developers may have a new option to defer significant income until they are close to completing construction on an entire community, rather than at the time home buyers close on the homes. In February 2014, the U.S. Tax Court permitted residential home developer Shea Homes and its subsidiaries to delay the recognition of […]
Posted on January 02, 2015
by
Art Lieberman
A recent Fourth Circuit Court of Appeals case illustrates the limitations on the use of savings clauses to lock in tax benefits for transactions whose structures may not initially meet all of the requirements for the desired tax benefits. In Belk v. Commissioner, No. 13-02161, 2014 BL 354287 (4th Cir. Dec. 16, 2014), the […]
