Monthly Archives: February 2015

How the President’s Budget Proposal Would Affect Retirement Savings by Sean Deviney, CFP

Posted on February 27, 2015 by Richard Berkowitz

President Obama’s budget proposal for fiscal 2016 includes several provisions that could improve taxpayers’ access to retirement savings programs and limit the amount some individuals can save in those plans. Following are some of the key measures proposed by the president that await Congressional approval:   Automatically enroll workers. Employees without access to employer-sponsored retirement […]

Taxpayers Receive Incorrect Health Care Forms for 2014 by Adam Cohen, CPA

Posted on February 24, 2015 by Adam Cohen

The Federal Government today announced that approximately 800,000 taxpayers who signed up for health insurance in 2014 at received incorrect IRS Forms 1095-A, Health Insurance Marketplace Statements, which explain coverage and details about the premium tax credit they received. Affected taxpayers will receive calls and emails about the error from the government in the next […]

Private Companies Have New Option to Account for Identifiable Intangible Assets in Mergers by Hector E. Aguililla, CPA

Posted on February 23, 2015 by Hector Aguililla

Under new guidance issued in late 2014 by the Financial Accounting Standards Board (FASB) and the Private Company Council (PCC) private businesses involved in an acquisition with another business may elect an accounting alternative for recognizing certain intangible assets.  Specifically, these companies would no longer have to recognize the following items separate from goodwill: Non-competition […]

Consider Affordable Care Act when Filing 2014 Tax Returns by Adam Cohen, CPA

Posted on February 19, 2015 by Adam Cohen

The Affordable Care Act, also referred to as ACA, Obamacare and the health care law, requires that all U.S. taxpayers and each member of their families have had minimum essential health insurance coverage during each month of 2014 or qualified for one of 19 coverage exemptions. Failure to meet either of these provisions requires taxpayers […]

Why it Matters Where You Die in 2015 by Joanie B. Stein, CPA

Posted on February 13, 2015 by Joanie Stein

The federal estate tax, also known as the death tax, applies to assets persons hold upon their death. In 2015, individuals will be able to exclude from federal taxes $5.43 million of their estates, or $11 million for couples. While this exemption limit alleviates the worries of most taxpayers who wish to pass their wealth […]

Inflation-Adjusted Numbers to Know in 2015 by Joseph L. Saka, CPA/PFS

Posted on February 10, 2015 by Joseph Saka

Each year, the IRS issues inflation adjustment for more than 40 tax provisions. Following is a sample of some of the increased figures that will apply to taxpayers in 2015 (for filing on April 15, 2016):   Tax Rates. The highest tax rate of 39.6 percent will apply to married couples whose incomes exceed $464,850 […]

Don’t Forget Retirement Savings When Changing Jobs by Sean Deviney, CFP

Posted on February 05, 2015 by Richard Berkowitz

It is far too common for individuals to leave behind retirement benefits with previous employers when they change jobs.   By forgetting and neglecting these orphaned benefit plans, individuals risk losing significant savings they accumulated over their hard-working years.  In fact, a recent report issued by the Government Accountability Office found that, under current law, each […]

Businesses Can No Longer Afford to Ignore the Threat of Cyber Attacks by Sean Chari

Posted on February 04, 2015 by Steve Nouss

On November 24, 2014, Sony Pictures Entertainment was hacked, purportedly in response to a pending movie release. International headlines focused on the salacious details about the Hollywood executives and celebrities mentioned in the breached emails. Widely ignored by the news media was Sony’s lack of protection and monitoring of its IT environment, which exposed the […]