Posted on December 29, 2015 by
Adam Cohen
Beginning January 1, 2016, employers, including non-profits, with 50 or more full-time equivalent employees will be required to comply with the shared responsibility provisions of the Affordable Care Act (ACA) and provide “minimum essential” health insurance coverage to 95 percent of their full-time workforce and dependent children under the age of 26, up from 70 […]
Posted on December 23, 2015 by
Jack Winter
The U.S. Department of the Treasury has officially introduced its myRA retirement savings plan to provide more citizens with a free and easy way to begin putting money aside for the future. Aimed at workers who lack access to employer-sponsored 401(k) plans, myRA plans are government-sponsored Roth IRAs that allow qualifying participants to contribute as […]
Posted on December 21, 2015 by
Shea Smith
In an effort to increase transparency in financial statement reporting, the Financial Accounting Standards Board (FASB) on November 11 voted to proceed with new lease-accounting standards for businesses. The final update, which is expected to be published in early 2016, will be effective for fiscal years (and interim periods within those fiscal years) beginning after December 15, […]
Posted on December 18, 2015 by
John Ebenger
As congressional lawmakers head into their winter break, a range of tax issues remain unresolved. With so many proposals floating around the nation’s capital, real estate professionals must have a keen understanding of how these plans may affect them and how they may prepare to address the resulting impact on their corporate and personal tax liabilities in […]
Posted on December 17, 2015 by
Karen Lake
With the end of the year ticking away, Congressional lawmakers finally agreed on a tax-extenders package that would make some expired tax provisions permanent in the Internal Revenue Tax Code, while providing others with a temporary revival. Here’s a brief recap of just some of the tax breaks included in the Protecting Americans from Tax […]
Posted on December 17, 2015 by
Jack Winter
The IRS requires taxpayers born before July 1, 1945, to take a required minimum distribution (RMD) from their traditional IRAs, SEP IRAs, SIMPLE IRAs, 401(k), 403 (b) and 457(b) retirement plans by December 31, 2015, or risk a penalty of 50 percent of the undistributed amount. Taxpayers born between June 30, 1944 and July 1, […]
Posted on December 16, 2015 by
Richard Pollack
In December, the Florida Bar challenged the 2013 legislative adoption of the Daubert standard governing the admissibility of expert testimony in cases involving lost damages. In a vote of 33-9, the Florida Bar board of governors rejected the strict Daubert standard used by Federal courts and 27 states in favor of the Frye standard of expert testimony that was […]
Posted on December 15, 2015 by
Joseph Saka
The IRS announced its annual inflation adjustments for more than 50 tax provisions during the 2016 tax year. Taxpayers will apply these adjustment to tax returns they file on April 16, 2017. Tax Rates. The highest tax rate of 39.6 percent will apply to married couples whose incomes exceed $466,950 and to singles with […]
Posted on December 14, 2015 by
Adam Cohen
Most taxpayers who failed to have minimum essential healthcare insurance in 2015 will be required to pay with their tax returns an individual shared responsibility penalty equal to $325 per adult and $162.50 per child or 2 percent of income, whichever is greater, for every month they went without qualifying coverage. However, under the provisions […]
Posted on December 14, 2015 by
Adam Cohen
For many, the end-of-the year is a time of reflection and thankfulness for all that one has as well as an opportunity to recognize those who are less fortunate. In fact, according to Charity Navigator, 50 percent of all non-profit organizations earn the bulk of their revenue during the fourth quarter of the year, and […]
