Pushing for Tax Reform – Cash Method of Accounting

The American Institute of Certified Public Accountants (AICPA) has recently been participating in U.S. House of Representatives, Committee on Small Business hearings on tax reform with the goal of ensuring that main street isn’t left behind. One area of focus in this regard has to do with rules relative to the cash method of accounting …

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Exemption Due to Marketplace 1095-A Error

It has recently been discovered that there is a widespread number of taxpayers that are encountering errors with the Form 1095-A (Health Insurance Marketplace Statements). The types of errors that are occurring consist of incorrect information on the form or a delay in receiving the form. Another error is erroneously receiving the form when you …

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IRS Marks National Military Appreciation Month

May is National Military Appreciation Month, and the Internal Revenue Service wants members of the military and their families to know about the many tax benefits available to them. Each year, the IRS publishes Publication 3, Armed Forces Tax Guide, a free booklet packed with valuable information and tips designed to help service members and …

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Tax Benefits of Hiring Children to Work in the Family Business

Finding work for young adults that are eligible for employment can be very stressful. In recent years, the economy has created a culture which makes graduating college and taking that next step into the work force one that is not pleasant and incredibly nerve wracking. The family business may be the only place for some …

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Bill Passed to Enhance College Tuition Plans

Sending a child off to college can be a tough situation, emotionally and mentally, for many different reasons. Creating a 529 plan to save money and pay for your child’s college tuition is very important, but what about all the other costs? There are hidden expenditures that arise when each kid goes to college which …

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AZ Expands School Tuition Organization Credit to S Corps

The Arizona legislature has established a pro rata income tax credit for an S corporation that donates to a school tuition organization (STO) for tax years beginning on or after 1/1/2015. To qualify for the credit, the aggregate amount of the contribution in the tax year must be at least $5,000 and the statutory requirements …

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Did You Participate in an Employee Stock Option or Stock Purchase Plan?

Did you know about the new reporting requirements that took effect in 2014? If you did not, or even if you did, you may want to DOUBLE check your current year tax return, because you may have been DOUBLE taxed! Brokerage firms use Form 1099-B to report your sales of stock and other securities. This …

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Mid-Year Premium Tax Credit Checkup

Now that there is a year of the Health Insurance Marketplace in the books, it is time to assess how having insurance through the marketplace needs to have a mid-season checkup. If you have insurance through the Marketplace, you may be receiving a premium tax credit. These are paid directly to your insurance company to …

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Here We Go Again – The Death Tax Repeal Act of 2015

Is there a possibility the current estate tax will be repealed? This is a debate we have heard over and over again over the past several years, and as we head into the race for the White House, we are bound to continue to hear the pros and the cons for Estate Tax Reform. Co-sponsor …

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Four Key Facts about Unemployment Benefits

If you lose your job, you may qualify for unemployment benefits. The payments may serve as much needed relief. But did you know unemployment benefits are taxable? Here are four key facts about unemployment compensation: Unemployment is taxable. You must include all unemployment compensation as income for the year. You should receive a Form 1099-G, …

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