You Sure You Want to Get Married?

The Ninth Circuit Court of Appeals overturned a Tax Court case which had disallowed two California domestic partners from each deducting mortgage interest up to the $1.1 million limit. The Tax Court held that the $1.1 million mortgage interest deduction limitation applied on a per residence basis. Noting that the statute was ambiguous as to …

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Penalties and Relief for the Affordable Care Act

2015 is the first year that the new health care reporting forms are being required to be used to report health care coverage by employers under the Affordable Care Act. These will be due in January of 2016 to report for the 2015 calendar year. Those that are affected are any employers that provide self-insured …

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Football Season is Here – Deducting Sporting Event Tickets

Football season is here! Are you going to the game? Tailgating? Deducting sporting event tickets? As most companies like to take clients out to sporting events and deduct tickets, please keep in mind that you need to meet certain criteria to do so. First of all, the sporting event needs to be directly related to …

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Pushing for Tax Reform – Alternative Minimum Tax Repeal

The American Institute of Certified Public Accountants (AICPA) recently participated 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 the Alternative Minimum Tax Repeal. The AICPA and much of …

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Payroll Records…What Do I Need to Save?

Earlier this year, the IRS and Social Security Administration offered advice to employers in the Spring 2015 SSA/IRS Reporter on payroll record retention. The general record retention rule for payroll records applies to any employer that withholds and pays federal income, Social Security and Medicare taxes. The SSA/IRS Reporter says records relating to the above …

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Pushing for Tax Reform – Permanence of Tax Legislation

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 the permanence of tax legislation. There are many …

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2015 Mobile Workforce Bill Still Mobile

Imagine being a small to medium size business with an employee or two that performs employment duties for you in more than one state. With each state having its own set of rules as to what constitutes working in that state, and therefore, being subject to income tax withholding and reporting requirements. Thankfully, there may …

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Inherited savings bonds – what do you need to know?

Statistics suggest that many savings bonds fall through the cracks because bondholders do not keep track of them nor let heirs know about them. Over $9 billion worth of savings bonds have stopped earning interest, but have not been cashed, according to Treasury Direct, a service of the U.S. Department of the Treasury. It is …

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A Special Tax Break for Songwriters

Finally, a break for the starving artist! Well, a tax break that is. And this tax break is not for all artists, but only for songwriters. Generally, those who purchase and sell the rights to songs or music catalogs get capital gains treatment on the sale. However, when a songwriter sold a song, it was …

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Foreign Pensions from a U.S. Tax Perspective

As the IRS continues to increase their focus on exposing hidden foreign accounts of U.S. taxpayers, it is important to be aware of all filing requirements and be in compliance to avoid excessive penalties. One area that is commonly missed is foreign pensions. Many taxpayers assume if they hold a foreign pension that has no …

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