December 23rd, 2015 by Kim Chen
Notice 2016-02, 2016-02 IRB In a Notice, IRS has provided guidance on who may claim the health coverage tax credit (HCTC), the amount of the credit, and the procedures for claiming the credit for tax years 2014 and 2015. Background. The HCTC helps certain trade-affected workers, retirees, and their families pay their health insurance premiums. […]
December 8th, 2015 by Kim Chen
Under the Tangible Property Regulations (TPRs), businesses must generally capitalize amounts paid to acquire or produce a unit of property. However, businesses can make a safe-harbor election to currently expense a de minimis amount of such expenses. The de minimis amount for a business without a Applicable Financial Statement (AFS) (basically, an audited financial statement […]
October 13th, 2015 by Kim Chen
Written by Debbie Ferris, CPA We announced our new Nonprofit Organization QuickBooks® seminar. Rogers Wood Hill is a full-service accounting firm with 59 years of experience in serving Nonprofit Organizations and is dedicated to increasing the performance of those clients through enhanced use of technology. Rogers Wood Hill is offering a four- hour class on […]
September 14th, 2015 by Kim Chen
IR 2015-107 In a News Release, IRS has reminded calendar year corporations and partnerships that took extensions to file their income tax returns by the September 15 deadline. Background on filing deadline for corporations. For tax years that begin before Jan. 1, 2016, domestic corporations (including S corporations) must file their income tax returns by […]
September 4th, 2015 by Kim Chen
If you are a small employer, there is a tax credit that can put money in your pocket. The small business health care tax credit benefits employers that: •have fewer than 25 full-time equivalent employees •pay an average wage of less than $50,000 a year •pay at least half of employee health insurance premiums To […]
July 30th, 2015 by Kim Chen
Historically, companies that wanted their employees to be protected with health coverage, but didn’t want the hassle of having a company health plan, could simply give employees an amount of money sufficient to reimburse them for the cost of buying that coverage or some portion of it. As long as the individuals provided evidence that […]
July 17th, 2015 by Kim Chen
Small businesses should be aware of changes to the small business health care tax credit for tax years beginning in 2014. Under the Affordable Care Act, this tax credit is available to eligible small employers that provide health care to their employees. Here’s a summary of the recent changes that may affect your business: For […]
April 30th, 2015 by Kim Chen
Have you procrastinated in setting up a tax-advantaged retirement plan for your small business? If so, you are paying income taxes that could easily be avoided and putting your retirement financial situation at risk. However, you can set things right by taking action. That way, you’ll be positioned for tax savings in the future. Pros […]
March 23rd, 2015 by Kim Chen
IRS Tax Tip 2015-34, March 9, 2015 Many people who carry on a trade or business are self-employed. Sole proprietors and independent contractors are two examples of self-employment. If this applies to you, there are a few basic things you should know about how your income affects your federal tax return. Here are six important […]
March 10th, 2015 by Kim Chen
Internet Service Payments Were Deductible Business Expenses: A self-employed financial adviser paid a utility company a monthly fee that included telephone service, Internet service, and cable television for his residence. On his Schedule C for the year at issue, the taxpayer deducted $1,371 in business expenses for those charges, which the IRS disallowed as a […]
© 2024 Rogers Wood Hill Starman & Gustason / Privacy Notice / Disclaimer
