President Obama Signs Extenders Bill Into Law
On Dec. 19, President Obama signed into law H.R.5771, the “Tax Increase Prevention Act of 2014” (TIPA). The bill generally provides for a 1-year extension, through 2014, of over 50 expired or expiring individual, business, and energy provisions, many of which have been on the books for years but which technically are temporary because they have a specific end date. More info HERE.
Selecting the Right Auditor for Employee Benefits
Selecting an auditor to evaluate your employee benefit plan is not as simple as one might think. Not all auditors are created equal and there are several things to consider. Read all about it HERE.
Just in Time…Senate Approves Tax Extenders Bill
With just over two weeks left in the 2014 calendar year, the Senate finally made up its mind about the tax extenders bill. The bill, which extends the life of a number of tax breaks through 2014, passed the Senate 76 to 16. Only 60 votes were needed for approval. While the bill is only a temporary fix, it will be welcome relief to many taxpayers as they begin to file their 2014 tax returns. Here are more details from a report in Forbes.
House moves toward temporary fix on tax break extensions
The House moved on Monday toward a vote to restore a slew of expired tax breaks, though only through the end of this year.
The vote on a short-term extension, expected as soon as this week, would come after a veto threat from President Obama derailed a developing $400 billion deal between Senate Majority Leader Harry Reid (D-Nev.) and House Ways and Means Chairman Dave Camp (R-Mich.) that would have extended some expired tax breaks indefinitely, as well as others for two years. Read more HERE.
Affordable Care Act Fees for No Insurance to Increase in 2015
As the Affordable Care Act enters its second year, fees for not having health insurance are set to increase. While there are exemptions to the fee, many are wondering exactly what these fees are and how they will be calculated. Here’s all you need to know directly from the HealthCare.gov website. Just Click Here.
IRS Announces 2015 Tax Brackets, Standard Deduction Amounts And More
The IRS has announced the annual inflation adjustments for a number of provisions for the year 2015, including tax rate schedules, tax tables and cost-of-living adjustments for certain tax items. These numbers are not what will be used to prepare your 2014 tax returns in the first quarter of 2015. Rather, they become effective January 1, 2015 and will be used for your returns filed in 2016. Forbes did a pretty good job of hitting all the highlights in an article you can find HERE. As always, if you have any questions, don’t hesitate to give us a call.
News For Your Financial Future
Our latest Newsletter is out. If you missed getting a copy please let us know. You can read it online and learn about year-end tax planning, our recent Day of Service, and even who’s been hearing wedding bells at Scharf Pera & Co., PLLC. Just click HERE.
Our Free 2014-2015 Tax Guide is Now Available
It’s that time of year again– time to start thinking about taxes. Scharf Pera & Co., PLLC is making it easier this year with our extensive 2014-2015 Tax Planning Guide. It’s free and provides all the information you need regarding new changes, strategies for individuals, businesses and investors, and even some future planning tips. Download it now by clicking the link on our home page HERE.
Are Your Vendors Stealing From You in Plain Sight?
Here’s a sobering thought: a good portion of stealing by new and existing vendors often happens right in plain sight! It doesn’t have to be that way. Here’s a great list of simple and effective ways to prevent fraud and theft: Read More