In recent years, end of year tax planning for businesses has been complicated by uncertainty over the availability of many tax incentives. The 2014 year-end is no different. In the early hours of January 1, 2013, the Senate passed the American Taxpayer Relief Act of 2012, which permanently extended the so-called Bush-era tax cuts. However, other popular provisions were only extended through 2013. Therefore, 2014 tax strategies include concerns over the fate of the expired provisions. President Obama, the chairs of the House and Senate tax writing committees, and individual lawmakers all made tax reform proposals in 2014. The proposals ranged from comprehensive tax reform to more piece-meal approaches. However, any progress on legislation is stalled until after the elections and possibly into the beginning of 2015.

In 2014, consumers were subjected to security breach after security breach as major retailers and service providers disclosed that they had involuntarily shared your personal data. While this is an extremely dangerous trend, the majority affected could move on with only being inconvenienced. However, over the past few years, a new form of digital extortion has arisen that has damaged unprepared small businesses—Ransomware.

Ransomware is state of the art extortion that combines: Your Data, Bitcoin, Software Insecurity, Cryptography, Phishing Attacks, and Organized Crime. Ask yourself, would your business survive if you lost 100% of your data and backups? Could you afford a $1,000.00 to $100,000.00 ransom? Likely law enforcement will not be able to help.

The IRS has announced changes to two of its offshore voluntary compliance programs; namely, the streamlined filing compliance process and the Offshore Voluntary Disclosure Program (OVDP). These programs are part of a wider effort to stop offshore tax evasion, which includes enhanced enforcement, criminal prosecutions, and implementation of third-party reporting via the Foreign Account Tax Compliance Act (FATCA). The changes

The premium tax credit is a refundable tax credit that helps eligible people with moderate incomes afford health insurance purchased through the Health Insurance Marketplace.

You can choose to have all or part of the credit paid in advance to your insurance company to lower what you pay for your monthly premiums, or you can claim the credit when you file your tax return. If you choose to have the credit paid in advance, you must reconcile the advance payments with the actual credit you compute when you file your tax return.

Under the Affordable Care Act, the federal government, state governments, insurers, employers and individuals are given shared responsibility to reform and improve the availability, quality and affordability of health insurance coverage in the United States. The individual shared responsibility provision, also referred to as the individual mandate, calls for each individual to have minimum essential health coverage (known as minimum essential coverage), qualify for an exemption, or make a payment when filing his or her federal income tax return.

In an effort to be a kinder friendlier IRS, the organization has released its Taxpayer Bill of Rights:

Bill of Tax Rights

• The Right to Be Informed

• The Right to Quality Service

• The Right to Pay No More than the Correct Amount of Tax

• The Right to Challenge the IRS’s Position and Be Heard

• The Right to Appeal an IRS Decision in an Independent Forum

• The Right to Finality

• The Right to Privacy

• The Right to Confidentiality

• The Right to Retain Representation

• The Right to a Fair and Just Tax System

What does this mean for you? How well does the IRS follow these guidelines? As a taxpayer, it is absolutely vital to be informed, and understand what these "rights" mean, and what they do not.

The IRS has issued proposed regulations to implement the information reporting requirements for insurers and certain employers under the Patient Protection and Affordable Care Act (PPAC). The proposals are a response to an ongoing dialog with representatives of employers, insurers, other reporting entities and individual taxpayers.

Provisions under PPAC require reporting by insurers, self-insuring employers, and other parties that provide health coverage; and also require information reporting by employers that are large enough to be subject to the employer shared responsibility provisions. In early July 2013, the Obama Administration announced a postponement of PPAC’s mandatory employer and insurer reporting requirements for one year. As a result, the reporting requirements have been delayed until 2015.

Buying a home is the single most valuable investment many families make, and home ownership offers tax breaks that make it the foundation for your overall tax planning. The gulf coast of Florida's real estate market (specifically Sarasota's, Bradenton's, North Port's, & Venice's markets) was hit hard with some strong correction after the bubble. As a CPA Firm in Sarasota, Florida, we have been helping our clients deal with the effects, but also have seen improvements as home values have increased.

If you are undecided as to a purchase or sale, it is important to know that the tax law provides numerous incentives to home ownership, including the following:

The Obama Administration has announced that it is postponing the Patient Protection and Affordable Care Act’s (PPACA) mandatory employer and insurer reporting requirements for one year. As a result, the administration also announced that it will waive the imposition of any employer-shared responsibility penalty payments for 2014. This effectively means that employers with 50 or more employees will not be required to provide health insurance to their employees or face a penalty until 2015.