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Patient Protection & Affordable Care Act: Proposed Rules For Employers

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.

Plan For Next Years Tax Changes This Year

Tax law changes can be complex and numerous from year to year. Often though, tax advantages are only stumbled upon instead of planned for. 

Stay up-to-date by following our suggestions, and let us plan together now, not next year.

Ponzi Schemes or Foreclosure Issues

"When it rains, it pours."
- Unknown

Ponzi schemes and foreclosures can have unexpected tax ramificationsdon't let them catch you off guard. We can help guide you out of the storm, or help you avoid a mess before you are caught in it.

Preparing for Health Care Reform

Health Care Reform - What it Means for Business and Individuals

On June 28, 2012, the U.S. Supreme Court upheld the constitutionality of the Patient Protection and Affordable Care Act (PPACA), and its companion law, the Health Care and Education Reconciliation Act of 2010. As part of its primary purpose to facilitate health care reform, the PPACA includes key tax provisions that affect individuals and businesses. Now that the Supreme Court has ruled, all must prepare to comply with the requirements under PPACA. Some requirements are already in effect, while other provisions apply starting in 2013 or later. As your CPA firm, we are here to help you plan for the future.

Privacy Policy

Your privacy is critically important to us—In fact it is one of the reasons our clients choose our services. We don’t share your personal information, or data, with anyone except to comply with the law, provide you services, or protect our rights. In the course of our business we go through many millions of physical and digital pages.  Even though not required of us by law, we require our staff to shred discarded pages that contain personal information. After a hard drive is no longer being used, we physically destroy it. Our off site backups are encrypted. We strongly recommend that clients incorporate secure portals when sending us files.

Properly Document Your Charitable Donations

Over the years, the IRS has seen numerous taxpayers attempt to claim deductions for non-cash donations which are essentially worthless. As a result, the level scrutiny these deductions are being given has greatly increased.

We have prepared a worksheet to help you document your non-cash deductions. Take photos of your items, fill out the form, and then have a representative sign your sheet when they are dropped off.

Download the worksheet here: http://www.famiglio.com/CPA-Firm-Tax-Downloads/non-cash-donation-contribution-worksheet<

Note that past a certain dollar amount you will need an independent appraisial, as well as a completed Form 8283 - Noncash Charitable Contributions<.

Proposed Regulations on Dispositions Under the Modified Accelerated Cost Recovery System

Although the IRS released final regulations that refine and simplify the rules for determining whether an expense may be deducted as a repair or must be capitalized, the Service chose not to finalize the regulations governing general asset accounts (GAAs) and the disposition of depreciable property under the Modified Accelerated Cost Recovery System (MACRS). Instead, proposed regulations were issued that make significant changes within this highly-controversial area.

Background

Proposed Regulations on Net Investment Income Tax and Additional Medicare Tax

The IRS has issued long-awaited and much needed proposed reliance regulations on the operation of the two new surtaxes imposed under the 2010 healthcare legislation: the 3.8 percent Net Investment Income Tax (NIIT), and the 0.9 percent Additional Medicare Tax. Both surtaxes are scheduled to come into full effect on January 1, 2013. The proposed reliance regulations and the frequently asked questions on the IRS website attempt to address many of the gaps in the application of these surtaxes that have been questioned by tax professionals, employers, and taxpayers. The guidance on each of these surtaxes is extensive and is immediately critical for affected taxpayers.

Proposed Regulations on Research and Experimental Procedures

The IRS has proposed regulations to amend the definition of “research and experimental procedures” in order to clarify the treatment of amounts paid or incurred in connection with the development of tangible property, including pilot models.

Research and experimental expenditures are those that are paid or incurred in connection with your trade or business that represent research and experimental (development) costs in the “experimental or laboratory sense.” Expenditures are research and development costs in the “experimental or laboratory sense” if they are for activities undertaken to eliminate uncertainty concerning the development or improvement of the product. Generally, all costs incident to the development or improvement of a product (pilot model, process, formula, invention, technique, patent, or similar property) are considered research and experimental procedures.

Protect Your Business and Data from "Ransomware"

Are You Protected Againstt Ransomware?

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.