Retirement Plan Contribution Limits for 2015

As we approach the end of 2015, we want to remind you of the Retirement Plan Contribution Limits for 2015. Deferring earnings to retirement plans may allow you to reduce your taxable income for 2015. 401K, 403B AND MOST 457 PLANS Regular Contribution Limit- $18,000 “Catch-up” contribution limit for employees who participate in the above listed plans and are over…

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Tax Return Filing Due Date Changes – August 2015

On July 31, 2015, President Obama signed into law P.L. 114-41, the “Surface Transportation and Veterans Health Care Choice Improvement Act of 2015.” Although this new law was primarily designed as a 3-month stopgap extension of the Highway Trust Fund and related measures, it includes a number of important tax provisions, including revised due dates for partnership and C corporation…

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What does the Affordable Care Act mean to You?

With the New Year upon us and tax season kicking into full gear, there have been lots of questions as to how the Affordable Care Act (ACA) will affect your 2014 tax filings.   On the business side of things, the majority of the new reporting deadlines have been delayed until the 2015 tax year. This means most of the…

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Roundup of Tax Changes for Businesses and Health Plans Taking Effect in 2015

There are many important tax changes taking effect in 2015. They are the result of the Tax Increase Prevention Act of 2014 (TIPA) as well as other tax legislation, or are triggered by effective dates in regs, rulings and other guidance. Also, a number of important final regs go into effect in 2015. This article highlights key non-inflation-indexed 2015 tax…

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President signs Extenders – What Does this Mean for Filing Season?

If you hadn’t heard by now, Congress passed a temporary extenders bill Dec. 16, which was signed into law by the President today. The Tax Increase Prevention Act of 2014 retroactively extends for one year (to Dec. 31, 2014) all the provisions that expired last year. So yes, that means those very same provisions will expire in just a few…

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House Passes One-Year Extender Package

On Dec. 3, the House of Representatives, by a vote of 378 to 46, passed H.R.5771, the “Tax Increase Prevention Act of 2014” (TIPA), a $41.6 billion bill which would generally extend for one year through the end of 2014 a number of tax relief provisions that expired at the end of 2013. The House also passed H.R.647, the “Achieving…

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2014 Year-End Tax Planning Client Letter

Year-end tax planning is especially challenging this year because Congress has yet to act on a host of tax breaks that expired at the end of 2013. Some of these tax breaks may be retroactively reinstated and extended, but Congress may not decide the fate of these tax breaks until the very end of this year (and, possibly, not until…

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IRS Putting New Rules in Place to Combat Refund Fraud

The IRS plans to put in place new procedures starting next January to limit the number of refunds electronically deposited into a single financial account or pre-paid debit card to three, as part of an effort to combat fraud and identity theft, including fraud committed by unscrupulous tax preparers.   As part of the new procedures next tax season, the…

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IRS Developments – June 2014

IRS Issues Erroneous Notices on E-Filed Trust & Estate Tax Returns Taxpayers who electronically filed Form 1041 with a balance due may receive an erroneous tax notice from the IRS. The IRS processed some electronically filed trust and estate tax returns in a different cycle than the mailed payments, which prompted tax notices with an unpaid balance due. The IRS…

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Recent Tax Developments as of May 2014

The following is a summary of the most important tax developments that have occurred in the past three months that may affect you, your family, your investments, and your livelihood. Please feel free to call us at 636-498-1900 for more information about any of these developments and what steps you should implement to take advantage of favorable developments and to…

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