Author: tonynova
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Quick Summary of Small Business Health Plan Informational Tax Filing Requirements for 2015
This post summarizes the new filing requirements under IRC 6065. This post pertains to only to small business employers with more than 1 but less than 50 employees covered by a health plan that either reimburses the cost of individual insurance or insurance other than employer-sponsored group health insurance or reimburses the cost of uninsured health benefits outside…
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Lottery Aftermath
If you did not play the lottery, give yourself a pat on the back this morning for holding a position of logic and reason in an illogical and insane world. Or perhaps, like me, you just can’t stand waiting in lines to buy tickets for anything. Either way, it shows good judgement. See my…
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Self-filing software leads to increase in audit representations
As the popularity of online self-prepared income tax filing grows – now approaching 50% of all tax filers – so does the incidence of tax evasion. Some of it is intentional effort to avoid paying taxes, other times just misunderstanding of complex tax laws. Tax practitioners like me are gradually seeing a shift of our work from income…
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Request a free 2015 tax organizer
Use the form below to request a free 2015 tax organizer designed to ensure that you don’t miss any deductions and that your tax refund processing is not delayed. A free telephone tax planning consult is available but not required.
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Plan now to avoid a delay in your tax refund
Use a personalized 2015 tax organizer to ensure your maximum tax refund without unnecessary delay. We are only a week away from the start of the federal income tax filing system on January 19. For many, the tax refund check represents a substantial “payday” and so naturally there is some rush to get the filing…
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Early tax filing: what you need to know
For millions of Americans, the individual income tax refund is the largest payday that they have all year. So it is understandable that many are eager to be the first in line to file for their federal income tax refund. If you are among them, here is what you need to know: The first day…
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Uninsured in 2016: by the numbers
3 days until the enrollment period for 2016 health insurance coverage ends. 1 in 12 do not have health insurance. 1 in 5 of those uninsured will pay a tax penalty. $969 is the average tax penalty for 2016.
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The latest word on HRAs
On December 16, 2015, IRS issued Notice 2015-87 that said “Treasury and IRS are aware that many HRAs do not currently contain the restriction necessary to integrate an HRA with employee-only coverage under the employer’s other group health plan”. We learned from this most recent guidance that an HRA plan must be in compliance both…
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Southwest NJ ranks far worse in home foreclosures than any other part of the U.S.
RealtyTrac reports “New Jersey foreclosure activity increased 27 percent from a year ago, boosting the state’s foreclosure rate to the nation’s highest foreclosure rate: one in every 171 housing units with a foreclosure filing during the quarter — more than twice the national average of one in every 404 U.S. housing units with a foreclosure…
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Is my small business required to file Form 1095?
Form 1095 is a new informational tax return that is a requirement incorporated into of the Affordable Care Act. Some small businesses are required to file it for the first time this season. There are three types of Form 1095: 1095A from a Health Insurance Marketplace 1095B usually from an employer (the form discussed below…