The IRS has a new website that provides information on the Affordable Care Act (www.irs.gov/uac/Affordable-Care-Act-Tax-Provisions). The site explains tax benefits and responsibilities for individuals, employers, and other organizations. In addition, it provides information about tax provisions that are in effect now and those that will go into effect in 2014 and beyond. Topics include premium [...]
When choosing an entity for your business, keep in mind there are opportunities to use an S corporation to hold stock in other corporation to hold stock in other corporations, but not the stock of the S corporations. If any corporation acquires the S corporation’s stock, that S corporation becomes a C corporation, which is [...]
As you approach retirement age, you must decide whether to begin taking reduced social security benefits early or wait until full benefits early or wait until full benefit retirement age (FBRA), or even later. In many cases, this decision will depend on factors other than trying to receive the greatest lifetime benefit from social security. [...]
New version of desktop QuickBooks accomplishes goal of speeding up, refining your workflow. If Intuit named its desktop versions of QuickBooks by the version number rather than the year, we’d be in version 20-something by now. QuickBooks, still the preferred software for small businesses, keeps getting smarter in its annual upgrades. Rather than pile on [...]
If you are unable to borrow from a bank or other outside source, your qualified retirement plan may be a good option. IRS guidelines permit a limited amount of borrowing from corporate qualified retirement plans, including 401(k) plans. In general, borrowings are limited to 50% of the participant’s account balance up to a maximum of [...]
The at-risk rules may limit the amount of loss you can deduct from investment in your closely held corporation. The amount of loss a corporation may recognize from an activity is limited to the amount that is at risk for that activity at the close of the tax year. Any losses limited by the at-risk [...]