Archive for Tax Act

HOW TO DEVELOP A LEADING AND PRODUCTIVE TAX ORGANIZATION IN 2016

 

 

We are now almost half of the way through our 12 week special blog series. We hope you have enjoyed our work so far.

If you have missed out on each or any weeks blog so far, you can find them here: Read More

Written by | Posted in IFA • Individual • International • Legislative • North America • Opportunities • State Tax • Tax Act • Tax Education • Tax Filing • Tax Jobs • Tax Legislation

The IRS Is Watching

Article Highlights:

Bullet Point Progress coding: bullet pointsAcquisition Debt

Bullet Point Progress coding: bullet pointsEquity Debt

Bullet Point Progress coding: bullet pointsTracing Excess Debt

Bullet Point Progress coding: bullet pointsUnsecured Election

One of the current IRS audit initiatives is checking to see if taxpayers are deducting too much home equity debt interest. Generally, taxpayers are allowed to deduct the interest on up to $1 million of home acquisition debt (includes subsequent debt incurred to make improvements, but not repairs) and the interest on up to $100,000 of home equity debt. Read More

Written by | Posted in debt • Individual • International • IRS • Tax Act • Tax Education

The Individual Shared Responsibility Provision and Your 2015 Income Tax Return

The Affordable Care Act requires you, your spouse and your dependents to have qualifying health care coverage for each month of the year, qualify for a health coverage exemption, or make an Individual Shared Responsibility Payment when filing your federal income tax return.   If you had coverage for all of 2015, you will simply check a box on your tax return to report that coverage.

However, if you don’t have qualifying health care coverage and you meet certain criteria, you might be eligible for an exemption from coverage. Most exemptions are can be claimed when you file your tax return, but some must be claimed through the Marketplace. Read More

Written by | Posted in IRS • Tax Act • Tax Education • Tax Planning

Colorado Tax Update & Top 10 Hacks To Streamline the Filing Process

John Dundon

My friends at the Colorado Department of Revenue Tax Division have been hard at work amending and repealing several different personal and corporate income tax regulations with a handful of notable mentions for non-residents and part year residents alike.

The updated guidance on determining credits for taxes paid to other states maybe worth a look. Of interest to me is that the year in which the income is actually earned by the taxpayer rather than the year it was paid is the reporting year.  This is a sneaker that can be huge for certain folks and is why we “plan” for transitions in our life as best we can.

What is of concern to me and will be monitored to the best of my ability is that mere presence in Colorado directly or indirectly via a pass through entity impacts source income. Read More

Written by | Posted in Income Tax • Tax Act • Tax Education • Tax Legislation

Tax Compliance Alert

On July 31, 2015, President Obama signed into law H.R. 3236 entitled The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (hereinafter the “Act”), that is anticipated to be partially paid for by a number of new tax compliance requirements.

The Act amended a number of provisions within the Internal Revenue Code and modified a number of tax return filing due dates for tax years beginning after December 31, 2015 (i.e., the scope and application of the Act will apply to 2016 tax returns) with the intention to create a more logical flow of information and tax reporting. For example, under the Act, the tax return filing due date for Partnerships to file Form 1065 will move up from April 15th to March 15th (i.e., two and a half months after the close of its tax year). This will now mirror Read More

Written by | Posted in Tax Act