Required ACA Reporting Forms

Required ACA Reporting Forms
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Required ACA Reporting Forms

mug sid kessThe Patient Protection and Affordable Care Act (referred to as ACA or Obamacare) requires employers and health insurance marketplaces to report health coverage for an individual starting with coverage for 2014 (Code Secs. 6055 and 6056). Individuals who claimed the premium tax credit (explained below) on an advance basis or may be eligible to claim...

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Aging Clients and Home Improvements as Medical Expense Deduction

mug martin shenkmanWith an aging population, higher income tax rates and more clients trying to live at home than in facilities, the medical expense deduction for home improvements could be increasingly important to clients in coming years. This may be so in spite of the high hurdle for medical expense deductions. Increase in Number of Elderly Clients
The number of...

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Client’s Children Hired for Their Business

mug julie welchIf your client has chores their children can do in their business, they should consider hiring them. Generally, children will be in a lower tax rate bracket than your client. Thus, income can be shifted from the client’s higher tax rate bracket to the children’s lower tax rate brackets.
Also, if the children are under 18, your client as the employer,...

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Paying for College and Finding Means to Do So

mug jerry loveOver the last 50 years, going to college has become an expected rite of passage for a large majority of high school seniors. According to the Bureau of Labor Statistics, in 2013 two-thirds of those graduating from high school enrolled in college. Of those students who enrolled in college, about 60% were enrolled in a four-year college. (http://www.bls.gov/news.release/hsgec.nr0.htm)
The...

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Supreme Court Holds Inherited IRAs Not Retirement Funds in Bankruptcy

murthy vaniClark v. Rameker became a controversial case when the bankruptcy court, district court and 7th circuit court gave differing opinions on its outcomes concerning Bankruptcy Code Section 522(b)(3)(C). This section excludes retirement funds to the extent that those funds are in a fund or account that is exempt from taxation under section 401, 403, 408,...

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How Has SOC Reporting Changed in 2014?

appleby angelaThe AICPA recently issued an update to the Trust Services Principles and Criteria for Security, Availability, Processing Integrity, and Confidentiality. The revised criteria are effective for reporting periods ending on or after December 15, 2014. SOC 2 SM reports are based on the AICPA’s Trust Services Principles, Criteria, and Illustrations for...

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