Monthly Archives: January 2014

Reimbursements to Employees for Health Insurance That They Purchase May Now Be Taxable Wages

Recent IRS interpretation of the ACA or Obama Care rules:  Reimbursements to Employees for Health Insurance That They Purchase May Now Be Taxable Wages Old Law:   In 1961 the IRS ruled that an employer’s reimbursement of employees for health insurance policies of the employee’s own choosing (and which the...
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Keeping good records for tax season and beyond – some guidelines

Good recordkeeping is essential for individuals and businesses before, during, and after the tax filing season. First, the law actually requires taxpayers to retain certain records for a specified number of years, for example tax returns or employment tax records (for employers). Second, good record is essential for taxpayers while...
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How do I?… use the 2014 standard mileage rates?

Taxpayers who use their automobiles for business or the production of income can deduct their actual expenses for use of an automobile (including the use of vans, pickups, and panel trucks) that the taxpayer owns or leases. Deductible expenses include parking fees, tolls, taxes, depreciation, repairs and maintenance, tires, gas,...
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January 2014 tax compliance calendar

As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This compliance calendar summarizes important tax reporting and filing data for individuals, businesses and other taxpayers for the month of January 2014. January 2 Employers. Semi-weekly depositors must deposit employment taxes...
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