Our firm slogan is, “It’s not just about numbers.” The slogan is meant to remind us and our clients that economic profit metrics should not be the only yardstick we use to measure success in our businesses and our personal lives. Money is nice. More...
The IRS has extended health insurance coverage reporting deadlines nearly 2 months.Sec. 6055 requires health insurance issuers, self-insuring employers, government agencies, and other providers of minimum essential coverage to file annual information returns about coverage provided.Sec. 6056 requires applicable large employers (employers with 50 or...
Income Tax Key NumbersAlternative minimum tax(AMT)20152016Maximum AMT exemption amount$83,400 (MFJ) $53,600 (Single/HOH) $41,700(MFS)$83,800 (MFJ) $53,900 (Single/HOH) $41,900(MFS)Exemption phaseout threshold$158,900 (MFJ) $119,200 (Single/HOH) $79,450(MFS)$159,700 (MFJ) $119,700 (Single/HOH) $79,850(MFS)26% rate applies to AMT income (AMTI) at or below this amount (28% rate applies to AMTI above this...
In one of its final actions for calendar year 2015, Congress passed the Consolidated Appropriations Act, 2016, a massive spending bill that will keep the federal government funded for fiscal year 2016. Signed into law on December 18, 2015, the legislation includes the Protecting Americans...
Farmers can now file by April 15th without penaltyCongress inaction in passing tax laws had a domino effect on the IRS's ability to process tax returns. After the IRS announced that certain tax forms applicable to most farmers would be delayed until March, many farmers...
IRS delays filing due to recently-passed tax lawsDue to the changes in the tax law prompted by the recently enacted American Taxpayer Relief Act of 2012 (ATRA), the IRS has announced it will begin accepting 2012 tax filings on January 30. The IRS had anticipated...
One Part of the Fiscal Cliff SolvedSpecial ReportThe following was prepared by CCHCongress Approves Eleventh-Hour Agreement To Avert Fiscal CliffThe tax side of the "Fiscal Cliff" has been averted. The U.S. Senate overwhelmingly passed legislation to avert the so-called fiscal cliff on January 1, 2013...
Payroll Tax Holiday ExpiresFiscal Cliff Deal Does Not Extend Payroll Tax Cut of 2%Smith, Kunz has received numerous calls from clients wondering why their checks are lower in 2013 than they were in 2012. This is due to the expiration of the 2 percent payroll...
IRS Warns Congress to Act Now!There is much debate about the “Fiscal Cliff” (see our other pieces here & here) and the conversations seem to have centered on tax laws affecting tax year 2013 and forward. However, there are still issues from 2012 that Congress...
Quick Summary of Post-Election IssuesToday's post-election political landscape looks a lot like the pre-election political landscape - President Obama will be working with a Democratically-controlled Senate, and a Republican-controlled House of Representatives for a minimum of two more years. The issues haven't really changed, either....
