2015 Convention Photos

2015 – 16 Officers

In 2014, Various Tax Benefits Increase Due to Inflation Adjustments

For tax year 2014, the Internal Revenue Service has announced annual inflation adjustments for more than 40 tax provisions, including the tax rate schedules, and other tax changes. Revenue Procedure 2013-35 provides details about these annual adjustments. The tax items for tax year 2014 of greatest interest to most taxpayers include the following dollar amounts. […]

2014 Pension Plan Limitations

The Internal Revenue Service has announced cost-of-living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2014. ¬†Some pension limitations such as those governing 401(k) plans and IRAs will remain unchanged because the increase in the Consumer Price Index did not meet the statutory thresholds for their adjustment.¬† However, other […]

2014 Standard Mileage Rates

Beginning on Jan. 1, 2014, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 56 cents per mile for business miles driven 23.5 cents per mile driven for medical or moving purposes 14 cents per mile driven in service of charitable organizations The business, medical, and […]

IRS Warns of Pervasive Telephone Scam

The Internal Revenue Service is warning consumers about a sophisticated phone scam targeting taxpayers, including recent immigrants, throughout the country. Victims are told they owe money to the IRS and it must be paid promptly through a pre-loaded debit card or wire transfer. If the victim refuses to cooperate, they are then threatened with arrest, […]

Upcoming Tax Deadlines

January Thu 2 Deposit payroll tax for payments on Dec 25-27 if the semiweekly deposit rule applies. Mon 6 Deposit payroll tax for payments on Dec 28-31 if the semiweekly deposit rule applies. Wed 8 Deposit payroll tax for payments on Jan 1-3 if the semiweekly deposit rule applies. Fri 10 Employers: Employees are required […]

Treasury and IRS Announce That All Legal Same-Sex Marriages Will Be Recognized For Federal Tax Purposes

The U.S. Department of the Treasury and the Internal Revenue Service (IRS) ruled that same-sex couples, legally married in jurisdictions that recognize their marriages, will be treated as married for federal tax purposes. The ruling applies regardless of whether the couple lives in a jurisdiction that recognizes same-sex marriage or a jurisdiction that does not […]

The Premium Tax Credit

Basic Information Starting in 2014, if you get your health insurance coverage through the Health Insurance Marketplace, you may be eligible for the Premium Tax Credit. This tax credit can help make purchasing health insurance coverage more affordable for people with moderate incomes. The open enrollment period to purchase health insurance coverage for 2014 through […]

Questions and Answers on the Individual Shared Responsibility Provision

Basic Information 1. What is the individual shared responsibility provision? Under the Affordable Care Act, the federal government, state governments, insurers, employers and individuals are given shared responsibility to reform and improve the availability, quality and affordability of health insurance coverage in the United States. Starting in 2014, the individual shared responsibility provision calls for […]