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Employer Reporting on Forms 1095-B / 1095-C

20.01.2015

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Business, IRS, News, Taxes, TR&S, Uncategorized

Employer Reporting on Forms 1095-B / 1095-C

Under the Affordable Care Act

In March the IRS released final regulations concerning the information returns required to be filed by employers under the Affordable Care Act. Copies of the actual forms have not yet been released by the IRS. This article is intended to be a broad discussion of some of the generally applicable regulatory requirements.

What is the first date that these forms must be filed?
The forms must be filed for the for the first time early in 2016 for the 2015 calendar […]

Endow Maryland Tax Credit Info

5.01.2015

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News, Taxes, TR&S, Uncategorized

The information for Endow Maryland tax credit is up on the Community Foundation website

The basics are that MD residents (individuals and businesses) are eligible for a 25% tax credit on their MD State Income Tax in 2015 if they make a gift to a qualified fund at a MD Community Foundation. Because the credits are limited to $15,000 total for CFES, we have identified our Community Needs Funds as the “qualified funds”.

There are two ways to participate:

1) By making a gift of $500-$2000 to an existing Community Needs Fund, OR
2) Establishing a new […]

Tax Summary Dec 2014

17.12.2014

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IRS, News, Taxes, Uncategorized

Please check out this Special Report from December 16, 2014. Tax Increase Prevention Act of 2014 / ABLE Act/Omnibus Funding Agreement. Find out recent news and events and how these code changes and extenders will impact your tax situation.

Highlights

Over 50 Extenders
More Than 500 Code Changes
State and Local Sales Tax Deductions Extended
Mortgage Debt Forgiveness Exclusion Extended
50% Bonus Depreciation Extended
Research Tax Credit Available for 2014
Many Energy Incentives Renewed
Tax-Favored Accounts for Individuals with Disabilities
Inflation-Adjustments for Civil Penalties
FY 2015 Budget Cut for IRS

Click to Read […]

December 2014 Newsletter

3.12.2014

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Taxes, TR&S, Uncategorized

This newsletter is full of ideas and suggestions that can help you with ongoing financial management and tax planning. It contains information on:

Deferred Income Annuities
Global Funds vs. International Funds
Accumulating Assets
Tax Calendar

CPA Client Newsletter December 2014 TR&S CPA

Click to Read!

This CPA Client Tax Letter is provided by Twilley, Rommel & Stephens P.A. to its clients through an arrangement with the AICPA, which holds the copyright to the CPA Client Tax Letter and reserves all rights. Permission is required for any further redistribution or reuse […]