Employers, Requirements and voluntary reporting At the time of this writing, those of us who will have less than 250 W-2s this year are not YET required to report health care costs on the W-2s. Those employers with 250 or more W-2s are required to report it. However, nothing in this prevents employers from voluntarily […]
Yes, there has been a lot of hype about the requirement for ALL employers to provide written notice about the Health Insurance Marketplace. Much of this hype has been promoted by companies wanting to sell you the “correct” wording and method to meet the requirement. But is that really necessary? Yes, if you are subject […]
The Kentucky Department of Revenue had added the corporation income tax, the S corporation income tax, the partnership income tax and related limited liability entity tax (LLET) returns and schedules to the electronic filing program. The only current exception is Single Member LLET return.
Five Things You Need to Know: 1. All employers, including small employers, must report the cost of employer-sponsored coverage beginning with the 2013 W-2s.* 2. Nothing about the reporting of the health care on the W-2 causes health insurance that is excludable to become taxable to the employee. 3. The cost of employer-sponsored coverage is […]
November and December are open season for most health insurance plans. It is important to consider now whether you need to cover your young adult in your family plan. Your employer should notify you of open season for the employer plan. If your employer does not offer a plan or you do not have insurance […]
Great question! A tax credit lowers your tax bill dollar for dollar. If it is a refundable credit, such as the Earned Income Credit and the Hope education credit, it can also result in a refund when you owe no tax. The deduction reduces your taxable income, which is amount on which you pay taxes. […]
The Loving case is not so loving. Competent income tax preparers are disappointed. The taxpaying public will be the losers. Starting in 2011, the IRS began its return preparer oversight initiative. The purpose of this initiative was to help insure that income tax preparers who charge for their services were competent to perform these services. […]
Having worked in the aftermath of various natural disasters as a part of the FEMA/IRS Emergency Response Team and having served as chairman on the local health board, I know the importance of protecting your records in the event of emergency. The Small Business Administration offers monthly webinars to help small businesses be ready in […]
This is just a friendly reminder that your Kentucky personal property tax return is due 5/15 of each year and your Kentucky Secretary of State annual filing must be completed by 6/30 of each year.
Need an EXTENSION. Click “Contact”. March 15 Corporations need form 7004. Go to www.irs.gov/pub/irs-pdf/f7004.pdf. April 15 Individuals need form 4868. Go to www.irs.gov/pub/irs-pdf/f4868.pdf. Partneships need form 7004. Go to www.irs.gov/pub/irs-pdf/f7004.pdf. OR call us. We’ll be glad to assist you.