Your medical practice, currently running as a C or S corporation, may be considering the idea of converting to a limited liability company (LLC) or limited liability partnership (LLP). Under the right circumstances, that could be a good idea from a tax perspective. Here's why: Both LLCs and LLPs can be treated as partnerships for federal tax purposes. The tax rules for partnerships are far more flexible than the corporate rules.
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Whether the residential real estate market is up or down, there are always homeowners who want to -- or have to -- sell their homes. If you're a prospective seller making your property look like a model home in the hopes of raking in a nice profit, now is a good time to review how taxes will factor into the transaction. With the home sale gain exclusion tax break, the profit from selling your principal residence might be free from federal income taxes (and possibly state income taxes too). The rules are straightforward for most sellers.
Have you ever wondered why Ebenezer Scrooge didn't throw holiday parties for his employees? Not only can they be expensive, but a year-end bash can also lead to liability claims and human resource complaints. Despite these downsides, 88 percent of companies are planning some sort of party for employees to celebrate the 2014 holiday season, according to one executive search firm. Here are some ways to maximize the pros -- and minimize the cons -- of your holiday festivities.
Does your company's health insurance plan include health reimbursement arrangements (HRAs) or flexible spending accounts (FSAs)? If so, you should know these plan components are both subject to the Affordable Care Act (ACA) and its "market reform" provisions. The Department of Labor and other principal agencies have issued another round of guidance1 to answer some of the frequently asked questions about health care reform, including questions about the use of HRAs and FSAs.
As if the process of getting married (or divorced) isn't difficult enough, couples also need to take income tax considerations into account before tying (or untying) the knot. That's particularly true for those who plan a change in marital status late this year or early next year. A taxpayer's marital status for the entire year is determined as of December 31. A taxpayer who is married (or divorced) on that date is treated as if he or she were married (or single) all year long.
Unlike traditional home sales, which generally slow down during the holidays, the prime seasons for buying and selling vacation homes are fall and winter -- when snowbirds flock to warmer weather and ski bunnies head to the slopes. Before you dive into vacation home ownership, here are some financial issues to consider.
The big advantage of Section 529 college savings plans is that withdrawals used to cover qualified higher education expenses are free from federal income tax (and usually state income taxes too). That part is very easy to understand, but the full story on withdrawals is not so simple. What are qualified expenses? What happens if you take out money for expenses that aren't qualified?
EHTC SEARCHES FOR A LOCAL NONPROFIT ORGANIZATION TO BECOME THEIR 2015 FUNDRAISER RECIPIENT
GRAND RAPIDS, MI— EHTC chooses a different local charity each year as the recipient of their annual Chipping for Charity golf outing held at Scott Lake Country Club in September. In 2014, Chipping for Charity raised $10,000 for Ele’s Place. In 2013, Chipping for Charity raised over $6,000 for South End Community Outreach Ministries (SECOM).
If you think occupational fraud and abuse can't happen at your company, think again. Fraud is a global epidemic. In a recent study, the Association of Certified Fraud Examiners (ACFE) estimates that the typical business loses 5 percent of its revenues each year to fraud. Put another way, this equates to $50,000 for every $1 million in annual revenues.
For tax year 2015, the IRS recently announced annual inflation adjustments for many tax provisions, including the tax rate schedules, and other tax changes. IRS Revenue Procedure 2014-61 provides details about these annual adjustments. The tax items for tax year 2015 of greatest interest to most taxpayers include the following dollar amounts: