News & Articles

Watch Out for Potential Tax Bill When Converting Corporation

Posted on Thu, Dec 11, 2014

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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Tags: EHTC Article, Assets, IRS, Newsletter, Articles, LLC, LLP, Corporation, intangibles, Taxes, Goodwill

Collect Tax-Free Profit From Selling Your Home

Posted on Tue, Dec 09, 2014

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.

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Tags: EHTC Article, IRS, Primary Residence, Newsletter, Articles, Taxes

Hosting a Holiday Party That Even the Grinch Would Enjoy

Posted on Mon, Dec 08, 2014

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.

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Tags: EHTC Article, Deductions, Holiday Party, Articles, Taxes, Meals & Entertainment

Paying Employees to Buy Health Coverage? Know the Ground Rules

Posted on Tue, Dec 02, 2014

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.

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Tags: Healthcare, EHTC Article, HRAs, FSAs, DOL, Newsletter, Articles, Affordable Care Act

Year-End Marital Status and Taxes: Timing Is Everything

Posted on Tue, Dec 02, 2014

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.

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Tags: EHTC Article, Marital Status, Year-End Planning, Newsletter, Articles, Tax Return

Advice for Snowbirds Buying a Second Home

Posted on Mon, Dec 01, 2014
If you're contemplating buying a second home by the ocean, mountains or warmer surroundings, you're not alone. Approximately 717,000 vacation homes were purchased in 2013. That equals about 13 percent of the total homes bought last year -- their highest market share since vacation home purchases peaked in 2006, according to the 2014 Investment and Vacation Home Buyers Survey published by the National Association of Realtors (NAR).

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.

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Tags: EHTC Article, Vacation Home, Advice, Newsletter, Articles, Taxes, Second Home

What You Need to Know About 529 Plan Withdrawals

Posted on Mon, Dec 01, 2014

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?

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Tags: EHTC Article, IRS, Newsletter, Articles, withdrawals, 529 Plans, college savings plan, Taxes

2015 Chipping for Charity Non Profit Application Process

Posted on Mon, Dec 01, 2014

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).

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Tags: EHTC Article, Chipping for Charity, Community Outreach, Golf Outing, Non Profit, Apply Here, Articles

Test Your Fraud IQ

Posted on Wed, Nov 19, 2014

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.

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Tags: EHTC Article, Fraud, Newsletter, Articles, ACFE, Occupational Fraud

IRS Announces Various Tax Benefit Increases for 2015

Posted on Tue, Nov 18, 2014

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:

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Tags: EHTC Article, Tax Benefits, Inflation Adjustments, IRS, Newsletter, Articles, Taxes