News & Articles

Beware of a 100% Personal Liability Penalty

Posted on Mon, Oct 17, 2016

A "100% penalty" can be assessed against a responsible person when federal income tax and/or federal employment taxes are withheld from employee paychecks but aren't handed over to the government.

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Tags: Penalty, Tax Penalties, Taxes, Business Owner

Tax-Savvy Planning Strategies for Inherited IRAs

Posted on Fri, Aug 26, 2016
Say an IRA is inherited by multiple individual beneficiaries or by one or more individuals and one or more charities or other beneficiaries that aren't "natural persons." How do these scenarios affect the rules for required minimum distributions (RMDs) that apply after the IRA owner dies? And how can you optimize the tax results for individual beneficiaries?

Here, we answer these questions and explain the importance of the fast-approaching deadline on September 30, 2016, that must be met to change beneficiaries for IRAs that were owned by individuals who died in 2015.

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Tags: Tax, Tax Penalties, IRA, RMD

Compare and Contrast the Republican and Democratic Tax Reforms

Posted on Fri, Aug 12, 2016

With both major political party conventions finally behind us, it's time to focus on the upcoming national election. Among their many differences, the Republicans and Democrats have widely divergent tax platforms. While platforms are always relatively nonspecific and not necessarily synced with what the presidential candidates have in mind, it's still good to know what tax positions the two parties and their presidential candidates have staked out. Here's a quick summary.

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Tags: Tax, Affordable Care Act (ACA), Social Security, Tax Penalties, Marriage

ACA Update: Penalty Rules, Deadline Looming & Overall Confusion

Posted on Tue, Sep 24, 2013

The IRS recently issued final regs involving the penalty individuals must pay if they don't maintain minimum health insurance coverage under the Affordable Care Act (ACA). Meanwhile, employers are facing a major ACA deadline. By October 1, they must provide employees with an explanation of their health insurance options. Are you confused about the ACA? Don't feel bad. A new survey shows that about half of Americans don't understand basic health insurance terms or the law.

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Tags: EHTC Services, Affordable Care Act (ACA), Federal Taxes, Tax Penalties, CPA Firm, Echelbarger, EHTC