There is a new publication that will help you learn about how the Affordable Care Act affects your taxes. IRS Publication 5187, Health Care Law: What’s New for Individuals and Families is now available on IRS.gov/aca. While the health care law has several parts, this publication breaks down what’s new for the 2014 federal tax return … Read more
The below applies to Physician Self Referral Prohibitions applicable to any physician/entity that accepts any federal dollars such as Medicare/Medicaid. In addition to the federal self referral statute described below, there are also separate federal anti-kickback statutes and state anti-kickback and anti-self referral statutes that must also be complied with by health care entities and … Read more
The Internal Revenue Service today issued the 2015 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2015, the standard mileage rates for the use of a car, van, pickup or panel truck will be: The standard mileage rate … Read more
As we look forward to 2015, the macroeconomic environ- ment is expected to continue to improve. Our Deloitte Economics team expects positive change in important parameters such as job market indicators, including initial claims, unemployment rates, and job openings. Car sales remain strong, industrial production is accelerating, and exports are growing. The single-family housing sector … Read more
The Internal Revenue Service has issued guidance clarifying the impact a 2014 individual retirement arrangement (IRA) rollover has on the one-per-year limit imposed by the Internal Revenue Code on tax-free rollovers between IRAs. The clarification relates to a change, announced earlier this year, in the way the statutory one-per-year limit applies to rollovers between IRAs. The change … Read more
Step 1: Determining Your Business Structure The first step in starting a business is to decide on a basic legal structure. This step is important because tax and legal implications vary depending on legal structure. Once you settle on a legal structure, you will need to properly record the business name with the state and/or county. … Read more
Traditionally, trusts used in estate planning contain “Crummey” withdrawal powers to ensure that contributions qualify for the annual gift tax exclusion. Today, the exclusion allows you to give up to $14,000 per year ($28,000 for married couples) to any number of recipients.Now that the gift and estate tax exemption has reached an inflation-adjusted $5.34 million, … Read more