If you are a disabled veteran, in almost every jurisdiction you can petition your local taxing authority to have your real estates waived or reduced. The following states offer real estate tax deductions: Illinois: A qualified disabled veteran can receive
Affordable Care Act (ACA) generally requires individuals to obtain healthcare insurance; compels Applicable Large Employers (ALEs)1 to offer affordable coverage to all of their full-time employees; and provides subsidized healthcare premiums to qualifying individuals who purchase coverage through the
Six states launched tax amnesty programs in September that will be available to delinquent taxpayers through November. Those include Indiana, Arizona, Kansas, Maryland, Missouri and Oklahoma. Call your Somerset tax advisor if you have delinquent tax liabilities in these
“THE BUCK STOPS HERE” – IRS REITERATES PLAN SPONSOR RESPONSIBILITY FOR DOCUMENTATION OF HARDSHIP DISTRIBUTIONS AND PARTICIPANT LOANS Loans to participants and distributions due to participant hardship are transactions commonly delegated by employee benefit plan management to third-party service providers. As service
As a new semester begins we want to take the opportunity to remind you of some of the education tax credits that might be available to you this year. The American Opportunity Tax Credit (AOTC) is available for the
For Company-sponsored retirement plans which have a hardship distribution or participant loan features, please make sure you take the appropriate steps in obtaining documentation to pass IRS scrutiny. Under IRS guidance, it is the responsibility of the plan sponsor
Indiana School Scholarship Credit As Indiana begins a new fiscal year on July 1, they have again opened up donations for the School Scholarship Tax Credit. These credits are available to individuals and corporations that make donations to qualified Scholarship-Granting
Tennessee recently passed the Revenue Modernization Act which attempts to make out-of-state businesses “pay their fair share of taxes” and help Tennessee-based businesses. This legislation will impact anyone who is doing business with Tennessee. Notable changes include: The creation
It is a fact that the primary purpose of a tax law is to raise revenue. It is also true that lawmakers use tax laws to encourage or discourage a particular behavior. Tax incentives can be used to encourage
Elderly taxpayers have many Indiana tax advantages available to them. First, an elderly taxpayer must determine whether or not they are required to file an annual income tax return. The first step in determining whether an individual needs to
The biennial Wisconsin budget bill, signed on July 12th, makes numerous personal income and corporation franchise and income tax changes. Here is an overview of notable changes: Standard Deduction: The legislation increases the standard deduction for married filers. Educators’
The IRS has recently issued a proposed regulation in order to promote the e-filing of tax returns by eliminating the requirement that taxpayers submit a copy of a Section 83(b) election with their tax returns for the year the
