Illinois recently announced income tax rate decreases applicable to income received on or after January 1, 2015. The Illinois income tax rate for individuals, trusts, and estates is decreasing from 5% to 3.75%, while the Illinois income tax rate
Ohio Gov. John Kasich has signed legislation that will create a more unified municipal income tax system for Ohio by requiring municipal corporations levying an income tax as of January 1, 2016 to amend their existing income tax ordinances
The Internal Revenue Service announced December 29, 2014, that it anticipates opening the 2015 filing season as scheduled in January. The IRS will begin accepting tax returns electronically on Jan. 20. Paper tax returns will begin processing at the
President Obama signed H.R. 5771, The Tax Increase Prevention Act (TIPA) on December 19th. This was a one-year extension of over 50 tax laws that expired on December 31, 2013. Individual Income Tax provisions which have been extended include:
As we approach year-end, employee-shareholders who own more than 2% of the shares in an S corporation need to adjust their W2 compensation to reflect the addback of health insurance premiums paid by the corporation on their behalf. The
529 College Savings Plans were designed to save for paying college tuition bills. Many states allow a tax credit if you fund their plan. It is never too early to save for college tuition, room and board and books. Growth
On December 16, the Senate voted 76 to 16 to pass the H.R. 5771 Tax Increase Prevention Act of 2014. This legislation provides a one-year extension of expired business and individual tax provisions including the R&D tax credit. Other
December 31, 2014, is the deadline for portability for small estates of pre-2014 decedents. Estates of decedents who died before January 1, 2014, that fall below the dollar threshold for having to file an estate tax return, and that
Many industries including manufacturing, construction, not-for-profit, agriculture and physician offices are granted sales tax exemption status on their purchases. If you have not considered buying such materials and supplies exempt from sales tax, contact us for a discussion on how
Uncompensated overtime is hours worked in excess of 8 hours a day, or 40 hours per week, by salaried employees who are paid a fixed amount per week, month or year regardless of the number of hours worked. The
The Internal Revenue Service recently announced new cost-of-living adjustments—many of which will allow employees to contribute more toward their retirement plans in 2015.
California LLCs – Franchise and LLC Fees We are seeing an increase in taxpayer investments in California properties as well as investments in LLCs doing business in California. An LLC is considered to be “doing business” in California if
Somerset CPAs and Advisors is now part of CBIZ and MHM. Together, CBIZ and MHM are one of the Top Ten accounting providers in the country. Please click here for more information.
