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Tax Articles

21st Century Cures Act Signed by President Obama

President Obama signed the 21st Century Cures Act into law creating an option for small businesses to offer employees a health reimbursement arrangement (HRA) that is funded by the employer. Beginning January 1, 2017, the maximum employees can receive per year through the HRA is $4,950 for individuals who show they have individual coverage or…

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Prepare for the Tax Pendulum to Swing

One thing to be be thankful for this holiday season is that the tax ‘policies’ of President Elect Trump (PET) and our Republican friends in the 115th congress will keep tax accounts and bookkeepers gainfully employed well into the foreseeable future. In fact I am adding staff again, which ‘sounds’ great! Is is good for the US though…

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IRS Acceptance Agents No Longer Will be Situated Outside USA Borders

According to Sharon Bradley, Manager of the IRS’ ITIN Policy Section in the Atlanta, GA  Service Center, Section 203 of the Protecting Americans from Tax Hikes Act of 2015 (PATH Act), Pub. L. 114-113, div. Q, enacted on December 18, 2015, modified Section 6109 of the Internal Revenue Code and resulted in significant changes to the Individual Taxpayer…

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New requirement for dependents whose passports don’t have a date of entry into the U.S.

The IRS changed its policy on acceptable documentation for issuing dependent Individual Taxpayer Identification Numbers (ITIN). The agency no longer accepts passports that do not have a date of entry into the U.S. as a stand-alone identification document for dependents from countries other than Canada or Mexico or dependents of military members overseas. In addition…

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General Tax Benefits of Charitably Giving

Warren Buffet released certain claims made on his 2015 personal income tax return in a statement released by Business Wire, A Berkshire Hathaway Company. It is worth noting his remarkable generosity. Check out these figures: adjusted gross income – $11,563,931 – MILLION Itemized deductions – $5,477,694 – MILLION Total charitable contributions – $2,858,057,970 – BILLION…

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Charitably Giving with Intention – An Introspective – Part 1 – QCD’s

Last spring I became relatively involved with St. Peter’s Stewardship Committee out here in Greenwood Village, Colorado.  With membership ranks and pledged donations struggling, my wife and I developed a plan to drill down into several aspects of charitable giving and report findings along the way. Four underlying themes have surfaced including that the vast…

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