Posts by zestsms
Job Search Expenses May Be Deductible
New year, new job? If you’ve decided it’s time to move on from your current position and look for a new one, you may be able to deduct some of…
Read MoreALEs: Information Reporting and Health Coverage
The Affordable Care Act requires applicable large employers (ALEs) to file information reporting returns with the IRS and their employees. ALEs are generally those employers with 50 or more full-time…
Read MoreTax Brackets, Deductions and Exemptions for 2016
More than 50 tax provisions, including the tax rate schedules, and other tax changes are adjusted for inflation in 2016. Let’s take a look at the ones most likely to…
Read MoreTangible Property Expensing Threshold Increases
The safe harbor threshold for small businesses deducting certain capital items has increased from $500 to $2,500. The new $2,500 threshold takes effect starting with tax year 2016. In addition,…
Read More10 Tax Breaks Reauthorized for Tax Year 2015
Congress took action in late December and passed a tax extender bill formally known as the Protecting Americans from Tax Hikes Act of 2015 (PATH), which was then signed into law. Retroactive…
Read MoreCover & Rossiter Director Peter Kennedy Quoted in New York Times on New FASB Proposal
Cover & Rossiter Audit Director, Peter Kennedy, CPA was quoted in a recent New York Times article regarding the potential concerns that could stem from the Financial Accounting Standards Board’s (FASB)…
Read MoreHealth Flexible Spending Arrangements in 2016
Eligible employees should begin planning now to take full advantage of their employer’s health flexible spending arrangement (FSA) during 2016. FSAs provide employees a way to use tax-free dollars to…
Read MoreRetirement Contribution Limits Announced for 2016
The Internal Revenue Service has announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2016. In general, the pension plan limitations…
Read MoreEmployee or Independent Contractor – Which Is It?
If you hire someone for a long-term, full-time project or a series of projects that are likely to last for an extended period, you must pay special attention to the…
Read More2015 Tax Provisions for Businesses: A Review
Whether you file as a corporation or sole proprietor here’s what business owners need to know about tax changes for 2015. Standard Mileage Rates The standard mileage rates in 2015…
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