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Exemptions From The Affordable Care Act’s Mandate to Avoid Penalty

In spite of the Affordable Care Act's mandate that individuals without health insurance must pay a tax, there are exemptions including 14 hardship exemptions. Certain exemptions including hardship exemptions must be OK'd by the state's health care exchange and you must receive a certificate number to enter on your tax return prior to filing. To obtain the exemption, you must first submit an application to the exchange along with the necessary documentation. The process takes at least two weeks, and may take considerably longer if you delay your applications and April 15 closes in.

To avoid delay of your refunds and to avoid complications in preparing your returns, you should obtain your exemptions now.
If any of the following circumstances apply to you, you may qualify for a “hardship” exemption from the penalty:

1. You were homeless
2. You were evicted in the past 6 months or were facing eviction or foreclosure
3.You received a shut-off notice from a utility company
4.You recently experienced domestic violence
5. You recently experienced the death of a close family member
6. You experienced a fire, flood, or other natural or human-caused disaster that caused substantial damage to your property
7. You filed for bankruptcy in the last 6 months
8. You had medical expenses you couldn’t pay in the last 24 months that resulted in substantial debt
9. You experienced unexpected increases in necessary expenses due to caring for an ill, disabled, or aging family member
10. You expect to claim a child as a tax dependent who’s been denied coverage in Medicaid and CHIP, and another person is required by court order to give medical support to the child. In this case, you don't have the pay the penalty for the child.
11. As a result of an eligibility appeals decision, you’re eligible for enrollment in a qualified health plan (QHP) through the Marketplace, lower costs on your monthly premiums, or cost-sharing reductions for a time period when you weren’t enrolled in a QHP through the Marketplace
12. You were determined ineligible for Medicaid because your state didn’t expand eligibility for Medicaid under the Affordable Care Act
13. Your individual insurance plan was cancelled and you believe other Marketplace plans are unaffordable
14. You experienced another hardship in obtaining health insurance

Go to https://marketplace.cms.gov/applications-and-forms/hardship-exemption.pdf for the application. Go here https://marketplace.cms.gov/applications-and-forms/exemption-application-instructions.pdf for the instructions.

You may qualify for non-hardship exemptions from the penalty if:

1. You’re uninsured for less than 3 months of the year
2. The lowest-priced coverage available to you would cost more than 8% of your household income
3. You don’t have to file a tax return because your income is too low.
4. You’re a member of a federally recognized tribe or eligible for services through an Indian Health Services provider
5. You’re a member of a recognized health care sharing ministry
6. You’re a member of a recognized religious sect with religious objections to insurance, including Social Security and Medicare
7. You’re incarcerated (either detained or jailed), and not being held pending disposition of charges
8. You’re not lawfully present in the U.S.
9. You qualify for a hardship exemption

To read more about this new regulation, please go to www.healthcare.gov or https://www.healthcare.gov/fees-exemptions/fees-exemptions-overview/

- We are CPAs, tax accountants, tax preparers, business managers and consultants based in Torrance, CA near Los Angeles or LA, Long Beach, & OC, serving the entire U.S. Call us (424) 278-4838 or e-mail us at support@ladinez.com.

- Terms of Use. All contents provided on this Ladinez & Company, PC page is for informational purposes only. We make no representations as to the accuracy or completeness of any information on this site or found by following any link on this site. We will not be liable for any errors or omissions in this information nor for the availability of this information. The owners will not be liable for any losses, injuries, or damages from the display or use of this information. This Terms of Use is subject to change at anytime with or without notice

Long Beach, CA - CPA, Tax Preparers and Accountants

Downtown Long Beach is located approximately 22 miles south of Downtown Los Angeles, though the two cities border each other for several miles on Long Beach's southwestern portion. Long Beach borders Orange County on its southeast edge.Our CPA firm is close to the City of Long Beach, CA. We provide tax, accounting, and business services to individuals and business. Long beach has one of the most diverse populations in the United States. The 2010 United States Census reported that Long Beach had a diverse population with (46.1%) White, (13.5%) Black or African American, (0.7%) Native American, (12.9%) Asian (4.5% Filipino, 3.9% Cambodian, 0.9% Vietnamese, 0.6% Chinese, 0.6% Japanese, 0.4% Indian, 0.4% Korean, 0.2% Thai, 0.1% Laotian, 0.1% Hmong), (1.1%) Pacific Islander, (20.3%) from other races, and (5.3%) from two or more races. Hispanic or Latino of any race were (40.8%). Our CPA firm understands and accommodates the needs of these diverse taxpayers.

We are a CPA firm, tax preparers, tax accountants, QuickBooks and payroll consultants, business managers and consultants based in Torrance, CA, near Los Angeles, Long Beach, and OC. And we serve the entire U.S.

Other facts about Long Beach:

As of 2005, the Port of Long Beach was the second busiest seaport in the United States and the tenth busiest in the world. The port serves shipping between the United States and the Pacific Rim. The combined operations of the Port of Long Beach and the Port of Los Angeles are the busiest in the USA. The city also maintains a large oil industry with wells located both underground and offshore. Manufacturing sectors include those in aircraft, car parts, electronic and audiovisual equipment, and home furnishings.

- We are CPAs, tax accountants, tax preparers, business managers and consultants based in Torrance, CA near Los Angeles, Long Beach, & OC, serving the entire U.S. Call us (424) 278-4838 or e-mail us at support@ladinez.com.

- Terms of Use. All contents provided on this Ladinez & Company, PC page is for informational purposes only. We make no representations as to the accuracy or completeness of any information on this site or found by following any link on this site. We will not be liable for any errors or omissions in this information nor for the availability of this information. The owners will not be liable for any losses, injuries, or damages from the display or use of this information. This Terms of Use is subject to change at anytime with or without notice

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Tax Preparers, Accountants & CPA Firm Near Los Angeles, CA

Los Angeles has one of the most diverse populations in the United States. Los Angeles also has an economy that is driven by diverse industries, such as international trade, entertainment (television, motion pictures, video games, and recorded music), aerospace, technology, petroleum, fashion, apparel, and tourism. Other significant industries include media production, finance, telecommunications, law, healthcare, and transportation. Our CPA firm is close to the City of Los Angeles, CA, often known by its initials L.A. We provide tax, accounting, and business services to individuals and business.  Our CPA firm understands and accommodates the needs of Los Angles city's diverse taxpayers.

We are a CPA firm, tax preparers, tax accountants, QuickBooks and payroll consultants, business managers and consultants based in Torrance, CA, near Los Angeles, Long Beach, and OC.  And we serve the entire U.S.

Other facts about Los Angeles:

Los Angeles is the most populous city in the U.S. state of California and the second-most populous in the United States, after New York City, with a population at the 2010 United States Census of 3,792,621. It has a land area of 469 square miles, and is located in Southern California. Los Angeles area itself has been recognized as the most diverse of the nation's largest cities. The city's inhabitants are referred to as Angelenos.

Los Angeles was founded on September 4, 1781, by Spanish governor Felipe de Neve. It became a part of Mexico in 1821 following the Mexican War of Independence. In 1848, at the end of the Mexican–American War, Los Angeles and the rest of California were purchased as part of the Treaty of Guadalupe Hidalgo, thereby becoming part of the United States. Los Angeles was incorporated as a municipality on April 4, 1850, five months before California achieved statehood.

- We are CPAs, tax accountants, tax preparers, business managers and consultants based in Torrance, CA near Los Angeles, Long Beach, & OC, serving the entire U.S. Call us (424) 278-4838 or e-mail us at support@ladinez.com.

- Terms of Use. All contents provided on this Ladinez & Company, PC page is for informational purposes only. We make no representations as to the accuracy or completeness of any information on this site or found by following any link on this site. We will not be liable for any errors or omissions in this information nor for the availability of this information. The owners will not be liable for any losses, injuries, or damages from the display or use of this information. This Terms of Use is subject to change at anytime with or without notice

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Check out our Yelp page and review.

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CPA Firm, Tax Preparers & Accountants in Torrance, CA

Our CPA firm is based in the City of Torrance, CA. We provide tax, accounting, and business services to individuals and business. The 2010 United States Census reported that Torrance had a diverse population with (51.1%) White, (34.5%) Asian, (2.7%) African American, (0.4%) Native American, (0.4%) Pacific Islander, (5.4%) from other races, and (5.5%) from two or more races. Hispanics or Latinos of any races were 23,440 persons (16.1%), while non-Hispanic whites formed 42.3% of the population. Our CPA firm understands and accommodates the needs of these diverse taxpayers.

We are a CPA firm, tax preparers, tax accountants, QuickBooks and payroll consultants, business managers and consultants based in Torrance, CA, near Los Angeles, Long Beach, and OC.  And we serve the entire U.S.

Other facts about Torrance:

Torrance’s economy is majorly supported by big companies, such as Honda, Exxon Mobil Refinery, Allied Signal Aerospace, and others. The ExxonMobil refinery in the north end of the Torrance is responsible for much of Southern California's gasoline supply. Torrance was also an important hub and shop site of the Pacific Electric Railway.

Torrance was originally part of the Tongva Native American homeland for thousands of years. In 1784 the Spanish land grant for Rancho San Pedro, in the upper Las Californias Province of New Spain and encompassing present day Torrance, was issued to Juan Jose Dominguez by King Carlos III—the Spanish Empire.vIt was later divided in 1846 with Governor Pío Pico granting Rancho de los Palos Verdes to José Loreto and Juan Capistrano Sepulveda, in the Alta California territory of independent Mexico.

- We are CPAs, tax accountants, tax preparers, business managers and consultants based in Torrance, CA near Los Angeles, Long Beach, & OC, serving the entire U.S. Call us (424) 278-4838 or e-mail us at support@ladinez.com.

- Terms of Use. All contents provided on this Ladinez & Company, PC page is for informational purposes only. We make no representations as to the accuracy or completeness of any information on this site or found by following any link on this site. We will not be liable for any errors or omissions in this information nor for the availability of this information. The owners will not be liable for any losses, injuries, or damages from the display or use of this information. This Terms of Use is subject to change at anytime with or without notice

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We can help with your tax, accounting, and business needs. Call us at (424) 278-4838 or email us at support@Ladinez.com. Visit our site at http://www.Ladinez.com or
http://www.yelp.com/biz/ladinez-and-company-pc-Torrance
Thank you!

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What is Master Limited Partnership

Master Limited Partnership is a limited partnership that is traded on the public exchanges just like corporate stock. A share in an MLP is called a “unit,” and its investors are “unitholders.” They are also called Publicly Traded Partnerships.

A limited partnership consists of a general partner and the limited partners. The general partner manages the day-to-day operations and holds a small percentage ownership stake. The limited partners (or common unitholders) have no role in the partnership management but rather provide the capital and receive cash distributions.

Advantages of Master Limited Partnerships (MLP)

Distributions. The biggest advantage of investing in MLPs is the quarterly cash distribution, which provides high current and tax-deferred income. MLP yield is hard to find in corporate stocks. For example, the median yield for energy MLPs as of September 30, 2008 was 9.5%. In addition, many MLPs make it a policy to increase distributions as often as possible.

Taxes. While investors are responsible for paying tax on their share of the partnership’s income, their taxable income is considerably lowered by their share of the partnership’s deductions (such as depreciation) and losses. Moreover, the distributions are not taxed as current income but are considered a return of capital and are not taxed until the partnership units are sold.

As with other securities, PTP units may be left to the owners’ heirs, whose basis in the units will be stepped up to market value at the testator’s death. Thus, if unitholders retain their units until death, neither they nor their heirs will pay the deferred tax on the pre-death cash distributions.

Diversification. While they are concentrated within the energy sector, they cover a wide range of businesses within that sector. According to studies, the movements in MLP prices have tended not been highly correlated with changes in the broader stock market, interest rates, and commodity prices. They are not affected by market fluctuations.

Industry. Due to IRS restrictions, MLPs are concentrated in natural resource industries that are the backbone of America. They help produce, gather, process, and transport the oil, gas, and coal products that America relies on for energy independence. Those in the midstream sector earn their revenue through contracts for processing and transporting oil and gas that are not affected by fluctuations in energy prices.

Good Prospects. MLPs are poised to be part of the future of alternative energy sources. Legislation was recently enacted that expands current law to allow MLPs to transport and store alternative fuels such as ethanol and biodiesel. Pipelines to transport these fuels will be vitally needed and do not yet exist. It will be MLPs that build them.

Disadvantage of Master Limited Partnerships (MLP)

Complex Taxation. Ownership of MLP units creates a more complex tax situation for the investor. Instead of a 1099, investors recieve a K-1 form detailing the various types and amounts of income, deductions, gains, losses, and credits that the MLP is passing through to them, and have to enter the amounts in the appropriate places on their own tax returns. Moreover, the investors' basis in its units fluctuates, adjusted upwards for the net taxable income and downwards for losses and distributions.

Limited Use of Passive Loss. Normally passive loss from partnerships can offset passive income of other passive activities. MLP’s passive loss must be only applied against future gains from that specific MLP. Any suspended losses not offset by future gains are deductible only when the partner completely disposes of the partnership interest.

Multi-State Taxation. Investors may be subject to tax in more than one state. Because of the passthrough nature of an MLP, investors are subject to state tax wherever an MLP earns income.
Additional Tax for Retirement Funds and Tax-Exempt Institutions.

Retirement funds and tax-exempt institution share of MLP income is considered unrelated business income, as if they had earned it directly, and subjects them to unrelated business income tax (UBIT) on amounts over $1,000.


- We are CPAs, tax accountants, tax preparers, business managers and consultants based in Torrance, CA near Los Angeles & OC, serving the entire U.S. Call us (424) 278-4838 or e-mail us at support@ladinez.com.

- Terms of Use. All contents provided on this Ladinez & Company, PC page is for informational purposes only. We make no representations as to the accuracy or completeness of any information on this site or found by following any link on this site. We will not be liable for any errors or omissions in this information nor for the availability of this information. The owners will not be liable for any losses, injuries, or damages from the display or use of this information. This Terms of Use is subject to change at anytime with or without notice

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Are Husband-Wife Businesses Partnerships?

If both husband and wife jointly own an unincorporated business and share in the profits and losses, each spouse is a partner in a partnership even if the couple does not have a formal partnership agreement.

To circumvent this, both spouses must elect Schedule C treatment to become a qualified joint venture, which is conducted by the husband and wife who file a joint return.  Qualified joint venture is not treated as a partnership for tax purposes. A qualified joint venture is a trade or business in which the only members are a husband and wife and both spouses materially participate. However, the election cannot be made if the business has a partnership or LLC agreement in effect.

To make the election, each spouse must file a separate Schedule C to report profits and losses attributable to his or her interest in the business.

- We are CPAs, tax accountants, tax preparers, business managers and consultants based in Torrance, CA near Los Angeles & OC, serving the entire U.S. Call us (424) 278-4838 or e-mail us at support@ladinez.com.

- Terms of Use. All contents provided on this Ladinez & Company, PC page is for informational purposes only. We make no representations as to the accuracy or completeness of any information on this site or found by following any link on this site. We will not be liable for any errors or omissions in this information nor for the availability of this information. The owners will not be liable for any losses, injuries, or damages from the display or use of this information. This Terms of Use is subject to change at anytime with or without notice

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Income Allocation When a Shareholder Terminates His Interest in an S Corporation During the Taxable Year

When an S Corporation shareholder’s interest is terminated during the year, the shareholder’s allocation of income, losses, and deductions is generally computed by applying percentage to the full-year activity of the corporation. Terminating interest in the middle of the year is a complex matter because items are prorated on a per-share, per-day basis.

For example, you and other shareholder are 50/50 owners of an S corporation. The corporation shows a $500,000 loss from January 1 through June 30. Your partner wants out and sells everything to you. You continue to run the corporation through the rest of the calendar year. The corporation actually turned a profit of $500,000 for the entire year. Since your partner is not participating in management or ownership of the company from July 1 through Dec. 31, he will not be entitled to compensation or distributions based on profits. However, your partner will receive a schedule K-1 showing approximately $125,000 of income without having received any distributions.

This is ($500,000 profit for the whole year)(.50 ownership)(.50 of the year) = 125,000. This is greatly unfair to your partner.

To circumvent this, both of you must agree to close the books (Election to Close Books) at the date of disposal so the tax year will be divided into two short years. This will allocate items to your partner only up to date of disposition of his interest. And start a new book after the date of disposition. If both shareholders elected to close books at the date of disposition, the leaving shareholder will get K1 with $250,000 loss.

Refer to 26 U.S. Code § 1377 for more information.

- We are CPAs, tax accountants, tax preparers, business managers and consultants based in Torrance, CA near Los Angeles & OC, serving the entire U.S. Call us (424) 278-4838 or e-mail us at support@ladinez.com.

- Terms of Use. All contents provided on this Ladinez & Company, PC page is for informational purposes only. We make no representations as to the accuracy or completeness of any information on this site or found by following any link on this site. We will not be liable for any errors or omissions in this information nor for the availability of this information. The owners will not be liable for any losses, injuries, or damages from the display or use of this information. This Terms of Use is subject to change at anytime with or without notice

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What Is Foreign Qualification and Its Importance?
 
If you plan to operate your business, open a bank account, hire an employee, hold an asset, etc., in any state other than the state of incorporation or organization, you may be required to foreign qualify.
 
You will need to file a Certificate of Authority application, which sometimes called a Statement & Designation by a Foreign Corporation, with the particular state’s Secretary of State Office to register your company in another state. If you hired an incorporating company, they can handle the filing for you. Or you can do it yourself by downloading the form from the Secretary of State’s website. Some states will require you to have a certificate of good standing from the state where your LLC/corporation was formed. To receive a certificate of good standing, you’ll need to be up to date on your state tax return filings, tax payments, etc.

Foreign qualifying your company in states where you conduct business is important because it is your legal obligation. Failing to properly register your company could result in:

- Fines and interest for any time when you were not foreign qualified (in addition to paying the standard fees that should have been paid)
- Liability for back taxes for the time when you were not foreign qualified
- Inability to sue in a state where you are not registered

Although you cannot overlook your business’s legal requirement to foreign qualify, it is recommended that you foreign qualify in as few of states as possible to minimize various filing requirements, annual fees, and added paperwork.

- We are CPAs, tax accountants, tax preparers, business managers and consultants based in Torrance, CA near Los Angeles & OC, serving the entire U.S. Call us (424) 278-4838 or e-mail us at support@ladinez.com.

- Terms of Use. All contents provided on this Ladinez & Company, PC page is for informational purposes only. We make no representations as to the accuracy or completeness of any information on this site or found by following any link on this site. We will not be liable for any errors or omissions in this information nor for the availability of this information. The owners will not be liable for any losses, injuries, or damages from the display or use of this information. This Terms of Use is subject to change at anytime with or without notice
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