Profile cover photo
Profile photo
Insogna CPA
6 followers
6 followers
About
Posts

Post has attachment
Foreign Account Reporting Requirements (FBAR) - Article Summary: Foreign Account Reporting Requirement  Financial Crimes Enforcement Network  Penalties for Failure to File  Type of Accounts Affected  Form 8938 Filing Requirements  Some years ago, Senate hearings revealed that many Americans were hiding millions of dollars in Swiss and other foreign banks, not reporting the income from these accounts, and not complying with foreign bank account reporting (FBAR) rules that require every U.S. ...
Add a comment...

Post has attachment
Take Advantage of the IRA-to-Charity Provision - Article Highlights IRA-to-Charity Transfer Provision Made Permanent  Required Minimum Distribution  How the Provision Plays Out on a Tax Return  Tax Benefits of the Provision  Individuals age 70.5 or over—who must withdraw annual required minimum distributions (RMDs) from their IRAs—will be pleased to learn that the temporary provision allowing taxpayers to transfer up to $100,000 annually from their IRAs to qualified charities has been made ...
Add a comment...

Post has attachment
2015 Transition Relief under the Employer Shared Responsibility Provisions
Add a comment...

Post has attachment
Better to Sell or Trade a Business Vehicle? - Article Highlights: Trade-in Sale Personal Use Allocation Other Considerations From time to time business owners will replace vehicles used in their business. When replacing a business vehicle, the tax ramifications are different when selling the old vehicle and when trading it in for a new vehicle. If the vehicle is sold, the result is reported on the taxpayer's return as an above-the-line gain or loss. Since a trade-in is treated as an exchang...
Add a comment...

Post has attachment
Not All Home Mortgage Interest Is Deductible; The IRS is Watching
Add a comment...

Post has attachment
Ways To Deduct Health Insurance - Article Highlight: Itemized Deduction  AGI Limitations  What Insurance Is Deductible  Above-The-Line Deduction for the Self-Employed  Income Limitation  Subsidized Limitation  Health insurance premiums, especially in the wake of the “Affordable Care Act,” have risen dramatically and are one of the largest expenses that most individuals pay. Although the cost of health insurance is allowed as part of an individual’s medical deductions when itemizing deductio...
Add a comment...

Post has attachment
Household Help - Employee or Contractor? - Article Highlights: Household Employee Definition  Employee Control Factors  Self-employed or Employee  Withholding Requirements Reporting Requirements  Frequently taxpayers will hire an individual or firm to provide services at the taxpayer’s home. Because the IRS requires employers to withhold taxes for employees and issue them W-2s at the end of the year, the big question is whether or not that individual is a household employee. Whether a house...
Add a comment...

Post has attachment
ACA Reporting Relief for Employers - Article Highlights: Applicable Large Employer  Form 1095-C and Form 1094-C  IRS Filing Due Date  Copy to Employee Due date  Effect on Filing Individual Returns  Beginning for the 2015 tax year, Applicable Large Employers (ALEs) are required file Forms 1095-C and 1094-C with the IRS and provide a copy of the 1095-C to each of their employees. An ALE is generally an employer with 50 or more equivalent full time employees (EFTEs) in the prior year. Even tho...
Add a comment...

Post has attachment
Are You Ignoring Retirement? - Article Highlights: Predicting Social Security Income Planning for the Future Employer Retirement Plans Tax Incentive Retirement Savings Plans Are you ignoring your future retirement needs? That tends to happen when you are younger, retirement is far in the future, and you believe you have plenty of time to save for it. Some people ignore the issue until late in life and then have to scramble at the last minute to fund their retirement. Others even ignore the ...
Add a comment...

Post has attachment
Don't Miss Out on the Earned Income Tax Credit - Article Highlights: Earned Income Tax Credit (EITC) Qualifications Computing the Credit Limit on Investment Income Military Combat Pay Election EITC Scams Banning EITC Filers The Earned Income Tax Credit (EITC) is a tax benefit for working people who have low to moderate income. It provides a tax credit that is treated like tax withholding: it goes to pay an individual's tax liability, and any excess is paid to the individual in the form of a...
Add a comment...
Wait while more posts are being loaded