Eleventh-hour votes in Congress in December renewed a package of tax extenders for 2014, created new savings accounts for individuals with disabilities, cut the IRS’ budget, and more.
FF&F News & Events
Before the fast-approaching new year, it’s important to take some time and reflect on year end tax planning. The weeks pass quickly and the arrival of January 1, 2015 will close the doors to some tax planning strategies and opportunities. Fortunately, there is still time for a careful review of your year-end tax planning strategy.
With the 2013 individual income tax return filing season rapidly approaching, we feel it is a good time to remind you of the impact of prior year legislation, which is now effective in 2013, will have on your 2013 federal income tax liability (Patient Protection and Affordable Care Act of 2010 and the American Taxpayer Relief Act of 2012).
After a five-week break, Congress has returned to work with a full agenda. Proponents of comprehensive tax reform are hoping to build momentum for passage of a bill before year-end.
Even though the calendar still says summer, it’s not too early to be thinking about 2013 year-end tax planning. In fact, year-end tax planning has become around-the-year tax planning because of tax legislation (or the lack of tax legislation), new IRS rules and regulations and personal and business considerations.
Updated Form 941, Employer’s Quarterly Federal Tax Return, highlights new additional Medicare tax/sunset of payroll tax holiday
The IRS recently announced the availability of updated Form 941, Employer’s Quarterly Federal Tax Return for 2013, and its instructions. Revised Form 941 and its instructions reflect the January 1, 2013 effective date of the 0.9 percent Additional Medicare Tax, expiration of the payroll tax holiday and other changes.
Under the new health care law, starting in 2014, “large” employers with more than 50 full-time employees will be subject to stiff monetary penalties if they do not provide affordable and minimum essential health coverage. With less than eleven months before this “play or pay” provision is fully effective, the IRS continues to release critical details on what constitutes an “applicable large employer,” “full-time employee,” “affordable coverage,” and “minimum health coverage.”