• Births or adoptions
• Child custody or divorce
• Deaths
• Home purchases or refinances
• Short Sales or foreclosures

We are here to assist you in tax planning for all the major events in your life.  Don’t forget to call us and let us help you review applicable legal documents prior to signing.

These websites include estimations of high and low values for a variety of used items.

If you make a donation, pleases calculate the deductible value and submit to us with your tax information.

7 years for:
Bank  statements
Individual Tax Returns and all supporting documentation
Credit card statements

Permanent Documents:
Business Tax Returns
Corporate meeting minutes
Business  licenses
Real Estate Purchases

23 cents per mile driven for medical or moving purposes

14 cents per mile driven in service of charitable organizations

Lien ~ right to hold property of another until debt is paid

Tax Lien ~ a statutory lien on property for taxes due giving the taxing
authority a security interest in the property

Levy ~ an imposing or collecting, as of a tax, by authority or force

Earlier this year IRS commissioner Doug H. Shulman announced a three part plan that would help struggling taxpayers with back tax issues and streamline the resolution process. The IRS Fresh Start Initiative outlines provisions to increase the lien filing threshold, ease the process of obtaining a lien withdrawal, and streamline the Offer in Compromise program. The second component of the initiative digs into the treatment of tax debt and it’s impact on a taxpayer’s credit score.

First, it is essential to distinguish the difference between a lien withdrawal  and a lien release. The IRS will grant a release within 30 days of satisfaction of a tax liability through either full payment or case resolution (ex: OIC or statute expiration). Though the lien is “released”, it may remain on public record unless a withdrawal  is both requested and obtained. Conversely, a withdrawal  of a federal tax lien does not eliminate the debt, but removes the notice from public record which would raise the taxpayer’s credit score.

Traditionally a withdrawal of a federal tax lien would be granted to a narrow window of taxpayers. Under the Fresh Start Initiative  the IRS opens eligibility for a withdrawal to certain taxpayers after entering into a Direct Debit Installment Agreement  (DDIA). To be eligible for this benefit a taxpayer’s liability would need to be less than $25,000, the taxpayer must be in current compliance with all filing requirements, and must have made three consecutive payments toward the liability while in the DDIA.

Some practitioners have questioned why the IRS would allow such leniency prior to case resolution or full payment on the liability. It is important to note that the IRS can and will step in to re-file the federal tax lien if payment obligations are not maintained after the conditional withdrawal is granted. In addition to re-filing the tax lien the taxpayer would become ineligible for any future withdrawal options.

Defaulting on an installment agreement may carry more risk than in the past when considering potential consequences. However, for the taxpayer who is confidently maintaining compliance and the obligations set forth in the DDIA a withdrawal through the Fresh Start Initiative  may be an excellent resolution ultimately improving the taxpayer’s credit score.

1 up to 49 Employees (FTE)

Employer not required to provide health insurance for employees.

However, by 1/1/2014, employer will be required to carry minimum essential health coverage or be subject to penalty.

To encourage small businesses to provide health insurance coverage, a credit of 35% (increasing to 50% in 2014) of eligible health insurance premiums is available.

50 or more Employees (FTE)

Employer must provide basic health insurance or will be subject to a shared responsibility penalty of either $2,000 or $3,000 per employee.

If you need assistance in preparing your corporate meeting minutes, call our office and we will be happy to help.

Additionally in the 2012 calendar year only, the incremental increase of the solvency surcharge applied to an employer will be subtracted from the employer’s experience rate.