Monthly Archives: July 2016

Get automated help to understand Affordable Care Act penalties

The Taxpayer Advocate Service website has an automated tool to help you understand how the employer penalties put in place by the Affordable Care Act (ACA) apply to your business. The “estimator” will help you determine how many full-time employees you have, whether you’re an applicable large employer, and what responsibilities your business has under ACA rules. Contact us at… (more…)

Form 5500 due date is approaching

August 1, 2016, is the deadline for filing Form 5500 for retirement or employee benefit plans on a calendar year. (The usual due date of July 31, 2016, is a Sunday.) There are two updates to be aware of. First, Form 5500 includes new compliance questions that plan sponsors can skip when completing the form. Second, if you’re required to… (more…)

Is your child ready for a summer job?

If your child is planning to work this summer, make sure you know the tax basics. Tax returns. Assuming no other sources of income, your child will be able to earn up to $6,300 in 2016 before a federal income tax return has to be filed. However, if income tax is withheld from paychecks, your child will have to file… (more…)

Make time for midyear tax planning

One benefit of midyear tax planning is that you have a solid foundation for making decisions and enough time to implement them. In addition, because the rules haven’t changed much this year, you can use last year’s tax return as a starting point for 2016 planning ideas. We encourage you to review your current tax situation. Contact us at 201-947-8081… (more…)

Income changes? Check your advance payments of the premium tax credit

Did you choose to reduce your monthly health insurance premium by having advance payments of your federal income tax credit sent to your insurance company?  If you’re getting married this summer, having a baby, or changing jobs, you need to estimate the impact of those events on the advance payments.  Otherwise you may end up with a surprise in the… (more…)