Monthly Archives January 2014

Expiring 2014 Tax Provisions

  List of 2014 Expiring Tax Provisions 55 tax breaks are expiring, here is a list of some of the most important ones. A tax credit for research and development, benefiting a wide range of industries, including manufacturers, pharmaceutical makers and high tech companies. The tax break saved companies an estimated $6.2 billion in 2013.  This is a 20% tax credit on R&D expenditures. An exemption that allows banks, insurance companies and other financial firms
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IRS Audits

Anatomy of an IRS Audit As a taxpayer representative and preparer, I’ve recently finished up 3 interesting audit cases with the IRS and would like to share how they went: 1st Case: A client of mine was selected for an IRS audit due to a large partnership loss from a K1 that he invested in.  The IRS is currently auditing partnership losses especially for passive activity limitations.  Only issue is that partnership losses in this case
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Obamacare New Taxes 1/1/14

Obamacare Taxes 3% Tax on Medical Device Manufacturers 2014 10% Tax on Indoor Tanning Services 2014 Blue Cross/Blue Shield Tax Hike Excise Tax on Charitable Hospitals which fail to comply with the requirements of ObamaCare Tax on Brand Name Drugs Tax on Health Insurers $500,000 Annual Executive Compensation Limit for Health Insurance Executives Elimination of tax deduction for employer-provided retirement Rx drug coverage in coordination with Medicare Part D Employer Mandate on business with over
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