Wishing one and all a Merry Christmas!
We will be closed May 22 through May 25, 2015. We will reopen on May 26th.
Here are our hours for this week:
For people on extension, please do not worry. An extension does not increase or decrease your odds of being audited. Thirteen million, yes million, taxpayers filed to extend their 2013 returns. I expect at least that many this year. And no, they were not all my clients.
More about extensions on my post from 2014.
Spyglass by Chris Roach, under Creative Commons license, on Flickr
This tax season start has been busier than most. Here are some of the things I have been working on that have kept me from blogging:
- Congress passed the tax extenders later than they should have. Now NC is in the process of deciding which of the extenders they will adopt and which they will not adopt. This is causing a delay for some NC returns, especially those involving businesses.
- The 2014 individual returns are the first ones for reporting minimum essential care reporting under the Affordable Care Act (ACA), also known as Obamacare.
- IRS waited quite some time to provide relief to small employers (<50 employees) who had been reimbursing or paying individual health insurance premiums for their employees. Until this week, small businesses were facing a $100 per day per participant penalty for every day in 2014 when they paid or reimbursed for individual health premiums. The penalty could have been $36,500 per participant or, for example, $365,000 for a small business with 10 covered employees. We now have Notice 2015-17 (downloads as PDF) from IRS waiving the penalty for 2014 and through June 30, 2015. Small businesses either need to switch to group plans or just stop paying for individual health insurance for employees. One employee businesses are exempt from this rule. NC requires insurance companies offering group health plans in NC to offer them to all employers.
- Last August, IRS finished issuing their long awaited repair and capitalization rules for trade and business assets, including rental properties. Most businesses and landlords, even small ones, were going to go through an arduous process of examining their repairs, supplies and capital/depreciable assets since they started business in order to change to the new rules. Yes, retroactive changes to the rules. You have to love it (not really). Some of the rules came out just last month. I read through about 600 pages of rules, making notes and worksheets to get ready. On February 13, 2015, IRS released Rev. Proc. 2015-20 (downloads as PDF) exempting small taxpayers from most of the historical work. Small taxpayers still have to follow the new rules, they just do not have to go back beyond 1/1/2014 if they do not want to do so. A small business is one averaging less than $10 million a year in revenue over the last three years or with less than $10 million in assets.
- And as all of the folks in our area know, the ice and snow this week has caused problems.
I expect to post more regularly from here on out. Please let me know in the comments if you want more information on the above subjects or have another topic you would like covered.
Want to win free tickets to the Cary Rotary Club Chili Dinner? On January 30, 2015 you can have chili for lunch from 12:00 to 2:00 PM or dinner from 5:00 to 7:30 PM. The event is held at the Kirk of Kildaire Presbyterian Church in Cary right across the road from McDonald’s and iHop on Kildaire Farm Road.
The Cary Rotary Club event raises funds for hunger relief locally and internationally. In the last eleven years, the event has raised over $283,000 for hunger relief. You can learn more on the event’s web page.
I have five tickets available that can be used for lunch or dinner. What do you do to win? Stop by our office during office hours and ask for the tickets. What could be easier?
I will add to this post once all the tickets are won. Update – all tickets claimed!