Vernoia, Enterline + Brewer, CPA LLC

Archive for the ‘Uncategorized’ Category

IRS Warns of New Phone Scam Involving Bogus Certified Letters

The Internal Revenue Service today warned people to beware of a new scam linked to the Electronic Federal Tax Payment System (EFTPS), where fraudsters call to demand an immediate tax payment through a prepaid debit card. This scam is being reported across the country, so taxpayers should be alert to the details.
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403(b) Pre-Approved Retirement Accounts

Employers eligible to sponsor 403(b) retirement plans for their employees may want to consider adopting a pre-approved plan that has received a favorable letter instead of a having an individually designed plan. (more…)

Renting Out Your Vacation Home? Anticipate the Tax Impact

When buying a vacation home, the primary objective is usually to provide a place for many years of happy memories. But you might also view the property as an income-producing investment and choose to rent it out when you’re not using it. Let’s take a look at how the IRS generally treats income and expenses associated with a vacation home. (more…)

In Down Years, NOL Rules Can Offer Tax Relief

From time to time, a business may find that its operating expenses and other deductions for a particular year exceed its income. This is known as incurring a net operating loss (NOL).

In such cases, companies (or their owners) may be able to snatch some tax relief from this revenue defeat. Under the Internal Revenue Code, a corporation or individual may deduct an NOL from its income. (more…)

IRS regulations clarify individual shared responsibility rules, premium assistance tax credit

The IRS continues to offer guidance to flesh out the specifics of the individual shared responsibility requirement and the premium assistance tax credit under the Affordable Care Act. (more…)

Happy Holidays

Best Wishes for Happy Holidays from VEB CPA Accountants + Adviso

Best Wishes for Happy Holidays from VEB CPA Accountants + Advisors

IRS releases 2016 inflation adjustments to retirement-related amounts SSA publishes 2016 wage base

The IRS recently issued a long list of cost of living adjustments (COLAs) for various Tax Code provisions that are required to be adjusted annually for inflation, including many related to retirement savings. These COLAs are for the 2016 tax year. (more…)