Tag Archives: penalties

Getting the Right Amount of Withholdings

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Since the passage of the Tax Cut and Jobs Act (December 2017), it has become more difficult to discern how to prepare payroll withholding to ensure there is no balance due when failing taxes.  (You do know it’s not a great idea to over withhold, since the IRS does not provide interest on your money that they will return later.  Sure you get it in one big pile, but you can probable do better investing the extra funds during the year.)

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To have or not to have? (Health insurance)

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One of the biggest problems with Obamacare is the the inability to determine what next year’s costs are really going to be. From the big insurers’ point of view, they feel that their inability to know who is (and how many who’s are) going to sign on to the program before they list their proposed premiums. From the small (and newly formed coops) insurers’ point of view it has been the changing rules as to who is responsible for the transfer payments from the lower cost insurance pool to the higher ones.

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The FAST Act pulled a Fast One?

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If you were a client of mine, you would have received a notice last December. Just when I was writing about the amazing fact that Congress finally passed a bill- a real authorization bill- for the Department of Transportation, one that funded bare-bones transportaton neds for five years, my notice informed clients that the bill included a slew of unrelated items. In particular, items that changed the way our taxes are computed, the way the IRS acts, etc.

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Hey, business owner- this affects you!

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There is a penalty that can be imposed as of 1 July 2015 to small business employers who reimburse employees for premiums paid for individual health insurance policies under Obamacare (PPACA).  Yes, that means if you don’t offer insurance because your state does not offer plans for small employers and the various insurance companies charge rates that are outrageous, you can still be penalized.   But, there are ways to fix this.   Read on…

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