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Archive for October, 2014

2015 Federal Tax Inflation Adjustments

Posted by taxguru on October 30, 2014

This year, two tax publishers have already calculated the inflation adjusted tax brackets for 2015, which are handy for tax planning purposes.  Notably, the annual gifting exclusion will remain at $14,000 for 2015.


Wolters Kluwer, CCH Projects Inflation-Adjusted Tax Brackets and Other Amounts for 2015


Bloomberg BNA has this handy 17 page pdf of the upcoming inflation adjustments for 2015.


Update: Tax Foundation has posted a very handy summary of the 2015 adjustments.

Update 2: IRS has just released its official announcement of the inflation adjusted changes for 2015

IRS Press Release

IRS Rev Proc 2014-61 with all of the details (22 page PDF)


Posted in IRS, TaxRates | Comments Off on 2015 Federal Tax Inflation Adjustments

State Taxes Can Influence Business Locations

Posted by taxguru on October 28, 2014

The Tax Foundation has released its 2015 State Business Tax Climate Index:

Their announcement and summary

The full 76 page pdf.

From the Executive Summary:

The 10 best states in this year’s Index are:

1. Wyoming
2. South Dakota
3. Nevada
4. Alaska
5. Florida
6. Montana
7. New Hampshire
8. Indiana
9. Utah
10. Texas


The 10 lowest ranked, or worst, states in this year’s Index are:

41. Iowa
42. Connecticut
43. Wisconsin
44. Ohio
45. Rhode Island
46. Vermont
47. Minnesota
48. California
49. New York
50. New Jersey



Posted in StateTaxes | Comments Off on State Taxes Can Influence Business Locations

Be careful of fake IRS contacts…

Posted by taxguru on October 20, 2014

Fake IRS agents scare many consumers into paying up

Even if you’re not sure whether somebody is really with the IRS or not, the safest way to approach it is to have your professional tax advisor handle all interfaces with IRS on your behalf.  S/he should be able to quickly spot a scam, as well as protect you from the improper tactics used by some actual IRS employees.


Posted in IRS, scams | Comments Off on Be careful of fake IRS contacts…

IRS Attacks were coordinated by those in the White House

Posted by taxguru on October 14, 2014

It was obvious from the beginning that the IRS attacks on opponents were initiated by bHo and his accomplices, such as his chief advisor.

Senator Pat Roberts: Valerie Jarrett Was Involved In IRS Scandal

Of course, the trillion dollar question is, Who in the GOP has the stones to prosecute anyone in the bHo Regime for any of their blatant crimes?


Posted in IRS | Comments Off on IRS Attacks were coordinated by those in the White House

More Tax Season complications ahead…

Posted by taxguru on October 8, 2014

As has been the case for decades, our rulers in DC can’t resist the temptation to make everything more complicated.  Tax pros who worry about losing clients to do it your-selfers, it’s just the opposite. 


IRS warns of delays if U.S. Congress fumbles tax ‘extenders’


Health law waivers: Too complicated to claim?


From Greatland:

Businesses Face Learning Curve on new IRS Rules for Affordable Care Act Reporting for 2015


Greatland offers information, guidance on 1094 and 1095 forms


Grand Rapids, Mich., Oct. 7, 2014 – While businesses are preparing to issue W-2s and 1099s for the past year, they’ll also need to start learning about IRS forms 1094 and 1095 in preparation for the 2015 tax year and beyond.


Greatland, one of the country’s leading providers of W-2 and 1099 products for business, is offering information about the forms, reporting requirements and suggestions on how to avoid penalties once filing is required next year.


According to the Internal Revenue Service (IRS), the Affordable Care Act requires employers to file annual information returns with the IRS and furnish statements to employees on health plan coverage information beginning in 2016 (for reporting on calendar year 2015).


Information is reported by insurers and self-insured employers to individuals using Form 1095-B or, if the employer is also subject to the employer shared responsibility provisions due to its status as an applicable large employer, Form 1095-C. The employer must also provide all Forms 1095-B or 1095-C, as applicable, to the IRS in packages using the appropriate transmittal form.


“We expect to see an increase in enforcement next year and failure to comply may result in reporting penalties,” said Bob Nault, Greatland’s CEO. “These forms will essentially serve as a proof of coverage for employees, so it’s imperative for businesses to be familiar with this change and ready for next year.”


Below is a summary of each new form related to the Affordable Care Act:


  • Form 1095-B—Health Coverage

Insurers and self-insured employers that provide health plans are required to report on the individuals who are covered by their health plans. These providers will furnish each primary insured with Form 1095-B that will indicate the months during the calendar year that the insured and his or her family members had coverage under the plan.


  • Form 1094-B—Transmittal of Health Coverage Information Returns

Form 1094-B is the transmittal form for Form 1095-B.


  • Form 1095-C—Employer-Provided Health Insurance Offer and Coverage

Employers with 50 or more full-time employees (including full-time equivalent employees) are required to report whether or not they offered health coverage to their employees by providing each full-time employee with Form 1095-C. This form asks for information such as whether the employee was offered coverage and for which months and the employee’s share of the lowest cost monthly premium for self-only minimum value coverage. A large employer with a self-insured plan will only be required to submit Form 1095-C, as the information in Form 1095-B can be included in Form 1095-C.


  • Form 1094-C—Transmittal of Employer-Provided Health Insurance offer and Coverage Information Returns

Form 1094-C is the transmittal form for Form 1095-C.


To avoid penalties, businesses must be aware of timing for this new requirement. Form 1095-B or Form 1095-C, as applicable, must be provided to employees by January 31, similar to W-2s. This means that statements for 2015 must be provided no later than February 1, 2016 (because January 31, 2016 is a Sunday).



Posted in ObamaCare | Comments Off on More Tax Season complications ahead…

IRS still attacking bHo critics

Posted by taxguru on October 8, 2014

Producer of anti-Obamacare movie ‘Sick and Sicker’ hit with IRS audit


Posted in audits, IRS | Comments Off on IRS still attacking bHo critics

Lois Lerner Update

Posted by taxguru on October 7, 2014

For someone who claims to have done nothing wrong, she’s not very willing to discuss things publicly.

  Funny video of Lois being pursued near her residence.





Posted in IRS | Comments Off on Lois Lerner Update

The Question With No Answer

Posted by taxguru on October 5, 2014

Interesting debate between Andrew Klavan and Bill Whittle on the question that nobody can agree on.


What is a Reasonable Tax?



Posted in TaxReform, video | Comments Off on The Question With No Answer

IRS Refund Parody Fools Some People

Posted by taxguru on October 4, 2014

The Onion isn’t the only parody site that fools people with what appear to be true news stories.  This one from The National Report fooled some people because, as with all good humor, it is something that people could very easily believe to be true.  Of course, with the continuing financial fiasco in DC, I wouldn’t bet against something like this becoming reality in the future. 

2014 Federal Tax Refunds To Be Delayed Until October 2015

I learned about this from an article on



Posted in humor, IRS | Comments Off on IRS Refund Parody Fools Some People

Tax Info Isn’t Confidential

Posted by taxguru on October 4, 2014

Except for non-profits, IRS is supposed to keep our tax return data secret from anyone else.  However, if the taxpayer happens to oppose the bHo Regime’s policies, the supposedly confidential tax info is accessed by political hatchetmen and released to the media and other bHo supporters.  This is obviously illegal, but nobody has the guts to prosecute supporters of the first black president for any crime; so they have free reign to continue violating our rights.

White House Can’t Hide Look Into Koch Tax Data Misuse



Posted in IRS | Comments Off on Tax Info Isn’t Confidential