Categories: "Accounting"

ACA: 2014 Observations and Updates

Discussion of the Affordable Care Act calls for a different format from previous O&U posts since ACA is essentially a new filing requirement. While there has been a considerable amount of change (updates) during the evolution of the law, understanding what the current requirements is the most important thing. That more »

Amending for Education Credits

The focal point in tax preparation of returns with education expenses has traditionally been on the tax-free nature of scholarships and grants. However, when practitioners are preparing returns for students, or parents of students, they… more »

Partnerships: 2014 Observations and Updates

The last entry began what might be a series of articles on "Updates and Observations" related to the upcoming tax season. This time I'm dealing with Partnerships. It's been said that one learns most by teaching others, so I hope to learn more about partnerships and upcoming tax issues.. more »

Trusts: 2014 Observations & Updates

This is a review of Trust news so far for 2014, based on what I've bookmarked or saved during the year. The year has been a somewhat quiet one for trusts. There has been some clarification of NIIT for trusts, material participation, and what it means to be a real estate professional as a trust. One thing that may be a highlight is the clarification of what is included in the 2% miscellaneous deductions, and a mention of required unbundling for that purpose beginning in 2015. Considering those issues, you may want to do some end of year tax planning. more »

Tax Credits and Amendments

Andrea is a 26 year old female that was unemployed for all of 2013 and decided to go back to school to complete her criminal justice degree in the fall. She registered in August, received a $1,000 scholarship, a $2,750 Pell grant, a $2,000 student loan.. more »

A Bit of Tax Advice

I have been preparing tax returns for aVITA site for the past three years. In the course of my work there I continue to be amazed at how much tax firms attempt to charge for tax preparation. Taxpayers either can't afford their fees or have resolved from… more »

Reporting 1099-MISC Income

When a client comes in for their tax preparation and presents you with a 1099-MISC, what is your response? Unless you are familiar with your client's activities, you should probably ask questions to determine how to handle it. more »
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