Tax Credits for Starting a Pension Plan

Offering a pension plan can be beneficial to your business by attracting and retaining quality employees.  Pension plans have tax benefits for your business as well.  Contributions the business makes to its employee’s pension accounts are a deductible business expense.  You may also be eligible to receive a nondeductible tax credit when establishing a new pension plan.

Tax Treatment of Scholarships

Are you or your child applying for scholarships to attend college or any other post-secondary institution?  You may have some questions about those scholarships such as:  Are the scholarships taxable?  Can I still claim my child as a dependent if they receive a full scholarship?  Will this affect any educational credits I can claim?  The information below should clear up some of those questions.

Income Tax Reporting Under the ACA Individual Mandate

The Affordable Care Act (ACA) has added another level of complexity to filing your tax return beginning with the 2014 tax year.  The ACA requires that taxpayers report health care coverage on their tax returns.  Determining whether you have the required coverage, whether you qualify for an exemption or premium tax credit, or how to calculate your penalty, can be challenging.

Tax Identity Theft

Over the last few years, there has been an influx of tax identity theft cases.  As tax preparers, we have seen this issue continuously growing, especially in today's technologically savvy society.  Even if you have not been personally victimized, you have heard the buzz words "tax identity theft," and you may ask yourself the following questions: "What is tax identity theft?  How does it happen?  How can I protect myself?"

IRS Provides Relief for Small Businesses

On February 13, 2015, the IRS released Revenue Procedure 2015-20 which may allow some small businesses to avoid filing Form 3115, Application for Change of Accounting Method.


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