Articles by author: Maeda Palius

As we get closer to the end of yet another year, it is time to tie up the loose ends and implement tax saving strategies. This has been an interesting year in Washington. When the year started, it seemed highly likely that the tax law would receive a dramatic makeover this year. Now, with just under two months left in 2017, we have seen a lot of bickering in Washington but no sweeping tax law changes. Of course, there is still time, but there is also a lot of ground left to cover.

As the end of the year approaches, it is a good time to think of tax planning moves that will help lower your tax bill for this year and possibly the next. Factors that compound the planning challenge this year include political and economic uncertainty, and Congress' all too familiar failure to act on a number of important tax breaks that will expire at the end of 2016.

Although tax planning is a 12-month activity, year-end is traditionally the time to review tax strategies from the past and to revise them for the future. Year-end has also become a time when there is an increasing need to take a careful look at what has changed within the tax law itself since the beginning of the year. Opportunities and pitfalls within these recent changes, as they impact your unique business situation, should not be overlooked. This is particularly the case during year-end 2016. Here are some of the many considerations that you should review as year-end 2016 approaches.

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From all of us here at Palius and O'Kelley and American Rivera Bank, we want to thank you for joining us at this highly informative seminar.

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Beginning in 2014, the “individual mandate” under the Affordable Care Act begins. Not only are all individuals required to have insurance but all people who are required to file a tax return must report their insurance on that return. So we will need quite a bit of additional information to prepare your 2014 return.

In recent years, end-of-the-year tax planning for businesses has been complicated by uncertainty over the future availability of many tax incentives. This year is no different. In 2010, Congress extended many business tax incentives for one or two years. Now, those incentives have expired or are scheduled to expire. Whether they will be extended beyond 2012 is unclear as Congress debates with the fate of the fate of the Bush-era tax cuts and across-the-board spending cuts scheduled to take effect in 2013. In the meantime, you need to be aware of the expiring provisions and explore developing a multiyear tax strategy that takes into account various scenarios for the future of these incentives

2012 began with great uncertainty over federal tax policy and now, with the end of the year approaching, that uncertainty appears to be far from any long-term resolution. A host of reduced tax rates, credits, deductions, and other incentives (collectively called the "Bush-era" tax cuts) are scheduled to expire after December 31, 2012.

Every person engaged in a trade or business, including partnerships and nonprofit organizations, must file information returns for each calendar year for certain payments made during such year in the course of the payor’s trade or business. The IRS requires 1096 and 1099 to be issued.