Newsletters

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.

Dear Clients and Friends:

Incredibly, 2013 is fast approaching its end. Although we, at POK, are barely past the extended return deadlines, there’s no time to sit back and relax because we’ve seen some startling developments within the government and know there are some big changes that could affect your 2013 Tax 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.

It's tax planning season! And that's a good thing! For You. Not for the IRS. Who wants to pay the IRS more than absolutely necessary? Not us! Let us help you minimize your tax hit and keep more of what you earned.

One Big Tax Issue for 2012 is Sales and Use Tax. You may be hearing about the state government’s severe actions on companies that have not been following their Sales and Use Tax responsibilities. Since everyone is desperate for money, Sales Tax Compliance and Collection is fast becoming the “low hanging fruit”.