Rebella Accountancy | 507 E. First Street, Suite A | Tustin, CA 92780 | Phone: 714-619-0667 | Fax: 714-544-0236

       

 

 

Monica Rebella, CPA/IAR - President

Rebella Accountancy

 

Call our Testimonial Hotline & give us your feedback at:

 

800-609-9006 extension 2319

 


 

Other Articles

Click here to review


Feature Articles

 

- Tax legislation advances as filing season concludes successfully

- IRS reports decline in audit coverage following budget shortfalls

- Individuals can begin to prepare for the 2016 filing season

- How do I...Protect against tax-related identity theft?

- FAQ - do I need a receipt for every gift to charity

- May 2015 tax compliance calendar

 

 

 

 

 

 

 

Lawmakers Add Tax Measures to Trade Package + 2015 Live Q&A Call Schedule + June 2015 Tax Compliance Calendar


 

Tax provisions are often included as revenue raisers in non-tax bills and this year is no exception.

 

A massive trade package making its way through Congress contains a number of tax measures, impacting both individuals and businesses. At the same time, some stand-alone tax bills are moving forward in the House and Senate.

Child tax credit

Under current law, a U.S. citizen or resident living abroad may be eligible to elect to exclude from U.S. taxable income certain foreign earned income and foreign housing costs. If enacted, the trade package would provide that taxpayers who elect to exclude from gross income for a tax year any amount of foreign earned income or foreign housing costs would not be able to claim the refundable portion of the child tax credit for the tax year. The change in treatment would be effective for tax years beginning after December 31, 2014.

Information reporting

Lawmakers are also considering a revision to the rules for information reporting on unreported and underreported financial accounts. Generally, current provisions require that every person who makes a payment of reportable interest of $10 or more to any other person during any calendar year must report the aggregate amount of the payment and information identifying the recipient on an information return (Form 1099-INT) to the IRS. The trade package would eliminate the minimum interest threshold of $10 and apply information reporting requirements and penalties for banks and other persons that hold non-interest bearing deposits. The change would apply to returns filed after December 31, 2015.

HCTC

The Health Coverage Tax Credit (unrelated to the Code Sec. 36B premium assistance tax credit) is intended to help trade-displaced workers to offset the cost of health insurance. The U.S. Department of Labor (DOL) generally certifies if an individual is eligible for the HCTC.

The HCTC was created as a temporary measure but has frequently been renewed, typically in a tax extenders package. Last year, however, the HCTC was not included in the Tax Increase Prevention Act of 2014 (TIPA). The pending trade package would extend the HCTC through 2019 for qualified individuals and their families. The package also makes some technical changes to the credit and clarifies that an individual who claims the HCTC cannot also claim the code Sec. 36B credit.

Passports

The trade package would deny a U.S. passport (or renewal of a passport) to an individual who has a seriously delinquent tax debt. The U.S. State Department could also revoke passports previously issued to individuals with seriously delinquent tax debts. Generally, a "seriously delinquent tax debt" is any outstanding federal tax debt in excess of $50,000, including interest and penalties, for which a notice of lien or a notice of levy has been filed. However, if the individual has entered into an installment agreement or an offer in compromise, or collection has been suspended, the individual would be exempt from the passport rules. The proposal, if enacted, would take effect on January 1, 2016.

 

Last month in USA Today I was quoted in 2 articles on tax topics & if you missed it you can download the articles below.  Monica

9 Commonly Overlooked Tax Breaks by Jeff Reeves - Special to USA Today (click here to download) 9 Tax Tips For The Self Employed by Jeff Reeves - Special to USA Today (click here to download)

 

Corporate estimated taxes

The trade package also includes a corporate estimated tax shift between fiscal years (FY) 2020 and 2021. For corporations with at least $1 billion in assets, the package would increase the portion of corporate estimated payments due from July through September in 2020, with a subsequent reduction for the increase.

More tax bills

Research tax credit. Just before their Memorial Day recess, the House approved the American Research and Competitiveness Act of 2015 (H.R. 880). The bill would make permanent the research tax credit, which expired after 2014.

Highway funding. Lawmakers also approved a stop-gap highway and transportation funding bill. The short-term bill does not include any additional revenue raisers but congress could add some when it debates a long-term highway bill. Some lawmakers have called for an increase in the federal gasoline tax. A bipartisan proposal in the Senate would use revenues from repatriated foreign earnings to pay for highway and transportation spending.

Public safety officers. In May, Congress approved the Don't Tax Our Fallen Public Safety Heroes Bill (HR 606), which President Obama signed into law. The bill clarifies federal law to ensure that both federal and state benefits for fallen public safety officers are treated the same in the Tax Code. Under the legislation, neither would be subject to federal taxation.

Medical device excise tax. In June, the House is likely to take up legislation to repeal the medical device excise tax. The Patient Protection and Affordable Care Act (PPACA) created the excise tax, which is generally imposed on manufacturers and distributers of certain medical devices.

Please contact our office at 714-619-0667 if you have any questions about pending federal tax legislation.

 

 

Below is our 2015 schedule for my live Q&A calls.  I have 2 calls needing topics so if you have a suggestion please email me.  If you have not already done so please register and you'll receive email reminders when the calls occur

2015 Live Q&A Webinar Schedule

(click here to Register - all calls at 6:00 pm PT)

  • April 28, 2015 - Maximizing Social Security

  • June 30, 2015 - Wage & Hour - Sick Day Pay & Hot Topics | Anita York

  • July 28, 2015 - Most Common Operational Issues Currently Encountered in Dental Practices  

  • Aug 25, 2015 - TBD

  • Sept 29, 2015 - What's Your Practice Worth & Getting Ready for Sale

  • Oct 27, 2015 - TBD

  • Nov 17, 2015 - Year End Tax Planning 2015


 

        June 2015 Tax Compliance Calendar

As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines.

 

This calendar summarizes important federal tax reporting and filing data for individuals, businesses and other taxpayers for the month of June 2015.

June 2 - Retirement plans. Deadline for sponsors and administrators of retirement plans not covered by Title I of ERISA to file their Form 5500, Annual Return/Report of Employee Benefit Plan, or 5500-EZ, Annual Return of One-Participant (Owners and Their Spouses) Retirement Plan, returns and qualify for penalty relief under the IRS's pilot program. The program was announced last year in Rev. Proc. 2014-32.

June 3 - Employers. Semi-weekly depositors must deposit employment taxes for payroll dates May 27–29.

June 5 - Employers. Semi-weekly depositors must deposit employment taxes for payroll dates May 30–June 2.

June 10 - Employers. Semi-weekly depositors must deposit employment taxes for payroll dates June 3–June 5. Employees who work for tips. Employees who received $20 or more in tips during May must report them to their employer using Form 4070.

June 12 - Employers. Semi-weekly depositors must deposit employment taxes for payroll date June 6–9.

June 15 - Individuals. Individuals, partnerships, pass through entities and corporations make the second installment of 2015 estimated quarterly tax payments. Individuals. U.S. citizens or resident aliens living and working (or on military duty) outside the United States and Puerto Rico must file Form 1040 and pay any tax, interest, and penalties due.

June 17 - Employers. Semi-weekly depositors must deposit employment taxes for payroll date June 10–12.

June 19 - Employers. Semi-weekly depositors must deposit employment taxes for payroll dates June 13–16.

June 24 - Employers. Semi-weekly depositors must deposit employment taxes for payroll dates June 17–19.

June 26 - Employers. Semi-weekly depositors must deposit employment taxes for payroll dates June 20–23.

June 30 - Foreign Assets. Report any financial interest in, or signature authority over, a foreign financial account that exceeded $10,000 at any time during the 2014 calendar year on Form 114, Report of Foreign Bank and Financial Accounts (FBAR), (formerly Form TD F 90-22.1).

July 1 - Employers. Semi-weekly depositors must deposit employment taxes for payroll dates June 24–26.

July 6 - Employers. Semi-weekly depositors must deposit employment taxes for payroll dates June 27–30.

 

 


 

   

click here to listen to this video update on:

click here to listen to this video update on:

   
 
   

To read this & my other articles online go to www.MyDentalCPA.com or www.RebellaCPA.com and click on the Newsletter section.

 


 

As always you can call me at 714-619-0667 if you have any questions about investing, retirement or any other tax & accounting related issues. 

 

Regards, Monica Rebella, CPA/IAR

President, Rebella Accountancy

 
Disclaimer:  The opinions contained herein are not intended to be investment advice or a solicitation to buy or sell any securities. With any investment you should carefully consider the investment objectives, potential risks, management fees, and charges and expenses before investing.  Past performance is not a guarantee of future results. The investment return and principle value of any investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.

To see more Business Owner Clients talk about Monica, click here!

 

 

Monica Rebella, CPA/IAR | President - Rebella Accountancy | Certified Public Accountants
507 E. First Street, Suite A | Tustin, CA 92780 | Phone: 714-619-0667 | Fax: 714-544-0236
Email: mrebella@rebellacpa.com | www.RebellaCPA.com | www.MyDentalCPA.com