J.L.Self Accounting and Tax Service

08/30/2014

http://news.yahoo.com/challenge-healthcare-gov-tax-forms-165244036.html

WASHINGTON (AP) — The federal agency that had trouble launching a health insurance website last fall has a massive new project. Any glitches on this one could delay tax refunds for many Americans.

01/02/2014

If you, or someone you know is a small- or medium-sized business owner, there are many benefits to using the Financial Reporting Framework for Small- and Medium-Sized Entities recomended by the American Institute of Certifed Public Accountants. While it is not requirement, there are many benefits, especially considering these entities are non-GAAP reporting entities. If you, or someone you know, could benefit contact J.L.Self Accounting and Tax Service at the number above, or email at [email protected]

12/30/2013

Yes, that time is upon us again. (Tax season) Are you prepared?

09/25/2013

http://www.investopedia.com/articles/personal-finance/092413/how-choose-between-bronze-silver-gold-and-platinum-health-insurance-plans.asp?utm_source=facebook&utm_medium=social&utm_campaign=fb-post-92413&utm_content=ctp-article_cti-bronze-silver-gold-and-platinum-health-insurance

Here, we explain the different coverage levels within the new Health Insurance Marketplace and help you choose among the Bronze, Silver, Gold and Platinum health insurance plans.

09/20/2013

Oct. 15 Deadline Approaching

Oct. 15 is fast approaching and is a key deadline for millions of individual taxpayers who requested an extension to file their 2012 tax returns. It is also a crucial due date for thousands of small nonprofit organizations at risk of losing their tax-exempt status because they have not filed the required forms in the last three years.

The IRS expects to receive as many as 10 million tax returns from taxpayers who used Form 4868 to request a six-month extension to file their returns. Some taxpayers can wait until after Oct. 15 to file, including those serving in Iraq, Afghanistan or other combat zone localities and people affected by recent natural disasters.

With little more than three months remaining in the calendar year, individual taxpayers are encouraged to double check their federal withholding now to make sure they are having enough taxes taken out of their pay. Now is a good time to ensure your employer is withholding the proper amount.

As always, if you have any questions, please feel free to contact J.L.Self Accounting and Tax Service for your tax service needs.

09/16/2013

Please be aware of scams. As is expected when there is change like the ACA, there scams come out of the woodwork. Be wary about releasing personal information in the process of purchasing health coverage to comply with the new law. Attempts to defraud consumers have already been reported as scam artists attempt to exploit confusion about the law and illegally gain access to social security numbers, credit cards, bank accounts and other personal information.

The rollout of the Affordable Care Act could prove to be a perilous time for consumers who fail to exercise caution and prudence in their attempts to purchase health insurance in the months ahead.

If consumers purchasing coverage are not confident in their decisions, the process, or the individuals with whom they are dealing, then please ask.

Scams involving phone calls and letters fraudulently claiming that all Americans will need a government-issued health card have already been reported. Elderly, low-income and uninsured consumers are primary targets for fraudulent activity.

The scams can be phone calls, letters, emails, even someone at your door. Scammers are representing themselves as part of the government-required health insurance plan. Because consumers do not understand the law, they are vulnerable to having their financial records and medical information illegally accessed.

The Federal Trade Commission (FTC), the nation’s consumer protection agency, is warning consumers about giving out personal or financial information in response to the Affordable Care Act. According to the FTC, scammers are using the Affordable Care Act as a hook to illegally access consumer information. Scammers will try to gather bank account numbers, credit cards or other personal information.

Many of the organizations participating in the government’s navigator program are recognized and respected groups that make significant contributions to our society. While their efforts are well-intentioned, we may be placing an unrealistic burden on them given their lack of insight and experience in providing counsel on coverage options and in managing sensitive personal data.

Be aware. And as was posted recently, you can access through HealthCare.gov

09/15/2013

http://abcnews.go.com/US/story?id=20239519

Dear seniors, your Medicare benefits aren't changing under the Affordable Care Act. That's the message federal health officials are trying to get out to some older consumers confused by overlapping enrollment periods for Medicare and so-called "Obamacare." Medicare beneficiaries don't have...

09/10/2013

Marriage is many things but one of them is a legal status as far as the IRS is concerned. Married filing jointly for two people does not always save them money. If two single people make say $90,000 each, they will pay less taxes than if they were married and had to file a joint return at $180,000 in income. You don't really have a choice--for IRS purposes you are either married, single, or a head of household.

09/10/2013

In a letter to Ways and Means Committee leaders, the AICPA urged the chairman and ranking member to consider the financial burden that a small business tax reform proposal would place on businesses. "The proposal [to limit the use of cash method of accounting to certain taxpayers] would require these companies to change to the accrual method, force their owners to pay tax before they have the cash to pay it, and add to complexity and costs," the AICPA stated.

09/08/2013

When it comes to health insurance, do you know what "premium" means? How about "deductible" and "copay"? A survey by the AICPA found that 51 percent of respondents could not accurately identify at least one of these three common health insurance terms.
The National CPA Financial Literacy Commission offers these tips to the public, on what to consider when comparing health insurance plans:

* Review your history and behavior. Before considering health insurance plans, think about your health history and behavior. Are you prone to illness? How many times in the past year did you visit the doctor or purchase medication? Do you engage in sports or risky pursuits that make you more susceptible to injuries? Are you planning to start a family? The answers to these types of questions can help you better assess costs and coverage.
* Compare premiums. A premium is the fee paid, usually monthly, to a health insurance company for coverage. It is often the starting place when comparing health insurance plans since consumers want to know first if a particular plan will fit within their budget. Premiums can vary based on a number of factors, including age. It’s best to shop around.
* Compare other fees. A deductible is the amount paid toward medical expenses before an insurance company begins to pay. A copay is the amount paid each time you visit a doctor or get a prescription. Coinsurance is the percentage of medical costs that you have to pay after you satisfy the deductible. The fees can add up, so it’s critical to understand how they apply and how they vary across plans. Some key questions: Do you have to satisfy the deductible annually or each time you are hospitalized? Do different deductibles apply to different types of care? What is your out-of-pocket maximum?
* Compare coverage. Each plan typically has different features. You’ll want to understand whether a particular policy has coverage limitations or include a maximum benefit ceiling. You’ll also want to know if it sets limits on the doctors you can visit or if you have to get a referral to see a specialist.

09/08/2013

Changes to Itemized Deduction for Medical Expenses

Beginning Jan. 1, 2013, you can claim deductions for medical expenses not covered by your health insurance when they reach 10 percent of your adjusted gross income. This change affects your 2013 tax return that you will file in 2014. There is a temporary exemption from Jan. 1, 2013, to Dec. 31, 2016, for individuals age 65 and older and their spouses.

09/07/2013

Affordable Care Act Tax Provisions for Employers

The Affordable Care Act, or health care law, contains new benefits and responsibilities for employers. The size and structure of your workforce – small, large, or part of a group – helps determine what applies to you. However, if you have no employees, the following information does not apply to you.

How do I know if I am a small or large employer? Why does it matter?

An employer’s size is determined by the number of its employees. Employer benefits, opportunities and requirements are dependent upon the employer’s size and the applicable rules. Generally, an employer with 50 or more full-time employees or equivalents will be considered a large employer.

Employers with:

* Fewer than 25 full-time equivalent employees may be eligible for a Small Business Health Care Tax Credit to help cover the cost of providing coverage.
* Generally 50 or fewer employees may be eligible to buy coverage through the Small Business Health Options Program (SHOP). Learn more at HealthCare.gov
* 50 or more full-time equivalent employees will need to file an annual return reporting whether and what health insurance they offered employees. In addition, they are subject to the Employer Shared Responsibility provisions.

Certain affiliated employers with common ownership or part of a controlled group must aggregate their employees to determine their workforce size.