Moran & Long CPAs

01/12/2022

Initial relief guidance for tax compliance-victims in Colorado Wildfires.

CO-2022-01, January 3, 2022 — Victims of wildfires and straight-line winds beginning December 30, 2021 now have until May 16, 2022, to file various individual and business tax returns and make tax payments, the IRS announced today.

12/21/2020

Merry Christmas to all during this Holiday Season. Let hope transcend turbulent rhetoric and move us to sincere Peace on Earth.

12/22/2019

Merry Christmas to all and effervescent best wishes for peace and love in our families and our world.

11/11/2019

MEDICARE - Several choices available to you
Most clients we have who are 65 or older choose one of three options when it comes to Medicare:
1. Medicare
2. Medicare with Medigap that covers the Medicare copays and deductibles
3. Medicare Advantage (private insurance)
There are pros and cons to each of these plans depending on your needs. You should consider things like your state of health, the possibility of a large hospital bill (with lots of out-of-pocket copays and other costs), and whether you’re comfortable choosing from a pre-selected network of health care providers and doctors. Also keep in mind that Medigap coverage likely has a higher monthly premium, while Medicare Advantage Plans might have lower premiums but higher out-of-pocket costs.
Bottom line is that this decision requires some analysis of your situation and needs. Review the medicare.org site carefully and call us with questions. We’d be happy to guide you through this decision to determine what coverage is best for you!

12/02/2017

Send an eGreeting with artwork submitted by elementary school age children throughout the United States for the Missionary Childhood Association Christmas Artwork contest. http://bit.ly/2BxYSeS

10/16/2017

5 Ways to Maintain an Active Mind in Retirement

Staying active as you age is beneficial in lots of ways. Here are five fun ideas on how to use your time during your golden years:

1. Mentor. Pass on your skills and knowledge to a younger generation. Explore formal mentorship programs at local colleges and universities and call local elementary, middle, and high schools too.

2. Volunteer. Look within your community for places in need. Check out volunteermatch.org, reach out to your local United Way chapter, or visit the library, which might have a list of local nonprofit organizations that need volunteers.

3. Help at the library. The library is a wonderful community center that likely has a range of opportunities to get involved. Some libraries seek volunteers for their early childhood literacy programs, to shelve materials, to assist with teaching computer and other classes, and more.

4. Look for 55+ volunteer programs. Organizations like Global Vision International have volunteer abroad programs for people aged 50 and over. The organization has projects around the globe, all of which immerse you into a culture while allowing you to help a community in need.

5. Work part time. If you’re not ready to leave the workforce entirely, could you become a consultant in your field? Or maybe you’d like to do something completely different like teach as an adjunct or work part-time at a coffee shop.

Retirement will offer you lots of freedom. Enjoy your time by doing something new that keeps you social and using your mind. Looking for ideas? Call John (720.635.3180) at Moran & Long and we’ll help you brainstorm! Jim is available, on request, as well. Let John know if you want to speak with Jim.

03/18/2017

01/12/2017

This tax planning strategy has been part of tax law for years but due to higher allowed premium levels in 2017 means its significance is greater.

January 10 Posted By: FoxstonePosted In: Captive Insurance Company , Captives , FinancialTags: Foxstone Capital Management, Insurance Risk, IRS, reinsure, Risk Distribution, Risk Transfer Date: January 10, 2017 0 2 When Are Premiums Paid to a Captive Insurance Company Deductible for Federal Income T...

11/27/2016

EMPLOYMENT TAX – Section 530 relief for MISCLASSIFYING EMPLOYEES AS INDEPENDENT CONTRACTORS
Nelly (“Nelly”) Home Care, Inc. No 15-439 (Eastern District Pennsylvania Federal District Court) decision issued 5/10/16
Nelly provides health care companions for elderly residents in Philadelphia, Pennsylvania. Nelly classified the companions as independent contractors since its formation. In 2011, the IRS determined the classification was incorrect, and assessed a tax of 1.5% of the amounts paid to the contractors. The tax is potentially due under Internal Revenue Code section 3509(a)(1), assuming an “employer” used the correct reporting for an independent contractor. Without the proper reporting, the tax is 3%.
Section 530 of Public Law 95-600, the Revenue Act of 1978 provides administrative relief for the tax owing under Internal Revenue Code section 3509. Section 530 is not in the internal revenue code, however. Under Section 530, an employer must show reasonable basis for not classifying workers as employees. Reasonable basis consists of reliance on:
1. Judicial precedent, published rulings, technical advice with respect to the taxpayer (audit administration), or a private letter ruling the taxpayer requested.
2. A past IRS audit in which there was not assessment attributable to the treatment (for employment tax purposes) of the individuals holding positions similar to the position of the held by the current individual, or
3. A long-standing recognized practice of a significant segment of the industry to which such individual was engaged (IRS Internal Revenue Manual, Technical Guidelines for Employment Tax Issues, Sections 4.23.5.2.2.1, 4.23.5.2.2.2, and 4.23.5.2.2.3)
Nelly could not assert the reasonable basis outlined in the enumerated items above, but since the Nelly owner had previously undergone an IRS audit and the issue was not raised, and Nelly’s owner did personal research and surveys to correctly classify the companions for employment tax purposes, the court concluded Nelly had a “reasonable basis” for classifying its workers as independent contractors.

09/20/2016

Money_Aging_Who will be there when you cannot manage your financial affairs? See our blog entry... www.moranlong.com. Here is an excerpt------- Confronting the limits of our own mortality... it is painful - Thomas Mierswa, Executive Director at Morgan Stanley

The aging of America is creating a societal issue not present in large numbers of prior generations and that problem is diminished mental capacity making it impossible to manage financial affairs effectively.

09/20/2015

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07/29/2015

Professor Kotlikoff is a renowned speaker on Social Security.

Trying to understand how to maximize your Social Security can be a confusing process, but it doesn't have to be. Ask Larry your questions.