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Do You Employ 50+ Full Time Workers?

Are You Ready for Information Reporting Requirements of the Affordable Care Act? While the Affordable Care Act has been law since 2010, stiff penalties for non-compliance with employer shared responsibility regulations will start being levied soon – and large employers with 50+ employees are at risk. Starting in early 2016 all Applicable Large Employers (“ALE”)…

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Posted in State & Local Strategies, Corporate Income Tax, Personal Income Tax, Sales and Use Tax

Connecticut Law Boosts Tax Revenue from Multistate Corporations

Connecticut is known as the “Nutmeg State” because its early settlers were considered ingenious and shrewd for recognizing the value of nutmeg and selling it to travelers. Early this summer, the state lived up to its shrewd reputation when its General Assembly passed a budget bill containing provisions that would (among other provisions) increase…

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Summer Tax Tip #12 – Buy an RV or Boat

Suppose you take out a loan to buy your recreational vehicle (RV) or boat. Surprisingly, the vehicle or vessel may qualify as a “second home” for federal income tax purposes. In other words, you may be eligible to write off the interest on the loan as mortgage interest on your personal tax return.…

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Are You Eligible for Generous New NY Tax Credits?

New York State has recently implemented many incentives, credits and other business friendly assistance programs to help businesses start, relocate or expand in New York State. Two of the most potentially beneficial of these programs may not be on your radar yet, but they should be: The Excelsior Jobs Program and Start-Up NY Program. The…

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Summer Tax Tip #11 – Generate an Energy Credit

If you replace or upgrade your air conditioning system this summer, you may qualify for a residential energy credit. The credit is equal to 30% of the cost of energy-saving devices, including air conditioners, air circulating fans, doors and skylights. Specific credit limits apply to certain items. For example, there’s a $50 limit…

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Posted in Individual Tax Brief

Teens in Your Family With Summer Jobs? Set up IRAs for Them!

Teenagers’ retirement may seem too far off to warrant saving now, but IRAs can be perfect for teens precisely because they’ll likely have many years to let their accounts grow tax-deferred or tax-free. The 2015 contribution limit is the lesser of $5,500 or 100% of earned income. A teen’s traditional IRA contributions typically are deductible,…

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Summer Tax Tip #10 – Harvest Investment Gains or Losses

Summer is a convenient time to survey your investment portfolio. If you’ve already incurred capital losses from securities transactions this year, any gains you realize between now and the end of the year may be absorbed by those losses. Conversely, if you incurred capital gains from securities transactions earlier this year, the losses…

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Summer Tax Tip #9 – Entertain Top Business Clients

You may be eligible to write off 50% of the cost of business meals and entertainment if you entertain clients before or after a substantial business discussion. For instance, after you hammer out a business deal, you might treat a client to a round of golf and then dinner and drinks at a…

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