News & Resources

Archives: September 2015

Although a vehicle’s value typically drops fairly rapidly, the tax rules limit the amount of annual depreciation that can be claimed on most cars and light trucks. Thus, when it’s time to replace a vehicle used in business, it’s not…

Miller Kaplan Arase Concludes Agreement with Hungerford Nichols CPAs + Advisors to Assume Its Broadcast Client Relationships North Hollywood, CA, September 24th, 2015  – Miller Kaplan Arase, one of the top 100 accounting firms in the U.S., announced today that…

Contributing to a traditional employer-sponsored defined contribution plan, such as a 401(k), 403(b) or 457 plan, offers many benefits: Contributions are pretax, reducing your modified adjusted gross income (MAGI), which can also help you reduce or avoid exposure to the…

As you are aware, an excise tax is imposed on employers for any failure of their group health plans to meet group health plan requirements with respect to: portability, access, and renewability requirements; benefits for mothers and newborns; mental health benefits;…

A tax exempt organization may need a letter to confirm its tax-exempt status or to reflect a change in its name or address.  If so, an organization may generally contact Customer Account Services by phone, letter, or fax to request…

Here’s a simplified way to project your estate tax exposure. Take the value of your estate, net of any debts. Also subtract any assets that will pass to charity on your death. Then, if you’re married and your spouse is…

The Financial Accounting Standards Board (FASB) recently issued ASU 2015-12 Plan Accounting:  Topic 960, Defined Benefit Pension Plans; Topic 962, Defined Contribution Pension Plans; Topic 965, Health and Welfare Benefit Plans.  The guidance consists of three parts: Part I designates…

With Congress returning from its August recess, this is the question on tax-savvy Americans’ minds. Many valuable tax breaks aren’t permanent, so Congress has to pass legislation extending them to keep them in effect. Unfortunately, Congress often waits until the…

The Financial Accounting Standards Board (FASB) recently issued ASU 2015-07 Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent). Entities measuring investments at net asset value per share (NAV) as a practical expedient…

The tax treatment of investment income varies, and not just based on whether the income is in the form of dividends or interest. Qualified dividends are taxed at the favorable long-term capital gains tax rate (generally 15% or 20%) rather…

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