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  • SVA’s Tax Guides and Tax Calendars Keep You On Schedule

    March 6, 2017
    Stay current with tax issues with SVA’s Interactive Web Tax Guide. Check out recent articles on 2017 Inflation Adjustments and Major Tax Law Changes on the Horizon. ... Read more
  • Navigating Passive Income & Loss Rules - Part II (Determining Material Participation)

    February 9, 2017
    Establishing whether an activity is considered passive for tax purposes is extremely important when determining the deductibility of losses and whether high income taxpayers are subject to an additional tax on net passive income.... Read more
  • New Small Business HRAs

    January 26, 2017
    Beginning in 2017, small employers may once again be able to reimburse employees for medical expenses, including health insurance premiums. On December 13, 2016, former President Obama signed into law the 21st Century Cures Act, which allows small employers to provide Health Reimbursement Arrangements (HRAs) to their employees without facing penalties for failing to satisfy certain Affordable Care Act (ACA) requirements.... Read more
  • 2017 Foreign Asset and Bank Account Reporting

    January 18, 2017
    As in prior years, the U.S. government continues to require foreign financial institutions to report foreign accounts of U.S. persons, as well as the annual reporting of foreign financial assets and bank accounts by U.S. persons. In addition, there are new reporting requirements for foreign financial assets held by corporations, partnerships, and certain trusts and a new due date for reporting foreign bank accounts. ... Read more
  • 2017 Mileage Rates and Retirement Plan Limits

    December 20, 2016
    Each year, various limits set by the IRS are reviewed and, if necessary, adjusted for items such as cost-of-living, inflation, and the results of annual studies. The following limits have recently been released for 2017:... Read more
  • 2016 W-2 & W-3 Filing Due Dates and Penalties Have Changed

    December 14, 2016
    The due date for filing the 2016 Forms W-2 and W-3 with the Social Security Administration (SSA) is now January 31, 2017 whether you file paper forms or electronically transmitted versions. In prior years, the paper filed copies were due at the end of February and the electronic files were due March 31st. ... Read more
  • Big Tax Changes Ahead; Planning for Today

    December 8, 2016
    President-elect Donald Trump’s proposed tax reform, which plans on reducing tax rates while limiting some deductions, is creating a lot of questions regarding year-end planning. With the Republicans controlling the House and Senate, it is extremely likely we will be seeing tax law changes as early as 2017. ... Read more
  • 1099 Reporting Penalties

    November 30, 2016
    Certain payments made by your trade or business need to be reported to the IRS using Form 1099. If you don’t issue required Form 1099s, you may be subject to penalties. There are different penalty amounts depending on when you file the late forms and the size of your business.... Read more
  • Casualty Loss – When to deduct?

    October 4, 2016
    With all the stormy weather and rain this year, have you had any property damage that was not covered by insurance? If so, you may be able to deduct a portion of your casualty loss on your 2016 tax return. ... Read more
  • Proposed Elimination of Valuation Discounts

    October 4, 2016
    On August 2, 2016, the Internal Revenue Service issued proposed regulations under Internal Revenue Code Section 2704 that would limit the ability to take valuation discounts when interests in family controlled entities such as partnerships, LLCs and corporations are transferred either by gift or at death.... Read more
  • New Tax Return Due Dates Starting in 2017

    September 13, 2016
    Tax return filing dates are changing for 2016 tax returns due in 2017.... Read more
  • Tax-Advantaged Accounts to Fund Health Care Expenses

    August 17, 2016
    The use of health savings accounts, health reimbursement accounts, and flexible spending accounts are all tax-advantaged ways to fund health care expenses. It is important to understand the differences between each type of account.... Read more
  • Early Interaction Initiative

    July 19, 2016
    The IRS has begun an early interaction initiative to help identify employers who may be falling behind on their payroll or employment tax deposits. The purpose of this initiative is to make the employer aware of their potential deficiency and to help them get caught up with their reporting and payment responsibilities. ... Read more
  • Navigating Passive Income & Loss Rules - Part I

    June 7, 2016
    The passive activity rules are important to tax planning since they affect your ability to deduct losses and because high income taxpayers are subject to a special additional tax on net passive income. This is the first of a series of tax alerts on navigating the passive activity rules. Subsequent tax alerts will discuss some of the exceptions, planning opportunities and pitfalls to avoid. ... Read more