Monthly Archives: September 2013

Tax-Filing and Payment Extensions

Did you request a tax-filing extension this year?  If so, did you know that the deadline to file is October 15th?  Now is the time to double check your return for tax benefits that are often overlooked and file your return electronically using the IRS e-file system.  Many of the more than 12 million taxpayers who requested an automatic six-month extension this year has yet to file.  Although October 15 is the last day for most people, members of the military and others serving in Afghanistan or other combat zone localities have at least 180 days after they leave the combat zone.  For more information, contact Robert Burch at (773) 779-4447.

 

 

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Delivering on the Affordable Care Act: Marketplace Premiums Lower than Expected

According to a new report released by the Department of Health and Human Services, more Americans will have affordable options available through the Health Insurance Marketplace in 2014.  The following options will help you to determine  if you qualify for lower costs:

(A)  What is the  Health Insurance Marketplace?

(B)  How do I get enrolling in the Marketplace?

(C)  What if I have job-based insurance?

(D)  How can I get coverage at lower costs?

(E)  What do small businesses need to know?

For more information contact Robert Burch at (773) 779-4447 or visit Health care.gov

 

 

 

 

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Health Insurance Marketplace: Open Enrollment Begins October 1

Starting October 1, 2013, you can enroll in health coverage through the Health Insurance Marketplace.  The Marketplace allows you to compare your options and find the one that best fits your needs and budget.  Coverage goes into effect as early as January 1, 2014.  At the Marketplace you can create an account, Apply for Marketplace coverage, Pick a plan, and Enroll.

For more information contact Robert Burch (773) 779-4447 or visit USA.gov

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Retirement Plans Regarding Minimum Distributions

Hello group, did you know that Required Minimum Distributions are the minimum amount that a retirement plan account owner must withdraw annually starting with the year that he or she reaches 70 1/2 year of age or, if later, the year in which he or she retires.  However, if the retirement plan account is an IRA or the account owner is a 5% owner of the business sponsoring the retirement plan, the Required Minimum Distributions must begin once the account holder is age 70 1/2 regardless of whether he or she is retired.

Some of the various type of Retirement Plans Requires Minimum Distributions are as follow:

(1)   401(K) plans, 403(b) plans, 457(b) plans

(2) Profit-Sharing Plans

(3) IRAs and IRA-based plans such as SEPs and Simple IRAs

For more information contact Robert Burch at (773) 779-4447

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IRS Streamlines Innocent Spouse Relief

According to Tax Pro Today, the Internal Revenue Service has issued new guidance and streamlined procedures for spouses who are seeking equitable relief from joint income tax liability. The IRS will grant equitable relief from the understatement or underpayment of income tax reported on a joint return.

The revenue procedure requires that the relief be made on or before the collection statute expiration date, or the date the period of limitation or collection of the income tax liability expires. Generally, that period expires 10 years after the assessment of the tax, but it may be extended by other provisions of the Internal Revenue Code.

For more information, contact Robert Burch at (773) 779-4447 or visit http://www.accountingtoday.com

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Affordable Care Act Alert: New Requirement To Provide Notice

Starting January 1, 2014, individuals, families, and employees of small businesses will have access to affordable health care coverage through a new competitive private insurance market called the Health Insurance Marketplace. The Affordable Care Act (ACA) requires many employers to provide written notice to their employees (by October 1, 2013) about the health insurance options available through the new Health Insurance Marketplace.

 For more information, contact Robert Burch at (773) 779-4447.

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