As we enter into autumn, we see the leaves change colors and the squirrels prepare for winter. We may want to take a lesson from the squirrels and put some extra funds aside in anticipation of any extra tax burden that may...more
In This Issue:
- New 3.8% Medicare contribution tax: Do you know how to reduce or eliminate your liability?
- Estate planning for adopted children and stepchildren
- Shipping your trust over the state line to...more
On March 23, 2010, President Obama signed into law the health care reform bill, the Patient Protection and Affordable Care Act. This legislation, along with the Health Care and Education Reconciliation Act of 2010, makes...more
The Patient Protection and Affordable Care Act of 2010 (Affordable Care Act) institutes a new 3.8 percent Medicare surtax on net investment income effective January 1, 2013. In addition, absent congressional action to extend...more
Starting January 1, 2013, a new 3.8% Medicare tax will apply to the investment and “unearned income” of individuals, trusts and estates. The tax is intended to apply to income exempt from the regular FICA or self-employment...more
As the effective date for the tax increase approaches, employers and payroll service providers should evaluate their obligations and prepare policies for compliance.
In June, the Internal Revenue Service (IRS) issued...more
Health care reform creates new taxes, which you may be unaware of and yet still liable for. In 2012, there is a new tax imposed under the 2010 Health Care Act, as amended by the 2010 Health Care Reconciliation Act. This new...more
Social Security and Medicare are funded in large part through payroll taxes imposed by the Federal Insurance Contributions Act or “FICA.” FICA imposes a tax of 15.3% on “wages,” which is paid by the employer and by employees,...more