On February 10, 2014, the Treasury Department issued rules that will allow certain businesses to delay for one more year the requirement to provide minimum, affordable health insurance to their workers. Businesses with 50 to 99 employees now have until January 1, 2016, to provide health insurance for employees or face penalties. In order to qualify for this extension, employers must certify that they have not laid off employees in order to come under the 100

Are you planning to give sizeable gifts to family members? Due to generous provisions in the tax code, you may not owe any federal gift tax, but you still might be required to a file a gift tax return. Here’s a quick review of the basic rules. Despite a common misconception, gift tax is paid by the gift giver, or “donor,” not the recipient, or “donee.” This applies to gifts of cash, property, and other interests.

March 3 – Farmers and fishermen who did not make 2013 estimated tax payments are required to file 2013 tax returns and pay taxes in full. March 17 – 2013 calendar-year corporation income tax returns are due. March 17 – Deadline for calendar-year corporations to elect S corporation status for 2014. March 31 – Deadline for payors who file electronically to file 2013 information returns (such as 1099s) with the IRS. March 31 – Deadline for

If you own foreign investments, you may have an additional federal tax form to file this year. Form 8938, “Statement of Specified Foreign Financial Assets,” is due April 15, 2014, and is filed as part of your individual tax return. You’ll use Form 8938 to disclose interests in certain foreign financial accounts when your ownership exceeds the reporting requirements. What are the reporting requirements? They vary depending on where you live and your filing status. For

The health insurance premium credit for small businesses has been available since 2010. According to a recent report, many businesses that qualify for this credit have failed to take it. Even if your business hasn’t taken this credit in the past, you may want to look into it this year. For 2014, the credit increases from 35% to 50%. When you qualify, you can use the credit to offset your federal income tax liability by up

Each year the IRS adjusts certain tax numbers for inflation and tax law changes. Here are some of the adjusted numbers you’ll need for your 2014 tax planning. Standard mileage rate for business driving decreases to 56¢ a mile. Rate for medical and moving mileage decreases to 23.5¢ a mile. Rate for charitable driving remains at 14¢ a mile. Section 179 maximum first-year expensing deduction decreases to $25,000, with a phase-out threshold of $200,000. Social security

February 18 – Deadline for providing 2013 Forms 1099-B and 1099-S to recipients. February 28 – Payers must file 2013 information returns (such as 1099s) with the IRS. (Electronic filers have until March 31 to file.) February 28 – Employers must send 2013 W-2 copies to the Social Security Administration. (Electronic filers have until March 31 to file.) March 3 – Farmers and fishermen who did not make 2013 estimated tax payments must file 2013 tax

If you own foreign investments, you may have an additional federal tax form to file this year. Form 8938, “Statement of Specified Foreign Financial Assets,” is due April 15, 2014, and is filed as part of your individual tax return. You’ll use Form 8938 to disclose interests in certain foreign financial accounts when your ownership exceeds the reporting requirements. What are the reporting requirements? They vary depending on where you live and your filing status. For

The health insurance premium credit for small businesses has been available since 2010. According to a recent report, many businesses that qualify for this credit have failed to take it. Even if your business hasn’t taken this credit in the past, you may want to look into it this year. For 2014, the credit increases from 35% to 50%. When you qualify, you can use the credit to offset your federal income tax liability by up

Each year the IRS adjusts certain tax numbers for inflation and tax law changes. Here are some of the adjusted numbers you’ll need for your 2014 tax planning. Standard mileage rate for business driving decreases to 56¢ a mile. Rate for medical and moving mileage decreases to 23.5¢ a mile. Rate for charitable driving remains at 14¢ a mile. Section 179 maximum first-year expensing deduction decreases to $25,000, with a phase-out threshold of $200,000. Social security