Lovoy, Summerville & Shelton, August 2014 Newsletter


New look to TINs/EINs to prevent theft/refund fraud

The IRS continues to ramp-up its work to fight identity theft/refund fraud and recently announced new rules allowing the use of abbreviated (truncated) personal identification numbers and employer identification numbers.

Appeals court split on tax credits for ACA Marketplaces

On July 22, two federal appeals courts roughly 100 miles apart reached very different conclusions about one of the most widely-used provisions of the Affordable Care Act: the Code Sec. 36B premium assistance tax credits.

How do I…compute the employer child care expense credit?

Employers may be able to claim a tax credit for a portion of their expenses for providing child care to their employees.

FAQ: Why use a partnership instead of an S corporation?

Taxpayers that plan to operate a business have a variety of choices. A single individual can operate as a C corporation, an S corporation, a limited liability company (LLC), or a sole proprietorship. Two or more individuals can form a partnership, a corporation (C or S), or an LLC.

August 2014 tax compliance calendar

As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important tax reporting and filing data for individuals, businesses and other taxpayers for the month of August 2014.

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