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  • Affordable Care Act Reporting for 2015

    Nov 17

    New 2015 ACA reporting is required for many companies, who need to provide annual statements to the IRS and their employees and includes monthly insurance information. This information must be furnished to the employees by 2/1/2016 and the IRS by 2/28/2016 (paper filed) or 3/31/2016 (electronically filed).

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  • Copies of Paper Medical Records No Longer Taxable

    Nov 12

    As a result of a decision by the Wisconsin Tax Appeals Commission in Cannon & Dunphy, S.C. vs. Wisconsin Department of Revenue (August 15, 2015), sales of paper copies of patient health care records (medical records) are no longer subject to Wisconsin sales or use tax if the medical records are sold to the patient or to a person authorized by the patient to receive the medical records. Although the department appealed this decision, the department's appeal was dismissed on procedural grounds. Sales of electronic copies of patient health care records (medical records) that are transmitted electronically continue to be nontaxable.

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  • Three-Quarters of Americans Fear Having Their Identity Stolen

    Nov 04

    A new study by discovered that 77% of Americans worry about their identity being stolen. The study also found that 46% of Americans have been or know someone who has been the victim of identity theft. This has increased over 10% since 2008.

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  • Kiddie Tax

    Oct 29

    Does your child have any investments that were started for their future? A portion of a child’s unearned income (taxable interest, dividends, capital gains, annuities, etc.) may be taxed at their parents’ highest tax rate if it exceeds a certain threshold during the year, commonly known as the kiddie tax.

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  • Warnings Continue Concerning IRS Scams

    Oct 22

    The Internal Revenue Service continues to warn the public about the increasing number of scams targeting taxpayers. Taxpayers should remain on high alert and protect themselves against the ever-evolving array of deceitful tactics scammers use to trick people.

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  • Beware of skimming devices!

    Oct 02

    A number of skimming devices have been found in the Madison area over the past several weeks. Thieves place a skimming device over debit card readers such as Automated Teller Machines (“ATM’s”) and gas pumps. The skimming device, combined with a hidden camera, allow thieves to access your debit card account information and personal identification number.

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  • Charitable Contribution Deductions

    Aug 20

    Donations to charity often result in tax benefits for the donor; however there are specific recordkeeping rules that need to be followed to claim the deductions on your tax return. While making donations throughout the year, please consider the following requirements....

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  • Vacation Home Rental Rules to Maximize Tax Benefits

    Aug 11

    If you own a vacation home and rent it out, you need to pay close attention to the vacation home rental rules to maximize your tax benefits and avoid loss of important tax deductions. The tax rules related to rental of a vacation home depend on how it is classified. Vacation homes fall into one of three categories...

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  • Supreme Court Update on Fiduciary Responsibility of 401K Plan Sponsers

    Jul 09

    On May 19th the Supreme Court issued a ruling in Tibble vs. Edison International in favor of employees in a lawsuit against the plan sponsor over fees charged to their 401K plan. If you are the owner of a company which sponsors a 401K plan or a member of management or a human resources department who is a plan trustee, or responsible for administration of your company’s 401K plan, there are several things you should be doing on an ongoing basis to make sure you are fulfilling your fiduciary responsibilities.

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  • ACA Health Insurance Mandate is Here! How does it affect your business?

    Jun 26

    The Affordable Care Act Health Insurance Mandate is finally here. Many businesses are still trying to determine if it applies to them, when it applies to them and how to deal with it. There are also concerns about the reporting and tracking of information for Forms 1094C (for the Company) and 1095C (for each employee). The final rules are summarized here...

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