Blog posts from: 2015

IRS sets limits for HSA deductions for 2016

The Internal Revenue Service has released the inflation-adjusted deduction limitations for annual contributions to health savings accounts in 2016. Revenue Procedure 2015-30 provides the 2016 inflation-adjusted HSA deduction limits, which are updated annually to reflect cost-of-living adjustments. For calendar year 2016,...

Donations disallowed due to lack of substantiation

  • May 5, 2015
  • Mark Hughes CPA CFE

In Tax Court Memo 2015-71, A taxpayer claimed a charitable contribution deduction of $37,315 for donations of household goods to four charities. Items given to Goodwill were taken in batches at various times and placed in large bins for after-hours drop-offs or...

Interest rate swaps are an integral part of lending

A common feature in many loans today includes an optional interest rate swap. This will occur when a borrower, with an existing loan, wants to “swap” a floating interest rate for a fixed rate, or vice-versa. Interest rate swaps are an essential...

Employers remain unprepared for ACA requirements

As more regulations continue to come into effect for employers under the Affordable Care Act, some with financial penalties, many employers report they are not prepared to deal with the slate of changes. In a recent Ernst & Young webcast...

Guest Author Brian Clement: Anthem Blue Cross data breach is a wake-up call for healthcare organizations

Anthem, which happens to be the second largest health insurance company in the United States, suffered a monumental data breach that must not be ignored. 80 million records (people) have been left exposed and vulnerable to identity theft. 80 million...

Affordable Care Act FAQs for individuals

  • April 21, 2015
  • Marianne Lilly, CPA, CGMA, CFE

The Supreme Court’s landmark decision on the Affordable Care Act (ACA) has resulted in uncertainties among many individuals, regardless of their tax bracket, personal circumstances or state of residence. The Michigan Association of Certified Public Accountants has compiled Affordable Care...

Lack of local ties results in denial of foreign earned income exclusion

  • April 16, 2015
  • Maria Montie, CPA, MST, CVA, MAFF

On January 20, a U.S. Tax Court found that Joel B. Evans, an oil drilling employee stationed in Russia, couldn’t claim the foreign earned income exclusion because he couldn’t show that his tax home was in Russia. The court ruled...

Happy April 15th!

  • April 15, 2015
  • Kelly O'Donnell

The CPAs at ShindelRock are SO happy to say "It's April 15th!"

When is a building placed in service for purposes of depreciation?

  • April 14, 2015
  • Maria Montie, CPA, MST, CVA, MAFF

In a recent tax case (Stine, LLC v. USA), Stine, a retail operation in Louisiana that among other things sells home building material and supplies, sought to have the government ordered to refund taxes it paid under protest. The government...

IRS eases repair regulations for small businesses

  • April 9, 2015
  • Mark Hughes CPA CFE

The Internal Revenue Service has issued a new revenue procedure that aims to make it easier for small business owners to comply with the final tangible property repair regulations. The new procedure allows small businesses to change a method of accounting under...