Archive for May, 2015

21.05.2015 News

Effective 6/30/2015, Certain Businesses Subject to $100/day Penalty for No Group Health Plan

The Affordable Care Act strikes again.  Starting June 30th of this year, certain businesses will be subject to a $100/day penalty if the business does not have a group health plan (even if the business reimburses employees for their individual coverage).  LMGW is being proactive in communicating this to all clients whom may be affected.  Here is the web link to IRS Notice 2015-17 which explains the new law in its entirety:

http://www.irs.gov/pub/irs-drop/n-15-17.pdf

If you feel that this law may affect your business, please do not hesitate to contact our office.

 

 

21.05.2015 Tax

Eight Facts on Late Filing and Payment Penalties

April 15 is the annual deadline for most people to file their federal income tax return and pay any taxes they owe. If, for whatever reason, you missed the deadline you may be assessed penalties for both failing to file a tax return and for failing to pay taxes they owe by the deadline. Here are eight important facts every taxpayer should know about penalties for filing or paying late:

1. Two penalties may apply. A failure-to-file penalty may apply if you did not file by the tax filing deadline. A failure-to-pay penalty may apply if you did not pay all of the taxes you owe by the tax filing deadline. Read more

14.05.2015 News

QuickBooks Keyboard Shortcuts to Save You Time

Knowing the keyboard shortcuts for QuickBooks is a great way to complete tasks faster and stay efficient!  Here are LMGW’s top QuickBooks keyboard shortcuts:

Ctrl + W          Write a new check

Ctrl + J            Open Customer Center

Ctrl + E            Edit transaction selected in register Read more

13.05.2015 Tax

Eight Facts to Know if You Receive an IRS Letter

The IRS sends millions of letters and notices to taxpayers for a variety of reasons. Many of these letters and notices can be easily dealt with without having to call or visit an IRS office. Here are eight things you should know about if you receive a notice or letter from the IRS. Read more

13.05.2015 News

Tax Implications of Retiring Overseas

Are you approaching retirement age and wondering where you can retire to make your retirement nest egg last longer? Retiring abroad may be the answer. But first, it’s important to look at the tax implications because not all retirement country destinations are created equal. Here’s what you need to know.

Taxes on Worldwide Income

Leaving the United States does not exempt U.S. citizens from their U.S. tax obligations. While some retirees may not owe any U.S. income tax while living abroad, they must still file a return annually with the IRS. This would be the case even if all of their assets were moved to a foreign country. The bottom line is that you may still be taxed on income regardless of where it is earned. Read more