House to Consider “Hire More Heroes” Bill in January

Veterans with military health benefits should not be counted toward the small business coverage requirements mandated by the Patient Protection and Affordable Care Act (PPACA) (P.L. 111-148), House Majority Leader Kevin McCarthy, R-Calif., said recently.

In January, the House will take action to ensure that businesses with 50 or more full-time equivalent employees will not face a penalty if they hire veterans with coverage under TRICARE or the VA. 

The Hire More Heroes Bill (HR 3474) would exempt smaller companies from the PPACA’s employer mandate and penalties when they hire veterans.  The bill passed the House with a strong bipartisan vote in March (TAXDAY, 2014/03/12, C.4), but stalled in the Senate.

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When the Sky Turns Gray, Will Your Business Be Ready for Disaster?

As a business leader, you can make preparedness a staple in your organization and encourage your employees to talk about what they can do to be prepared – both at home and in the workplace.  


Disaster preparation is can make a big difference to your bottom line, your employees and their families.


A short, animated film, When the Sky Turns Gray outlines the simple steps anyone can take to prepare themselves for the approaching winter weather and can be shared with your team and customers.


Take these simple, affordable steps you can take to minimize the effects a powerful winter storm (or a little bit of ice) can have on your organization:

·         Download the Insurance Coverage Review Worksheet

·         Review the risk assessment, identified hazards, and potential impacts to your business

·         Use the business impact analysis as a tool to quantify potential financial impacts

·         Examine any scenario that results in impacts to multiple facilities.  Evaluate whether the limits of insurance are adequate

·         Compile an inventory of properties and assets and determine whether insurable values reflect inflation costs over time

·         Review whether your property insurance policies cover actual cash value or replacement cost

·         Be sure you understand deductibles, waiting periods before coverage begins and procedures for notification of insurers when a loss occurs

A little planning and preparation goes a long way toward business continuity and keeping everyone safe.   

To read the entire article, please visit www.experts.allbusiness.com.

IRS Releases 2015 Tax Rates, Credits and Deductions

The Internal Revenue Service (IRS) has released annual inflation adjustments for more than 40 tax provisions, including the tax rate schedules and other tax changes.

Details on the adjustments are published in Revenue Procedure 2014-61.

A few items of interest are:

• The tax rate of 39.6 percent affects singles whose income exceeds $413,200 ($464,850 for married taxpayers filing a joint return), up from $406,750 and $457,600, respectively. The other marginal rates – 10, 15, 25, 28, 33 and 35 percent – and the related income tax thresholds are described in the revenue procedure.
• The standard deduction rises to $6,300 for singles and married persons filing separate returns and $12,600 for married couples filing jointly, up from $6,200 and $12,400, respectively, for tax year 2014. The standard deduction for heads of household rises to $9,250, up from $9,100.
• The limitation for itemized deductions to be claimed on tax year 2015 returns of individuals begins with incomes of $258,250 or more ($309,900 for married couples filing jointly).
• The personal exemption for tax year 2015 rises to $4,000, up from the 2014 exemption of $3,950. However, the exemption is subject to a phase-out that begins with adjusted gross incomes of $258,250 ($309,900 for married couples filing jointly). It phases out completely at $380,750 ($432,400 for married couples filing jointly.)

Details on these and other inflation adjustments can be found in Revenue Procedure 2014-61, which will be published in Internal Revenue Bulletin 2014-47.

To read the entire article, please visit www.cpapracticeadvisor.com.