Hobe Alerts

Proposed PPACA Replacement Bills Contain Many tax changes|journalofaccountancy.com

House Republicans released draft bills to repeal and replace the Patient Protection and Affordable Care Act. The bills would repeal most of PPACA’s provisions and would enact a new system that would offer tax credits to help taxpayers afford health insurance.

Hobe & Lucas CPA’s, Inc. Appoints Kevin Stedman, Tax Expert, as Newest Firm Shareholder

Hobe & Lucas has announced the appointment of Kevin Stedman as Shareholder. Mr. Stedman’s appointment further solidifies the firm’s commitment to retaining top talent within their organization to support our significant revenue growth over the past few years.

Mr. Stedman joined Hobe & Lucas in 2002 and most currently leads the Tax Department. He has worked closely with private and public companies, ranging from startups to companies with more than $1 billion in revenue. Mr. Stedman has extensive experience in the manufacturing, construction and health care industries and is heavily involved in mergers and acquisitions as a trusted advisor.  In addition to his tax responsibilities, he manages several audits and reviews, along with providing ongoing business consulting services within several industries.

“Kevin has done an excellent job building and leading our tax practice.  He not only provides great service to our clients, but is a true advisor to each of them. His intimate knowledge of the tax code combined with his ability to translate that into what’s best for our clients makes Kevin a true asset to our firm,” stated Jim Gero. “Kevin has earned the respect of our clients and our team over the 15 years and we are proud to announce his Shareholder status.  We look forward to Kevin’s contributions on our leadership team for years to come.”

New Online Tool Allows Taxpayers to Check IRS Account Information|journalofaccountancy.com

The IRS announced that it has launched an online tool that allows individuals to check their tax account balances online, including tax due, penalties, and interest, after they complete an online registration process called Secure Access

Cures Act: What Tax-Advanaged HRAs Mean for Small Business|businessnewsdaily.com

The 21st Century Cures Act, a sprawling health care spending bill signed by President Barack Obama on Decemeber 13, includes in it a provision marking the return of what are known as the Health Reimbursement Arrangements (HRAs).

What’s on President Trump’s Tax Reform List?|cpapracticeadvisor.com

Although there are no guarantees,this article reviews several items that surfaced on Trump’s “wish list” during the presidential campaign.

FASFA Changes for 2017-18|studentaid.ed.gov

Starting with the 2017-18 Free Application for Federal Student Aid (FASFA), students are now able to submit a FASFA earlier and students now report earlier income information.

FASB modifies not-for-profit accounting rules|journalofaccountancy.com

FASB issued a new accounting standard that is designed to help not-for-profits tell their story through their financial statements. The new standard changes presentation and disclosure requirements with the intention of helping not-for-profits provide more relevant information about their resources.

Sales Tax Holida|tax.ohio.gov

S.B. 264 enacted a sales tax holiday to occur only in 2016. The holiday starts on Friday, August 5, 2016 at 12:00 a.m. and ends on Sunday, August 7, 2016 at 11:59 p.m.

The New Small-Business Loophole You Can Drive A Truck Through|cpatrendlines.com

Most taxpayers want to write off expenditures right now. On this year’s tax return. IRS wants to slow tax write-offs down – to deny a current deduction and make the taxpayer delay by forcing the spread of deductions over time. Late in 2015, IRS penned a new rule, a loophole of sorts, for small business. And, if you know what you’re doing, you can drive trucks through it. Some assembly is required and it is helpful to read the instruction manual. After that, it’s easy if you keep your books and records properly.

The High Price of suddenly Cheaper Postal Stamps|washingtonpost.com

For the first time in nearly 97 years, the price of stamps has gone down.

8 Red Flags that Make You More Likely to get Audited by the IRS|businessinsider.com

To choose which returns to audit, the IRS uses its computerized Discriminant Function System, which assigns a score to each return indicating its potential for questionable issues. A high DIF score means that your return is more likely to get audited. While IRS hasn’t released details of what goes into that score, there are some known red flags that might trigger an IRS audit.

President’s Budget Proposes Many Tax Changes|journalofaccountancy.com

President Barack Obama released his last proposed budget for the government’s 2017 fiscal year. It contains tax provisions affecting education, health care, and retirement, as well as proposing extensive changes affecting businesses.

Money Matters Cause Tension for 88% of Millennial Couples|journalofaccountancy.com

According to a new AICPA survey, 88% of Millennial couples say financial decisions are a source of tension in their partnerships. Half say that money matters come between them on a weekly or daily basis.

Congress Enacts Permanent Ban on State and Local Taxes|journalofaccountancy.com

Congress passed the Trade Facilitation and Trade Enforcement Act of 2015, which would make permanent the “moratorium on states and localities taxing Internet access or placing multiple and discriminatory taxes on internet commerce”

IRS Ready to Start 2016 Tax Season|irs.gov

The Internal Revenue Service announced that the nation’s 2016 individual income tax filing season opens Jan. 19, with more than 150 million tax returns expected to be filed this year.

Identity Theft Videos Available to help Taxpayers Avoid Pitfalls and Stay Safe Online|irs.gov

In coordination with the state revenue departments and the tax industry, the Internal Revenue Service released the first in a series of YouTube video tax tips designed to provide people critical information to help protect their tax and financial data.

Tricky Tax Rules Regarding Net Operating Losses|accountingweb.com

The US economy is still recovering from the 2008 crisis, its worst slump since the Great Depression. Consequently, many long-established businesses will wind up with losses for 2015, as will many new ventures.

Passports Required For Domestic Travel In 2016, But IRS Can Revoke Passports For Taxes|forbes.com

Think you only need a passport to board an international flight? In 2016, some fliers better have one to fly domestic, which means they had better be paying their taxes. It now looks as though your passport could be cancelled if you owe the IRS.

Should you make that Roth IRA conversion? It’s complicated …|cnbc.com

As 2015 winds down and people take stock of their finances, a question many are facing is whether to convert their traditional IRA to a Roth IRA. Unfortunately, the answer is not as simple as one might hope.

11 Tax Moves Every Taxpayer Should Make Before the End of the Year|money.usnews.com

While the deadline to file income taxes is still more than four months away, now is the time to get serious about tax planning. Some moves need to be made by Dec. 31 if you want to take advantage of certain tax breaks. Plus, the sooner you get organized, the sooner you can get your taxes filed and your refund in hand. Here are 11 tax moves to make before the end of the year.

Comparing the 2016 Presidential Tax Reform Proposals | accountingweb.com

Tax policy is shaping up to be one of the major issues of the 2016 presidential campaign. Click below to see we’ve compiled every tax proposal that this season’s presidential candidates have offered during the campaign. The chart will be updated as candidates issue more detailed tax plans in the coming months.

4 Accounting and Tax Issues Small Businesses Commonly Face | accountingweb.com

Unless the business is an accounting firm, small business owners need to hire an accountant if they wish to see continued growth.

Melissa Love – Volunteer Spotlight | clevelandama.com

Melissa Love is the current Treasurer and Vice President of Finance for the Cleveland Chapter of the American Marketing Association. Melissa provides financial guidance to all the different committees in the AMA.

Tax Planning Businesses Can Do Before Year End | thetaxadviser.com

At the end of every year, it seems, taxpayers wait anxiously for Congress to enact extensions of popular business tax breaks, and every year Congress waits to act until what seems like the last possible moment. At this point, it is still unclear when, or if, Congress will act to extend these expired provisions, but there are a number of steps business taxpayers can take to reduce taxes, even without those expired items.

Congress is Proposing New Measures in Effort to Curb Identity Theft | thomsonreuters.com

The IRS is continuously combating tax-related identity theft cases and looking for strategies to improve its defenses for taxpayers and payers. One thing is for sure, the new proposals outlined by Congress are designed to protect taxpayers and payers from identity theft or help in the recovery process if they fall victim.

Hobe & Lucas is Committed to Giving Back

We are constantly looking for ways to give back to the community.  Most recently, our staff accountant, Heather Cunningham, donated over 21 inches of her hair to Wigs for Kids, an organization providing wigs to children who have lost their own hair due to chemotherapy.  Heather was happy to support such a great cause and we applaud her!

Hiring High School Interns Pays Off | bizjournals.com

In an effort to give more young people the chance to learn in the workplace, Ohio is offering to pay half of a high-school intern’s salary, up to $5,000. Before you say the deal sounds too good to be true, think about the state’s self-interest and how it stands to benefit.

Many IRS Tax Return Due Dates Just Changed, FBARs Too | forbes.com

Is your IRS tax return due April 15? Yes, and that date still holds, including the 6 month automatic extension. But many other filing deadlines were just changed by Congress. The due dates for partnership and corporate tax returns were changed, and for those important foreign account FBAR forms, also known as FinCEN Form 114. The changes came in an unlikely vehicle, H.R. 3236, the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015. That non-tax law also gave the IRS an increased audit period from three to six years in many cases. Starting after December 31, 2015…

Know the Difference Between a Roth 401(k) and a Regular 401(K)? Are You Sure? | the street.com

If someone offered you the choice of $100,000 in a regular 401(k) or $100,000 in a Roth 401(k), which should you take? If you think it doesn’t matter, go to the back of the class. But don’t feel too bad. Most of the class will be back there with you.

The correct answer is that you should choose the Roth 401(k). That’s because taxes have already been paid on those funds, so you can withdraw them tax-free in retirement. Regular 401(k) contributions, of course, are made pre-tax. You don’t owe taxes now on money put into a regular 401(k), but you must pay taxes later when principal and gains are withdrawn.

Hobe & Lucas earns G400 Membership through AICPA

The American Institute of CPAs has identified Hobe & Lucas as one of the largest firms out of the over 44,000 firms in the country.  The largest 100 firms are separated into a group known as the G100.  The next tier of 400 largest firms are classified as the G400.

The G400 status provides Hobe & Lucas with direct access to the AICPA leadership.  We are at the forefront of regulatory and legislative trends and changes that affect the profession and your business.

Our partners thank all of you for enabling us to receive this distinction.  It is an honor and privilege to be of service to you!

FY 2016 Ohio Budget Overview | Ohio Governor’s Office

Top Ten Corporate Tax Deductions | Houston Chronicle

The IRS allows business deductions for ordinary and necessary business expenses. Current expenses are expenses needed to keep the corporation running and are fully tax deductible. Capital expenses such as investments and real estate also qualify for deductions if purchased to generate income for the business.

Tax treatment of employer-provided meals and lodging | AICPA.org

By following the guidelines, employees can exclude these perks from their taxable compensation.

7 valuable things you can learn from your tax return | fidelity.com

Whether you did your own taxes or paid a preparer, you’re probably happy to have that chore behind you for the year. But before you stash your tax documents in a file drawer, review your return for ideas about how to upgrade your personal finances in 2015.

Amazon to start collecting sales tax on Ohioans’ purchases | dispatch.com

The online retailing giant said on Friday that it will begin collecting sales tax from customers in the state as part of its expansion plan here — one in which it says it will create 1,000 jobs in coming years and invest hundreds of millions of dollars in the state.

Top Ten Tips to Know if You Get A Letter from the IRS  |  IRS.gov

The IRS mails millions of notices and letters to taxpayers each year. There are a variety of reasons why we might send you a notice.

Taxpayers Ready to Do More to Fight Tax Fraud  |  Accounting Today

Taxpayers are willing to go through more steps when preparing their tax returns if it can help combat tax fraud and identity theft, according to a new survey.

Save on taxes: 9 commonly overlooked tax breaks  |  USA Today

Tax time can be stressful for many Americans.

IRS Warns of Shady Tax Preparers Stealing Refunds and Identities  |  CNN Money

Most tax preparers are honest and don’t scam their clients. But some do. Here’s how to spot them before they mess with you.

IRS Announces Tax Return Filing Season Opens January 20, 2015  |  Forbes

The IRS has its hands full with year end 2014 tax changes, but you can start filing your 2014 tax returns on January 20, 2015.