Tax and Business Alert - November 2015



Welcome to this month's edition of the Tax and Business Alert. Our goal is to provide you with current articles on various tax and business topics. The articles are intended to keep you up to date on trends and issues that may impact your business and personal financial affairs. Please contact us if you have questions about any of the issues discussed.

WHY YOUR HEALTH INSURANCE COMPANY MAY ASK FOR YOUR SOCIAL SECURITY NUMBER
Health insurance companies may request that their policyholders provide their Social Security Number, their spouse's number, and those of children covered by the policy. This article explains that the companies must report this information to the IRS, which needs it to verify information on one's individual income tax return. The article also describes how policyholders should respond to their company's request so as to avoid liability for the Affordable Care Act's individual shared responsibility payment. Read more...

SORTING OUT EMPLOYER SHARED RESPONSIBILITY PROVISIONS THAT APPLY TO YOUR BUSINESS
The Affordable Care Act contains specific responsibilities for employers, but the size and structure of their workforce - small, large, or part of a group - help determine what applies. This article discusses some of the obligations that different employers face - particularly those who are considered an Applicable Large Employer (ALE). Read more...

HOW WORKING IMPACTS SOCIAL SECURITY BENEFITS
A variety of considerations enter into the decision regarding when it's best to begin collecting Social Security benefits. This article examines one such consideration: the amount that benefits will be reduced if one is still working yet starts to collect before their Social Security-designated full retirement age. Read more...

TAX ADVANTAGES OF SMALL BUSINESS STOCK
A taxpayer who realizes large capital losses - but no capital gains - on sales of corporate stock owned personally will find that the tax benefit from the capital losses may have to be spread over many years in the future. However, Section 1244 is a tax provision that allows one to treat losses incurred from the sale of qualified corporate stock as an ordinary (rather than capital) loss. That's beneficial because an ordinary loss offsets ordinary income. This article explains Section 1244 stock and what a stock must do to qualify. Read more...

TIPS ON THE TAX EFFECTS OF DIVORCE OR SEPARATION
Income tax may be the last thing on one's mind after a divorce or separation. However, these events can have a big impact on taxes. This article offers some key tax tips to keep in mind in the event of divorce or separation. Read more...

JOB SEARCH EXPENSES MAY BE DEDUCTIBLE
Those who are looking for a new job may incur some expenses along the way that may be deductible. This article describes some of them. Read more...

This publication is distributed with the understanding that the author, publisher and distributor are not rendering legal, accounting or other professional advice or opinions on specific facts or matters, and, accordingly, assume no liability whatsoever in connection with its use. The information contained in this newsletter was not intended or written to be used and cannot be used for the purpose of (1) avoiding tax-related penalties prescribed by the Internal Revenue Code or (2) promoting or marketing any tax-related matter addressed herein. © 2015