If you recently received a notice in the mail from your health insurance company about “medical loss ratios,” you’re not alone. The MLR notification is part of a requirement included in the monumental Patient Protection and Affordable Care Act of 2010, also known as the affordable care act or healthcare law, which was upheld by the U.S....
Read more →Strange as it might sound, the IRS is looking to generate more tax revenue from sources in other countries. As part of its comprehensive efforts to improve compliance in filing tax returns and reporting foreign bank accounts, the IRS recently announced plans to help U.S. citizens who reside abroad, including those who have dual citizenship,...
Read more →If you want to give your home or vacation home to your children, there are four basic ways to do so. Each has advantages and disadvantages regarding their tax consequences: Gift. You can gift the home to your children while you are alive, but gift taxes will have to be paid if the fair...
Read more →For Social Security benefits purposes, normal retirement age is scheduled to increase gradually to age 67 from age 65. Benefits will still be paid at the younger age, but benefit reductions will increase. You can also wait as late as age 70 to receive benefits, which will increase your benefits from 3.5 percent to...
Read more →There are a number of schedules in the Defense Contract Audit Agency’s (DCAA) incurred cost proposal model that do not have to be included with your annual incurred cost proposal submission. But that doesn’t mean you are off the hook. Look for discrepancies before making a submission to the government that will require retraction...
Read more →How Much Will It Cost You? At the end of 2012, approximately $500 billion in tax breaks expire at once. How much will it cost each American? Of course, the exact amount depends on your income and tax situation. But one study estimated that the average American household would face a tax increase of...
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