What should you know about personal bankruptcy?

posted by michaelgraycpa @ 8:29 AM
March 4, 2015

This week’s interview on Financial Insider Weekly to be broadcast in San Jose and Campbell this Friday, March 6, is with Michael Malter, attorney at law of Binder & Malter, LLP. Our interview subject is “Personal Bankruptcy.” The interview will be broadcast at 9:30 p.m. Pacific Time on CreaTV, Comcast Channel 15 in San Jose and Campbell, and will be broadcast as streaming video at the same time at www.creatvsj.org. You can find broadcast times for other San Francisco Bay Area cities and past episodes at www.financialinsiderweekly.com.

Small employer Obamacare penalty relief

posted by michaelgraycpa @ 9:00 AM
February 25, 2015

Great news for small employers that reimbursed their employees for the cost of individual health coverage during 2014!

The IRS has announced it will waive the $100 per day, per employee penalty for violating rules under Health Care Reform under Internal Revenue Code Section 4980D in this situation. (IRS Notice 2015-17, February 18, 2015.) The penalty, which could be $36,500 per applicable employee is very onerous. Many tax return preparers will also be relieved that they won’t have to give this terrible news to their clients.

The employers that qualify for the waiver aren’t required to file IRS Form 8928 for 2014.

The relief doesn’t apply to “Applicable Large Employers.”

The IRS is providing this relief to give small employers time to either discontinue the practice of paying for individual medical insurance for their employees or putting a qualified group health plan in place. The waiver applies to payments up to June 30, 2015.

How can family businesses plan for the next generation?

posted by michaelgraycpa @ 8:44 AM
February 25, 2015

This week’s interview on Financial Insider Weekly to be broadcast in San Jose and Campbell this Friday, February 27, is with Richard Schachtili, attorney at law of Hopkins & Carley Our interview subject is “Succession planning for family businesses.” The interview will be broadcast at 9:30 p.m. Pacific Time on CreaTV, Comcast Channel 15 in San Jose and Campbell, and will be broadcast as streaming video at the same time at www.creatvsj.org. You can find broadcast times for other San Francisco Bay Area cities and past episodes at www.financialinsiderweekly.com.

Small business relief from filing accounting change form

posted by michaelgraycpa @ 9:02 AM
February 18, 2015

The IRS has announced relief in Revenue Procedure 2015-20 for small businesses and real estate investors relating to its new rules for repairs, materials and supplies, and capitalization.

Small business taxpayers with total assets of less than $10 million and average annual gross receipts of $10 million or less in the three years preceding 2014 (2011 – 2013) won’t have to file a change of accounting form, Form 3115, for 2014 after all.

The new rules will generally only apply for small business taxpayers to expenses incurred starting in 2014, and not retroactively as previously announced. The change of accounting will still be required to be made in statements included in the 2014 income tax return.

Some small business taxpayers still might decide to file the change of accounting method form if they want to take advantage of a new rule to claim a tax deduction for the undepreciated cost of a part of a building that was replaced, such as a roof replacement.

Small business taxpayers and real estate investors should still consult with tax advisors familiar with the rules to understand them and to make necessary elections on their 2014 income tax returns.

Tax return preparers and taxpayers will all have a sigh of relief from this announcement. This announcement will also save a forest for the mountain of paper forms that would have been required to be sent to the IRS and reduce the number of extensions for 2014 income tax returns.

We should all thank groups like the American Institute of Certified Public Accountants that tirelessly worked with the IRS for this modification of the requirements.

When is real estate reassessed for California property tax?

posted by michaelgraycpa @ 9:12 AM
February 11, 2015

This week’s interview on Financial Insider Weekly to be broadcast in San Jose and Campbell the next two Fridays, February 13 and 20, is with Jennifer Cunneen, attorney at law of Hopkins & Carley Our interview subject is “California real estate reassessment change of ownership rules.” The interview will be broadcast at 9:30 p.m. Pacific Time on CreaTV, Comcast Channel 15 in San Jose and Campbell, and will be broadcast as streaming video at the same time at www.creatvsj.org. You can find broadcast times for other San Francisco Bay Area cities and past episodes at www.financialinsiderweekly.com.

Should a bypass trust be terminated?

posted by michaelgraycpa @ 9:07 AM
February 4, 2015

This week’s interview on Financial Insider Weekly to be broadcast in San Jose and Campbell this Friday, February 6 is with Jennifer Cunneen, attorney at law of Hopkins & Carley Our interview subject is “Should a family bypass trust be terminated considering recent federal tax law changes?” The interview will be broadcast at 9:30 p.m. Pacific Time on CreaTV, Comcast Channel 15 in San Jose and Campbell, and will be broadcast as streaming video at the same time at www.creatvsj.org. You can find broadcast times for other San Francisco Bay Area cities and past episodes at www.financialinsiderweekly.com.

What college financial aid is available?

posted by michaelgraycpa @ 10:14 AM
January 28, 2015

This week’s interview on Financial Insider Weekly to be broadcast in San Jose and Campbell this Friday, January 30 is with David Beck, CFP(R) of Bay Area Planners. Our interview subject is “Financial aid for a college education.” The interview will be broadcast at 9:30 p.m. Pacific Time on CreaTV, Comcast Channel 15 in San Jose and Campbell, and will be broadcast as streaming video at the same time at www.creatvsj.org. You can find broadcast times for other San Francisco Bay Area cities and past episodes at www.financialinsiderweekly.com.

What should you know about life insurance?

posted by michaelgraycpa @ 9:26 AM
January 20, 2015

This week’s interview on Financial Insider Weekly to be broadcast in San Jose and Campbell this Friday, January 23 Peggy Martin, CLU, ChFC of The Family Wealth Consulting Group. Our interview subject is “Life insurance basics.” The interview will be broadcast at 9:30 p.m. Pacific Time on CreaTV, Comcast Channel 15 in San Jose and Campbell, and will be broadcast as streaming video at the same time at www.creatvsj.org. You can find broadcast times for other San Francisco Bay Area cities and past episodes at www.financialinsiderweekly.com.

What are our emotional issues with money?

posted by michaelgraycpa @ 9:17 AM
January 7, 2015

This week’s interview on Financial Insider Weekly to be broadcast in San Jose and Campbell this Friday, January 9 and rebroadcast on January 16 is with author and money coach Kate Levinson. Our interview subject is “Emotional currency.” The interview will be broadcast at 9:30 p.m. Pacific Time on CreaTV, Comcast Channel 15 in San Jose and Campbell, and will be broadcast as streaming video at the same time at www.creatvsj.org. You can find broadcast times for other San Francisco Bay Area cities and past episodes at www.financialinsiderweekly.com.

What are legal considerations of being a caregiver?

posted by michaelgraycpa @ 8:46 AM
December 31, 2014

This week’s interview on Financial Insider Weekly to be broadcast in San Jose and Campbell this Friday, January 2 is with attorney Bettie Baker Marshall. Our interview subject is “Legal considerations of caring for incapacitated relatives and friends.” The interview will be broadcast at 9:30 p.m. Pacific Time on CreaTV, Comcast Channel 15 in San Jose and Campbell, and will be broadcast as streaming video at the same time at www.creatvsj.org. You can find broadcast times for other San Francisco Bay Area cities and past episodes at www.financialinsiderweekly.com.