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Author Archives: G.R. Reid
Accounting & Tax :: IRS Rescinds Amnesty For Some Who Disclosed Overseas Accounts
The IRS has ratcheted up its scrutiny of overseas banks accounts, reported in the 2/1/13 Evisor, by taking the extraordinary step of rescinding the amnesty it had initially granted to some individuals. While only a small percentage have been rescinded, this … Read more
Accounting & Tax :: RPIE Penalties Could Pop Up After A Purchase
Starting late in 2012, owners of income producing properties in New York City who failed to file or filed late Real Property Income & Expense (RPIE) forms began being charged with penalties — triggering a potential trap for purchasers. The … Read more
Commercial Insurance :: How Much Business Liability Do You Need?
There is no set formula regarding how much liability a business needs. However, the more coverage you have, the more bulletproof your business becomes. If you are running a very successful business, you will probably want minimal disruption if … Read more
Accounting & Tax :: Planning for New Taxes Scheduled for 2013 Can Begin Now
It is not too early to begin planning for new taxes scheduled to appear in 2013. This alert focuses on two new taxes Congress enacted to pay for part of the cost of the 2010 healthcare reform legislation, the Affordable … Read more
Accounting & Tax :: Guidance Issued On Eligibility For Renewable Energy Credit
Prior to the American Taxpayer Relief Act of 2012 (Act), qualified energy facilities needed to be placed in service before January 1, 2014 (or January 1, 2013 in the case of a wind facility) in order to qualify for the … Read more
Healthcare & Benefit Services : Health Reform 2014 HSA Limits
The 2014 limits for HSAs have been released by the IRS in Revenue Procedure 2013-25. The HSA contribution limits and high deductible health plan out-of-pocket maximums are up slightly over 2013. The HDHP minimum required deductibles have stayed the same. Minimum Annual … Read more
Healthcare & Benefit Services :: Health Care Reform Updates
Updated Model COBRA Election Notice Includes Information Regarding Health Insurance Exchanges Revised Notice Informs Individuals of New Coverage Alternatives A revised Model COBRA Election Notice is now available for group health plans to inform eligible employees and dependents of the right to … Read more
Financial & Wealth :: How Are Annuities Taxed?
One of the most attractive features of an annuity is its tax-deferred status. Generally, you won’t pay any income tax on the interest or earnings until you start taking withdrawals in retirement (age 59½ or later).Qualified and nonqualified annuities are … Read more
Healthcare & Benefit Services :: Coverage Examination
For more information and to schedule a consultation, contact G.R. Reid Healthcare & Benefit Services.
Financial & Wealth :: Balancing Stability and Growth
A recent study indicates that only 10% of investors aged 65 and older are willing to assume above-average or substantial investment risk, compared with 19% of investors aged 50 to 64 and 26% of those aged 35 to 49.1 … Read more