Affordable Care Act: What to expect in 2013 and 2014
The Affordable Care Act, along with the Healthcare and Education Reconciliation Act, represents the most significant regulatory overhaul of the U.S. healthcare system since the passage of Medicare and Medicaid in 1965. Some significant tax provisions will take place in 2013 and 2014.
Chance of IRS audit increases with income level
The odds of having your income tax return audited by the IRS depends on how much money you make. The average odds are approximately 1 in 100. But for Americans in higher tax brackets, the chances go up, with the wealthiest taxpayers having a 1 in 4 chance of hearing from the IRS.
Is your business overlooking R&D tax credits?
Most businesses, regardless of the industry, are routinely involved in common activities to develop, refine or improve their products and processes to stay competitive. As long as qualified research and development activities are being performed, there is an opportunity to pursue R&D tax credits.
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The technical information here is necessarily brief. No final conclusion on these topics should be drawn without further review and consultation. Please be advised that, based on current IRS rules and standards, the information contained herein is not intended to be used, nor can it be used, for the avoidance of any tax penalty assessed by the IRS.
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