Category: Uncategorized

The good news is…the enhanced capitalization regulations that were enacted last year have changed. On November 24, 2015, the IRS announced that they were simplifying the paperwork and recordkeeping requirements for small businesses by raising from $500 to $2,500 the safe harbor threshold for deducting certain capital items. As you may remember, new regulations were…

Purpose This accounting policy establishes the minimum cost (capitalization amount) that shall be used to determine the capital assets that are to be recorded in ABC Company’s annual financial statements (or books). Capital Asset definition A “Capital Asset” is defined as a unit of property that: (1) has an economic useful life that extends beyond…

If you employ 50 or more full-time employees, you may be subject to the Shared Responsibility payment and reporting rules under the Affordable Care Act (ACA). Employer Pay or Play Rules Applicable Large Employers (ALEs) are subject to the Employer Shared Responsibility rules, known as the Employer Mandate. An employer is generally an ALE for…

As the end of the year approaches in Maine and around the country, it is a good time to think of planning moves that will help lower your tax bill for this year and possibly the next. Factors that compound the challenge include turbulence in the stock market, overall economic uncertainty, and Congress’s failure to…

Supreme Court upholds subsidies for health care purchased on Federal Exchange. The Supreme Court by a 6-3 vote determined that premium tax credits (also known as health insurance subsidies) under the Affordable Care Act (ACA), are not limited to taxpayers who live in States that have established their own health insurance Exchange but are also…

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