Where's My Refund?

Most tax refunds are issued by the IRS within 21 days of filing a refund claim. Taxpayers who are anxious about the status of their refunds can use the "Where's My Refund Tool".

You can find it at www.IRS.gov/Refunds/Where's-My-Refund-It's-Quick,-Easy,-and-Secure.

There is also a smartphone app: IRS2go.

You will need your social security number, your filing status and the amount of your refund in order to access your information on this secure site.

The IRS doesn't want you to call them about the status of your refund unless it's been longer than 21 days since they accepted your return.

- Mark S Gleason CPA
   www.lakes-cpa.com

IRS Gives Its Advice on How to Work With a Tax Preparer

Here is a summary of the nine points in the document the IRS issued today.
1. Make sure the preparer has a PTIN - Preparer Tax Identification Number.
2. Check the preparer's disciplinary history with Better Business Bureau (or state board of accountancy for CPAs).
3. Make sure your preparer e-files your return.
4. Make sure your preparer will be available after the April 15 filing deadline in case questions come up about your return.
5. Provide records and receipts to your preparer.
6. Never sign a blank return.
7. Review your return before signing.
8. Make sure the preparer gives you a copy of your return.
9. Report abusive practices to the IRS.

- Mark S Gleason CPA
  www.lakes-cpa.com

Affordable Care Act Employer Mandate Postponed

The Treasury Department has announced that the employer mandate imposing penalties on "applicable large employers" that fail to provide affordable coverage to their employees and dependents will be postponed. The postponement applies to "applicable large employers" that have fewer than 100 full time (equivalent) employees. These employers now have until 2016 before the employer mandate kicks in.

Mark S Gleason CPA
www.lakes-cpa.com

For my full blog, please visit:
http://www.merchantcircle.com/business/Mark.S.Gleason.CPA.Ltd.612-861-4542
This is where I kept my blog up until February of 2014.

More Expired Tax Breaks for Small Businesses

Here are a few more tax breaks that expired at the end of 2013:

• 15 year depreciation for leasehold improvements and restaurant rennovations.
• The work opportunity tax credit for hiring disadvantaged workers.
• The research and development credit.

We can hope that congress will extend these breaks sometime in 2014.

- Mark S Gleason CPA
  www.lakes-cpa.com

Tax Credit for Small Businesses Offering Health Insurance to Employees

For 2014 the tax credit for small firms that offer health coverage rises to 50% of what they pay for insurance purchased through one of the health care insurance exchanges. The full credit is only available for companies with 10 or fewer full time employees with average wages of $25,400 or less. The credit is reduced for companies with more employees or higher average pay.

This is worth looking into.

- Mark S Gleason CPA
  www.lakes-cpa.com

I have been blogging about small business taxes for a few years now.  My blog was on the Merchant Circle blogging apparatus which can be found at http://www.merchantcircle.com/blogs/Mark.S.Gleason.CPA.Ltd.612-861-4542

I am unhappy with changes recently made by Merchant Circle to their blogging interface and have decided to continue my blog here on Google's blogger.  I hope this works better.

Content for today:

Effective 1/1/2014 only $25,000 of business assets can be expensed under Section 179.  this is down from the $500,000 maximum allowed for 2013. 50% bonus depreciation also ends with 2013.

There is still a good possibility that these expired tax provisions will be revived retroactively. There is lots of talk about tax reform in congress these days.

- Mark S Gleason CPA
  www.lakes-cpa.com