You may or may not know that a recently issued notice (IRS 2016-66) designated most Micro (831b) Micro Captive Insurance Companies as a “Transactions of Interest”.
This notice will have SIGNIFICANT effects on the reporting requirements for those involved.
As a result, we’re co-hosting a webinar this Thursday, March 9th @ 2PM with our friends from Montpelier Advisors, LLC
• Who must file IRS Form 8886
• Filing dates and deadlines
• Required information
• Step by step completion instructions
• Frequently asked questions & more…
You can register for the webinar at the link below…
Hope you can make it!
Avoid March Madness—Why You Should File Your Taxes
Now For sports fans, this time of year is an exciting one. First the Super Bowl, and then the buildup toward the NCAA March Madness tournament. While tax season isn’t quite as exciting as these events, you’ll still want to make the effort to get ahead of the game—and the April 18 deadline— to score the benefits of early filing.
Avoiding identity theft.
Filing your tax return early helps you sidestep criminals who want to steal your sensitive information. With identity theft related to tax returns on the rise, this is an important early filing benefit. Once your return is filed with the IRS, your social security number is locked, preventing it from being used again by someone other than yourself.
Dialing down stress.
One obvious benefit of early completion is crossing it off your to-do list and avoiding the prolonged anxiety that comes with the approaching tax deadline. Beat the “March Madness” and “April Angst” of last-minute tax filing for your business and individual taxes by having us file them for you now.
Expediting any potential refunds.
If a tax refund is in your future, the earlier you file your taxes, the sooner you will see your refund check. Keep in mind, the IRS reports some delays are expected this year for filers claiming the Earned Income Tax Credit or the Additional Child Tax Credit.
Maximizing all deductions.
Filing early allows us to have the time required to prepare your return and research all the tax deductions you may be entitled to. Starting the return process earlier gives you more time to gather your supporting paperwork and get any additional documentation you may need to claim a deduction.
Having time to pay outstanding tax bills.
If you owe taxes, filing early gives you time to save for payment if needed. It also removes the last-minute element of surprise—you’ll know exactly where you stand with the IRS.
Ready to tackle your taxes and take advantage of these early-filing benefits? Start uploading your tax documents to your portal today, or contact our office for assistance.
We are excited to announce new hires in each office!
• Beverly Kubota joined the Charlotte Office in January 2017 as a Bookkeeper/Tax Associate. She is a licensed as a Certified Public Accountant in North Carolina and LEAN Six Sigma Certified. She has experience in manufacturing, retail, real estate, construction, hospitality, healthcare, education, and not-for-profit industries.
• Brittany Shaw joined the Lexington office in January 2017 as an Administrative staff. She has over 9 years of banking experience which includes teller, vault management, and back office deposit operations.
• Christopher Vetterl joined the Raleigh office as a Tax Associate in November 2016. He serves a variety of individual, partnership, corporate, and not-for-profit clients. He has received a Bachelor’s degree in Accounting from NC State and a Master’s degree in Accounting from Appalachian State University.
• Zakiyyah Howell joined the Raleigh office in January 2017 as an Audit Associate, working primarily in audit and assurance engagements in various industries, including HUD and affordable housing, single audit, and captive insurance. She was previous experience in insurance. She is currently sitting for the CPA. Zakiyyah received her Bachelor of Science in Accounting from Tuskegee University and her Master of Accountancy from Alabama State University.
Welcome to Rives!
We are excited to announce that Elizabeth Brookie received her Certified Fraud Examiner (CFE) License in December 2016. She joined Rives in July 2014 in our Charlotte Office working primarily on audit and assurance engagements. She has experience in governmental, not-for-profit, and for-profit industries.
Way to go Elizabeth!
Although the fate of the Affordable Care Act (aka Obamacare) is not yet clear, employers with fewer than 50 employees can now start funding stand-alone health reimbursement accounts (HRAs) again. Employers can use HRAs to pay for medical expenses, including health insurance coverage on the Obamacare health insurance exchange market.
Until this year, employers were not allowed to offer stand-alone HRAs under the Affordable Care Act because they didn’t meet credible coverage rules. Now employers can restart stand-alone HRAs, and if they failed to halt them despite the Obamacare mandates, they will also receive retroactive penalty relief. However, there are some new regulations related to HRAs that business owners should be aware of including:
• A new limit to annual employer contributions of $4,950 for employee-only coverage and $10,000 for family coverage.
• Employees cannot contribute to these HRA accounts, only employers can.
• HRA funds can be used by employees to pay for insurance premiums or bills from physicians
• The Obamacare premium tax credit will be reduced dollar for dollar by the HRA amount if an employee uses both.
• Any HRA reimbursements for health insurance purchases which fail to satisfy the “minimum essential coverage” requirements of Obamacare for will be considered income for employees.
Click here for additional information.
Rives & Associates invites you to join T.J. Strickland and Aaron Patel for a webinar on Friday, January 27, 2017 to learn introductory bookkeeping concepts for small P&C insurance companies.
Who should attend:
Bookkeepers and other accounting professionals looking to learn introductory accounting concepts and bookkeeping for small P&C insurance companies.
Basic concepts, and their impact on the financial statements. We will examine basic journal entries and accounting for:
- · Premium cycle
- · Reinsurance
- · Loss cycle
- · Deferred Acquisition Costs
- · Taxes: Current and Deferred
- · Preparing for your audit
To complete your registration, please click on the following link: https://attendee.gotowebinar.com/register/5760812389112924162
The IRS has extended the filing deadline related to responding to notice 2016-66 to May 1, 2017. This extends the filing of IRS form 8886 for Micro-Captive Transactions.
For more information please click on the following link: irs-notice-2017-08_extenstion-to-file-form-8886