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August 2012
Issue: 41
Health Care Reform & Property Tax Returns Due August 15th
 
I hope everyone is staying cool this summer as the heat continues.  Things are also heating up in the tax world with many new tax laws being proposed or passed into law, the biggest being the Supreme Court upholding the Health Care Reform bill.  This bill is going to have a significant tax impact on both corporations and individuals.  There are several tax changes included in the bill and they will be phased in over the next few years.  However, many of them start in 2013.  I have included a couple articles in this newsletter that talk about some of the bigger tax changes included in the bill.  I encourage you to look them over and let me know if you have any questions or are curious about how they may impact your tax situation.  I'll be speaking to most of you about these changes over the next few months as we get closer to these changes becoming a reality.

I also wanted to remind our Minnesota clients that property tax returns are due on August 15th.  We have filed many of these for our clients already and you should have received a letter in the mail from us if you were entitled to a refund.  If you don't receive any notification from us and you think you are entitled to a property tax refund, please contact us and we'll see if you qualify or not.
 
Enjoy this month's newsletter!

 

Health care reform has survived the Supreme Court, and that means a flood of new rules and options for American businesses and their employees.

For most small businesses, the court's decision Thursday means a new way for them to shop for less expensive health insurance on state exchanges.

 



IRS May Have Refunded $5 Billion or More to Identity Thieves

 

The Internal Revenue Service may have delivered more than $5 billion in refund checks to identity thieves who filed fraudulent tax returns for 2011, Treasury Department investigators said Thursday. They estimate another $21 billion could make its way to ID thieves over the next five years.  The IRS is detecting far fewer fraudulent tax refund claims than actually occur, according to a government audit that warned the widespread problem could undermine public trust in the US tax system.

 

Read more... 

 

 

In This Issue
Health Care Reform
IRS Not Exempt from Identity Fraud
New Medicare Tax on Unearned Income
Upcoming Tax Deadlines

 

Planning for the New 3.8% Medicare Tax on Unearned Income

 

Effective in 2013, the Health Care and Education Reconciliation Act of 2010 

will subject some individuals to a 3.8% Medicare contribution tax on unearned income. This new tax will apply to single taxpayers with a modified adjusted gross income (MAGI) in excess of $200,000 and married taxpayers with a MAGI in excess of $250,000 if filing a joint return, or $125,000 if filing a separate return. The provision is contained in new Sec. 1411, Unearned Income Medicare Contribution. Congress added the provision as a means of raising revenue to pay for health care reform. It targets wealthier taxpayers, as can be seen by the thresholds at which the tax applies. 

 

   

Upcoming Tax Deadlines

Please let us know if there is anything we can do for you!!

 

Vetscher & Associates, LLC

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