Total Insights Calculator
The AICPA has recently released the Total Tax Insights calculator. This online tool is designed to give US taxpayers a more complete picture of their total federal, state and local tax obligations. This calculator helps the taxpayer to see how taxes (not just income and property) affect their lives and their bottom line. In other words, it gives the taxpayer a clearer view of the total taxes they pay. The calculator can be found at www.totaltaxinsights.org/Calculator .
SSA - Online Statements
The Social Security Administration has launched an online tool to allow U.S. workers to monitor their benefits. The online Social Security Statement replaces paper statements for most workers. The site allows visitors to view estimates of their retirement, disability and survivors benefits as well as their reported earnings. To view your statement, please visit http://www.socialsecurity.gov/mystatement/
Flexible Spending Limits
Beginning with plan years after 2012, cafeteria plans that office a Health Flex Spending Account (FSA) option will have a maximum annual contribution limit of $2,500 for employee salary reduction contributions. Under the previous law, no maximum contribution limit was stated but required employers to set a maximum. As the open enrollment periods arrive for employees later this year this new maximum may affect the amount that you are able to contribute “pre-tax” towards your FSA. For employers, you may want to consider discussing this new maximum contribution rule with your Plan Administrator to ensure your Cafeteria Plan is conforming to all new rules.
Arizona Corporate NOL
The State of Arizona recently adopted House Bill 2815 which includes a modification to the current Corporate Net Operating Loss Carry forward rules. Beginning with Corporate Net Operating Losses that arise in tax year 2012, the law extends the carryover period from five (5) to twenty (20) years.
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