2015 Filing Requirements for Certain IRS Information Returns: Penalties Increased

On June 29, 2015, President Obama signed into law the Trade Preferences Extension Act of 2015 (the Trade Act). The Trade Act significantly increases penalties for failing to file correct information returns or provide correct payee statements.

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Dunlap & Associates Celebrates Fifteen-Year Anniversary

While December 1, 2014 marked fifteen years from Dunlap & Associates' start of operations, it was in January, 2000, that the firm welcomed clients and friends to our new offices in the Highpoint Business Campus in Chalfont. During the past fifteen years the firm has experienced steady growth, resulting in the move to new offices at our present location at 1300 Horizon Drive, just around the corner from our original office, and the opening of our satellite office in Quakertown. As we celebrate this milestone we would like to take this opportunity to thank our clients and friends. We fully realize that we would not be here without you. Thank you for your friendship, your support, and your encouragement... and thanks most of all for allowing us the great privilege of serving you. We're looking forward to providing you with exceptional client service for the next fifteen years and beyond.

2016 Social Security Update

With no cost of living adjustment (COLA) for 2016, the maximum taxable wage base for Social Security remains at $118,500.  For retirees under full retirement age, the retirement earnings test exempt amount remains at $15,720.  For every $2 of earnings above this limit, $1 of benefits will be withheld.

Employers' Responsibilities Under the Affordable Care Act

If you are an employer, the number of employees in your business will affect what you need to know about the Affordable Care Act (ACA).

Employers with 50 or more full-time and full-time equivalent employees are generally considered to be "applicable large employers" (ALEs) under the employer shared responsibility provisions of the ACA. Applicable large employers are subject to the employer shared responsibility provisions.

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Taxpayers Receiving Identity Verification Letter Should Use IDVerify.irs.gov

From the IRS:  The Internal Revenue Service today reminded taxpayers who receive requests from the IRS to verify their identities that the Identity Verification Service website, idverify.irs.gov, offers the fastest, easiest way to complete the task.

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Final Employer Mandate Regulations Provide Rules and 2015 Transition Relief

The U.S. Department of the Treasury and the IRS have issued final regulations implementing the employer responsibility provisions under the Patient Protection and Affordable Care Act (PPACA). The rules make a number of changes in response to input on the proposed regulations issued in December 2012 and delay the employer shared responsibility requirements for a second time.

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