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Message from Nelson & Company, P.S., CPAs

18 Pages to Define "Full-time"
- Seriously?

If simply defining "full-time" is any indication of how complicated the feds are going to make things in order to put the Affordable Care Act into action, we can look forward to nothing but very complex and muddled rules.

The Department of Health and Human Services, and the Internal Revenue Service issued 18 pages of regulations simply to describe what a "full-time employee" is. While most of us recognize full-time as a 40-hour work week, you may be surprised (but then again... maybe not) that the Feds defined it as a 30 hour work week.

Companies with more than 50 full-time employees must provide health insurance under Obamacare - or be fined. Business groups have warned that small companies might replace full-time workers with part-time help to avoid being forced into offering health insurance in 2014, but the 30-hour definition is likely to undermine those plans.

"It's scary," said Randy Johnson, the U.S. Chamber of Commerce senior Vice president for labor, immigration, and employee benefits. "It's just a small example of two words under our healthcare law of 2,700 pages," he said, adding: "It says to me things are awfully complicated."

Johnson noted that Obamacare demonstrates how oppressive federal regulations have become on American business.

We'll see.

David S. Nelson, CPA, CTRS
Certified Public Accountants

IRS Times & Inquirer

Inside This Issue...

Casey Anthony Reports Tax Bill She Cannot Pay
Las Vegas Lawyer Gets Two Years for Tax Crime

Casey Anthony Reports Tax Bill She Cannot Pay

Casey Anthony, the Florida woman who was acquitted of killing her 2-year-old daughter Caylee in 2011, owes the Internal Revenue Service $68,540 in taxes, interest and penalties.

Anthony, whose nationally broadcast trial made her a household name for her accused crime, reported the debt in January when she filed for Chapter 7 bankruptcy protection in Tampa, Fla. In all, in her 60-page court filing, she reported $792,000 in liabilities — $500,000 of which were legal fees — and $1,100 in assets.

Court papers list Anthony as unemployed; she has not earned any recent income, according to the filings.

For her protection, Anthony’s location has remained a secret since her release from state supervision last year.

Las Vegas Lawyer Gets Two Years for Tax Crime

A Las Vegas lawyer was sentenced to two years in prison and ordered to pay $260,625 in restitution after pleading guilty to tax evasion for tax year 2002.

Operating as a sole practitioner in Nevada, Charles C. LoBello concealed more than $900,000 in income from the United States, intentionally gave incomplete information to his bookkeeper and tax return preparer, and used personal checking accounts to hide large checks he received as legal fees.

In his guilty plea, LoBella admitted that for the years 2001 through 2005, he owed an additional $260,625 in income taxes.

His brother was in a similar situation. Mark LoBello, also a Nevada attorney, pleaded guilty to tax evasion in August 2008 and was sentenced to 15 months in prison.

--Our Policies--

Nelson & Company, P.S., CPAs Since 1979

Circular 230 Disclosure:
To ensure compliance with requirements imposed by the IRS, we inform you that (i) any tax advice contained in this communication (including any attachments) was not intended or written to be used, and cannot be used for the purpose of avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.