JUNE, 2013

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

Obamacare - Implementation looms, but the rules are still changing

We planned to write an extensive article on Obamacare this month, but as we researched it, we found it very difficult to summarize the effects it would have on businesses and individuals in just a few sentences.

The IRS and Department of Health are still writing more regulations in an attempt to clarify the 500 pages of code.

For the present time, here are a few items to consider:

  1. If you're an employer with more than 50 employees, you must consult with an insurance benefits specialist. Last week, the administration announced there will be no penalties during 2014 if an employer does not provide health insurance coverage for employees.
  2. If you're an individual with no health insurance, you must sign up for coverage through the Washington State Exchange starting October 1. If you don't, there will penalties starting in 2014 when you file your income tax return.
  3. If you're a business with fewer than 50 employees and are providing your employees some health insurance, contact your insurance provider for guidance.
  4. If you're a business with fewer than 50 employees and are not providing health insurance at all, look for more information in our next bulletin.
  5. If you are an individual with income under $48,000, or a family with income under $94,000, you may qualify for a subsidy from your tax return.

We'll provide more information as it becomes available. 

David S. Nelson, CPA, CTRS
NELSON & COMPANY, P.S.
Certified Public Accountants


IRS Times & Inquirer

Inside This Issue...

Beyonce’s Dad Owes IRS $1.2 Million in Taxes


Beyonce’s Dad Owes IRS $1.2 Million in Taxes

When Mathew Knowles managed the career of his superstar singer of a daughter, Beyonce, he made millions.

So many millions, in fact, that Knowles owes the IRS $1.2 million in back taxes, according to celebrity news site TMZ.

The IRS filed a lien against Beyonce’s pops for $485,575.95 in 2010 and $728,004.89 in 2011.

Beyonce started her singing career with the group Destiny’s Child. Mathew Knowles managed the group, which became one of the best-selling all-female acts in music history.

In 2002, Knowles founded Music World Gospel, which is now the largest African-American-owned and -operated gospel label in the world. Prior to his work in the music industry, Knowles worked as a salesman with Xerox.


 

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

====NOTICE REQUIRED BY IRS====
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.

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