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Linkenheimer Wins Gold for Best of the North Bay

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We want to thank all of our clients, friends, family and readers of the North Bay Biz who voted for us and have supported us for all these year. We are honored to win the Gold Award for the 7th time and we feel it is a testimony to the amazing, dedicated team we have here at Linkenheimer and the fantastic community that supports us. We feel our people are our greatest asset and we strive to create a fun, positive, team based work environment that results in quality work for the client and a focus on community involvement.

  • Care– We care about our Clients, Co-Workers and Community.
  • Team– Our goals are achieved through Selfless Action, Collaboration and Commitment to each other.
  • Culture– We engage each other and clients with Genuine Interest, Respect and an Open-Minded approach.

Thank you again to all those who voted and have put their financial trust in our hands over all these years.

By |June 2nd, 2017|award, best, north bay business|0 Comments

New Health Saving Account Limits for 2018

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The Internal Revenue Service released the 2018 inflation-adjusted limitations for health savings accounts.

In Revenue Procedure 2017-37, the IRS said the annual contribution limitation on deductions for an individual with self-only coverage under a high deductible health plan is $3,450. For calendar year 2018, the annual limitation on deductions for an individual with family coverage under a high deductible health plan is $6,900. HSAs typically require high deductibles, but they allow people to set aside money from their paychecks on a pre-tax basis for medical expenses.

For calendar year 2018, according to the IRS, a “high deductible health plan” is defined as a health plan with an annual deductible that is not less than $1,350 for self-only coverage or $2,700 for family coverage, and the annual out-of-pocket expenses (deductibles, co-payments, and other amounts, but not premiums) do not exceed $6,650 for self-only coverage or $13,300 for family coverage.

For 2017, the lower limit on the annual deductible under a high-deductible plan was $1,300 for self-only coverage and $2,600 for family coverage, the same as for 2016. The upper limit for out-of-pocket expenses was $6,550 for self-only coverage and $13,100 for family coverage

If you have any questions, please contact your Linkenheimer LLP CPA.

By |May 24th, 2017|hsa|0 Comments

House Republicans Pass Amended AHCA

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On May 4, 2017, members of the U.S. House of Representatives voted along party lines to pass an amended version of the American Health Care Act – proposed legislation to repeal and replace the ACA. The AHCA will now move on to be considered by the Senate. This ACA Compliance Bulletin provides an overview of the proposed legislation and its potential impact going forward.

The AHCA needed 216 votes to pass in the House. Ultimately, it passed on a party-line vote, with 217 Republicans and no Democrats voting in favor of the legislation. The AHCA will only need a simple majority vote in the Senate to pass. If it passes both the House and the Senate, the AHCA would then go to President Donald Trump to be signed into law.

The attached bulletin provides helpful information on how this may affect employers and individuals. We will keep you updated on any new developments and in the meantime, feel free to reach out to your Linkenheimer CPA with any questions.

Download the ACA Compliance Bulletin Now

By |May 9th, 2017|affordable care act, Health care|0 Comments

Trump’s 2017 Tax Reform Unveiled

The White House  issued President Trump’s goals and key features for tax reform, including cut corporate tax rates, flattened individual marginal income tax brackets, and repeal of the estate and alternative minimum taxes. He outlined these proposals in a one page bulletin which you can see below. The individual and business tax reform highlights include the following:

Proposed individual tax provisions:

  • Down from the current seven tax rates to three- 10%, 25% and a top rate of 35% (down from 39.6%).
  • Elimination of the Estate Tax.
  • Elimination of itemized deductions outside of mortgage interest and charitable contributions.
  • Repeal of the Alternative Minimum Tax (AMT).
  • Repeal of the 3.8% tax on net investment income.
  • Doubling of the standard deduction for married couples and individuals.
  • Tax relief for families and dependent care expenses.

Proposed business tax provisions:

  • Decreasing the top corporate tax rate to 15% (current top tax rate is 35%).
  • The 15% tax rate would apply to business income of pass-through entities such as partnerships, S corporations and limited liability companies.
  • A one time tax on business profits (at an unspecified tax rate) in foreign countries repatriated to the United States.
  • Introduction of a territorial tax system in place of the current worldwide tax regime.

Below is the one page bulletin released from the White House. We will work to keep you updated on changes and if you have any questions, please contact your Linkenheimer CPA. Now is a good time to discuss your short and long terms plans with your CPA, as the tax laws become more focused.

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By |May 4th, 2017|tax, tax planning|0 Comments

Still Time to Contribute to an IRA for 2016

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Available in one form or another since the mid-1970s, individual retirement arrangements (IRAs) are designed to enable employees and the self-employed to save for retirement. Contributions to traditional IRAs are often deductible, but distributions, usually after age 59½, are generally taxable. Though contributions to Roth IRAs are not deductible, qualified distributions, usually after age 59½, are tax-free. Those with traditional IRAs must begin receiving distributions by April 1 of the year following the year they turn 70½, but there is no similar requirement for Roth IRAs.

Most taxpayers with qualifying income are either eligible to set up a traditional or Roth IRA or add money to an existing account. To count for a 2016 tax return, contributions must be made by April 18, 2017. In addition, low- and moderate-income taxpayers making these contributions may also qualify for the saver’s credit when they complete their 2016 tax returns.

Generally, eligible taxpayers can contribute up to $5,500 to an IRA. For someone who was at least age 50 at the end of 2016, the limit is increased to $6,500. There’s no age limit for those contributing to a Roth IRA, but anyone who was at least age 70½ at the end of 2016 is barred from making contributions to a traditional IRA for 2016 and subsequent years.

The deduction for contributions to a traditional IRA is generally phased out for taxpayers covered by a workplace retirement plan whose incomes are above certain levels. For someone covered by a workplace plan during any part of 2016, the deduction is phased out if the taxpayer’s modified adjusted gross income (MAGI) for that year is between $61,000 and $71,000 for singles and heads of […]

By |March 20th, 2017|ira, irs|0 Comments

More Info on ACA Repeal and Replacement

House Republicans have unveiled a repeal and replacement plan for the Affordable Care Act (ACA). The GOP’s American Health Care Act (ACHA) would eliminate most of the ACA’s taxes, including penalties connected with individual and employer mandates, the net investment income (NII) tax and the Additional Medicare tax. Left in place, although delayed, would be the excise tax on high dollar health plans. Also left in place, would be a number of non-tax provisions related to scope of coverage, benefits and children- including allowing dependents to continue to stay on their parents’ plan until the age of 26, prohibiting health insurers from denying coverage or raising rates to patients based on pre-existing conditions, and forbidding life-time limits on insurance coverage.

The House GOP plan has been rejected by Democrats. Some Republicans have said the plan does not go far enough in repealing all of the ACA. As March moves forward, a vote on the house floor is eventually expected.

To read the impact of the ACA changes, new age-based credits, repeal of NII tax, expanded HSA and other topics, click the link for a detailed read from CCH and Wolters Kluwer. CCH Tax Briefing – ACA Repeal and Replacement (3-9-17)

By |March 14th, 2017|affordable care act, Health care|0 Comments

What the ACA May Look Like Under Trump

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President Donald Trump has made dismantling the Affordable Care Act (ACA) one of the cornerstones of his administration. Steps have already been taken to begin the process. The initial steps, including an executive order issued by Trump, have no immediate impact on the ACA. No ACA provisions or requirements have been eliminated or delayed at this time. However, employers should be aware that the following plan requirements would change if the ACA is repealed:

  • Prohibition on lifetime and annual limits
  • Out-of-pocket maximum limit
  • Waiting period limit
  • Prohibition on pre-existing condition exclusions
  • Dependent coverage to age 26
  • Preventive care coverage requirement
  • Prohibition on rescissions
  • Patient protections

To view more information on the ACA and potential changes, click here.

By |March 9th, 2017|Health care|0 Comments

Deadline for Receiving First 2016 IRA Required Minimum Distribution (RMD) Is April 1

Individuals who turned 70 1/2 in 2016, but opted to wait until 2017 to begin taking their RMD for 2016 must receive their 2016 RMD by 4/1/17, even though that date falls on a Saturday. IRS Pub. 590-B, Distributions from Individual Retirement Arrangements (IRAs), does not offer an alternative date, such as the following Monday, 4/3/17, to receive the distribution, so please keep that in mind. If you have any questions, please contact your Linkenheimer CPA.

By |March 3rd, 2017|ira, irs|0 Comments

Extended Deadline to Provide Small Employer QSEHRA Notice to Employees

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The IRS has extended the period to provide an initial written notice to eligible employees regarding a Qualified Small Employer Health Reimbursement Arrangement (QSEHRA) under IRC Sec. 9831(d). A QSEHRA is similar to a regular health reimbursement arrangement, but must meet other requirements and is exempt from the market reform penalty. QSEHRAs are available to employers with less than 50 full-time equivalent employees that don’t offer group health plans and can be used to reimburse an employee’s individual health insurance premiums as well as other medical expenses. Although the employer must furnish a written notice to its eligible employees at least 90 days before the beginning of a year for which the QSEHRA is provided, the IRS announced that initial notices aren’t required any earlier than 90 days following the issuance of further guidance from the IRS.

If you have any questions, please contact your Linkenheimer LLP CPA.

 

By |March 2nd, 2017|irs|0 Comments

Linkenheimer Team’s 2017 Eye Care Trip to Nicaragua a Success

January 1, 2017 found 11 Linkenheimer staff and partners on their way to Nicaragua for the firm’s third eye care mission into the remote villages of the Rio San Juan region. Travelers included Matt Melchiori, Anne Glanville, Judy Deniz, Kerri Berry, Andy Vedder, Nina Shaposhnikov, Rudy Malmanis, Kari Bruner, Carli Ortiz, Mike Musson and John Jones.

The morning of January 2nd we boarded the 12 seat Cessna Caravan for San Carlos and our beloved dirt runway. Lunch and a two hour boat ride found us at the Sabalos Lodge www.sabaloslodge.com which became our home base. Mosquito repellent in hand, along with instructions on tucking in the mosquito netting under your mattress (while you are on the mattress) got us prepared for the next five nights.

Days 2 and 3 found us traveling to and from and working in the village of Las Maravillas. This is a very remote village and difficult to get to from Sabalos (or anywhere for that matter) and rarely receives medical services. The region had 30 days of straight rain prior to our arrival, so the roads were nothing but mud and slop with our 4WD convoy frequently stopping to assess the driving strategies and get fellow vehicles unstuck. After two hours of driving we made it to Las Maravillas for the eye care clinic. Our first day at Las Maravillas had us seeing only 250 patients. Only, but it was obvious to us that those 250 people greatly benefited from the quality vision that we were able to provide them. Turns out, due to the heavy rains, a lot of the locals didn’t think we were going to make it to the village. Day 3 was a different story. We saw […]

By |February 21st, 2017|Community|0 Comments