Tax Season is Over!
PKC would like to say a heartfelt "Thank You" to our tax clients for another great tax season. It's always a pleasure catching up with our clients every year. If you are in need of our services during the "off season", feel free to call us anytime - we're always here to serve you!
While many provisions of the Healthcare Reform bill do not take effect until 2014, there are some aspects that are already in place.Get more information at the Healthcare Reform bill and how it will affect you!
Beginning in January 2013, a number of new taxes will go into effect as a result of recent legislation that you may not be aware of. PKC would like to help you plan ahead to avoid any surprises next tax season. You may have to pay additional taxes due to an additional 0.9% Medicare surtax on high earners, additional 3.8% surtax on Net Investment Income over a certain threshold, reinstated phaseouts of itemized deductions and exemptions, and a new tax bracket of 39.6% is now in place. Please call to schedule an appointment with a tax advisor to discuss which of the above may affect you.read more
Did you get a letter from the IRS?
Don't be alarmed! Call PKC today and we can help. This is the time of year that the IRS will send out notice letters by mail to those that may have forgotten to include income on their tax return. Generally, a notice received now is for tax year 2010. When you receive a notice, you will have 30 days to respond. Please notify PKC at 608-783-0440 and we can assist you in resolving your issue.
What are health Exchanges and do I have to buy health insurance through them?
A health insurance Exchange is essentially a one-stop health insurance marketplace. Exchanges are not issuers of health insurance. Rather, they contract with insurance companies who then make their insurance coverage available for examination and purchase through the Exchange. In essence, Exchanges are designed to bring buyers and sellers of health insurance together, with the goal of increasing access to affordable coverage. The Patient Protection and Affordable Care Act does not require that anyone buy coverage through an Exchange. However, beginning in 2014, each state will have one Exchange for individuals and one for small businesses (or they may combine them). States have the option of running their own state-based Exchange or partnering with the federal government to operate a federally facilitated Exchange. States not making a choice default to a federally run Exchange. Through an Exchange, you can compare private health plans based on coverage options, deductibles, and cost; get direct answers to questions about coverage options and eligibility for tax credits, cost-sharing reductions, or subsidies; and obtain information on a provider's claims payment policies and practices, denied claims history, and payment policy for out-of-network benefits. Policies sold through an Exchange must meet certain requirements. Exchange policies can't impose lifetime limits on the dollar value of coverage, nor may plans place annual limits on the dollar value of coverage. Insurance must also be "guaranteed renewable" and can only be cancelled in cases of fraud. And Exchanges can only offer qualified health plans that cover essential benefits. In order to be eligible to participate in an individual Exchange: •You must be a U.S. citizen, national, or noncitizen lawfully present in the United States •You cannot be incarcerated •You must meet applicable state residency standards