Accountants from LG&H, in conjunction with SBA and SCORE, provided a free seminar for new and potential business owners called “The 2015 Small Business Success Bootcamp” in Bangor on October 22. We kicked off the day with Abe Furth, owner of Woodman’s Bar & Grill, Verve, and Orono Brewing Company, as our key note speaker….
As an accounting firm, LG&H is an essential service. For the safety of our clients and staff, our office is closed to the public and our staff is working remotely. We can be contacted via phone and email. All returns will be prepared and securely emailed or postal mailed to you. Since most returns are e-filed, we will provide you with a form 8879 for authorization. Please sign and email or fax it to us. If faxing or emailing is not available, we can make other arrangements for your authorization.
We want to extend all the best to you and your families in the troubling time. We are all dealing with many challenges, and will minimize the tax filing process as much as possible.
Sincerely
LG&H
Category: Blog Articles
The following is a summary of important tax developments that have occurred in the past three months that may affect you, your family, your investments, and your livelihood. Please call us at 207-990-4585 to talk and/or set up an appointment here in Bangor, Maine for more information about any of these developments and what steps…
Supreme Court upholds subsidies for health care purchased on Federal Exchange. The Supreme Court by a 6-3 vote determined that premium tax credits (also known as health insurance subsidies) under the Affordable Care Act (ACA), are not limited to taxpayers who live in States that have established their own health insurance Exchange but are also…
Whether in Bangor, Maine or elsewhere in the United State, shareholder-employees of S corporations continue to be subject to some special income tax rules. The term shareholder-employee refers to individuals who own 2% or more of the stock of an S corporation on any day of a tax year, as well as certain other individuals…
Before January 1, 2015, an individual could rollover a distribution from one IRA to another IRA in a nontaxable transaction if the rollover was completed within 60 days after the income was received. This could be done only once in any 1-year period. However, it was determined on an IRA-by-IRA basis. Starting January 1, 2015, the nontaxable distribution on rollover rule will be applied on an aggregate basis. So, no matter how many IRA accounts a person has, only one nontaxable rollover per year will be allowed.
The Patient Protection and Affordable Care Act (the Affordable Care Act) had some key provisions that apply to businesses. Perhaps the item of most interest to employers is that beginning in 2015, many businesses that do not offer affordable health insurance coverage that provides a certain minimum value to at least 95% (70% for 2015)…
The 2010 health care reform legislation was landmark legislation that affects all individuals in some way. Besides the obvious effect this massive legislation has on health care, there are many significant provisions of the legislation that affect an individual’s income taxes. Some provisions of this law were effective in 2010, many are effective beginning in…
Here in Bangor, Maine, and around the country, year-end tax planning is especially challenging this year because Congress has yet to act on a host of tax breaks that expired at the end of 2013. Some of these tax breaks may be retroactively reinstated and extended, but Congress may not decide the fate of these…
Here in Bangor, Maine, and around the country, year-end tax planning is especially challenging this year because Congress has yet to act on a host of tax breaks that expired at the end of 2013. Some of these tax breaks may be retroactively reinstated and extended, but Congress may not decide the fate of these…
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