at 10866 Wilshire Blvd, Los Angeles, 90024-4300 United States
TMGJ has built a reputation as one of Los Angeles’ largest and most respected accounting and business management firms.
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Since its founding in 1975, Tanner Mainstain Glynn & Johnson has built a reputation as one of Los Angeles’ most respected business management firms. Located in Westwood, the Firm consistently ranks in the Los Angeles Business Journal’s “Top 50 Accounting Firms,” a list which includes the Los Angeles-based offices of national and regional firms. Today TMGJ’s client roster includes some of the top names in entertainment, sports and business. And our services have expanded beyond traditional tax and accounting to include business management, business consulting, investment and financial planning. Many of out partners and senior staff members hold advanced degrees in taxation and business administration. Our professional staff is comprised entirely of CPAs or CPA candidates who keep abreast of all federal and state tax law changes, including pending and proposed legislation. Our firm’s reputation attracts top talent who continually enhance their knowledge with education and training that far exceeds their professional requirements. Backed by TMGJ’s team of professionals and our state-of-the art technology, we respond quickly to your questions and concerns. Our team approach to client service means that someone knowledgeable about your account will always be available to help you.
IRS Warns Tax Preparers to Watch out for New Phishing Scam; Don’t Click on Strange Emails or Links Seeking Updated Information IR-2015-31, Feb. 18, 2015 WASHINGTON — The Internal Revenue Service today warned return preparers and other tax professionals to be on guard against bogus emails making the rounds seeking updated personal or professional information that in reality are phishing schemes. “I urge taxpayers to be wary of clicking on strange emails and websites,” said IRS Commissioner John Koskinen. “They may be scams to steal your personal information.” Specifically, the bogus email asks tax professionals to update their IRS e-services portal information and Electronic Filing Identification Numbers (EFINs). The links that are provided in the bogus email to access IRS e-services appear to be a phishing scheme designed to capture your username and password. This email was not generated by the IRS e-services program. Disregard this email and do not click on the links provided. Phishing made this year’s Dirty Dozen list of IRS tax scams. The full list is available on IRS.gov. Phishing is a scam typically carried out with the help of unsolicited email or a fake website that poses as a legitimate site to lure in potential victims and prompt them to provide valuable personal and financial information. Armed with this information, a criminal can commit identity theft or financial theft. If you receive an unsolicited email that appears to be from either the IRS or an organization closely linked to the IRS, such as the Electronic Federal Tax Payment System, report it by sending it to email@example.com. In general, the IRS has added and strengthened protections in our processing systems this filing season to protect the nation's taxpayers. For this tax season, we continue to make important progress in stopping identity theft and other fraudulent refunds. It is important to keep in mind the IRS generally does not initiate contact with taxpayers by email to request personal or financial information. This includes any type of electronic communication, such as text messages and social media channels. The IRS has information online that can help you protect yourself from email scams.
Health Care Law Brings Changes to IRS Tax Forms IRS Health Care Tax Tip 2015-01, January 13, 2015 This year, there are some changes to tax forms related to the Affordable Care Act. Along with a few new lines on existing forms, there will also be two new forms that will need to be included with some tax returns. While most taxpayers will simply need to check a box on their tax return to indicate they had health coverage for all of 2014, there are also new lines on Forms 1040, 1040A, and 1040EZ related to the health care law. To help navigate these changes, taxpayers and their tax professionals should consider filing their return electronically. Using tax preparation software is the best and simplest way to file a complete and accurate tax return as it guides individuals and tax preparers through the process and does all the math. There are a variety of electronic filing options, including free volunteer assistance, IRS Free File for taxpayers who qualify, commercial software, and professional assistance. Here is information about the new forms and updates to the existing forms: Form 8965, Health Coverage Exemptions Complete this form to report a Marketplace-granted coverage exemption or claim an IRS-granted coverage exemption on the return. Use the worksheet in the Form 8965 Instructions to calculate the shared responsibility payment . Form 8962, Premium Tax Credit Complete this form to reconcile advance payments of the premium tax credit, and to claim this credit on the tax return. Additionally, if individuals purchased coverage through the Health Insurance Marketplace, they should receive Form 1095-A, Health Insurance Marketplace Statement, which will help complete Form 8962. Form 1040 Line 46: Enter advance payments of the premium tax credit that must be repaid Line 61: Report health coverage and enter individual shared responsibility payment Line 69: If eligible, claim net premium tax credit, which is the excess of allowed premium tax credit over advance credit payments Form 1040-A Line 29: Enter advance payments of the premium tax credit that must be repaid Line 38: Report health coverage and enter individual shared responsibility payment Line 45: If eligible, claim net premium tax credit, which is the excess of allowed premium tax credit over advance credit payments Form 1040-EZ Line 11: Report health coverage and enter individual shared responsibility payment Form 1040EZ cannot be used to report advance payments or to claim the premium tax credit
In 2015, Various Tax Benefits Increase Due to Inflation Adjustments IR-2014-104, Oct. 30, 2014 WASHINGTON — For tax year 2015, the Internal Revenue Service announced today annual inflation adjustments for more than 40 tax provisions, including the tax rate schedules, and other tax changes. Revenue Procedure 2014-61 provides details about these annual adjustments. The tax items for tax year 2015 of greatest interest to most taxpayers include the following dollar amounts - The tax rate of 39.6 percent affects singles whose income exceeds $413,200 ($464,850 for married taxpayers filing a joint return), up from $406,750 and $457,600, respectively. The other marginal rates – 10, 15, 25, 28, 33 and 35 percent – and the related income tax thresholds are described in the revenue procedure. The standard deduction rises to $6,300 for singles and married persons filing separate returns and $12,600 for married couples filing jointly, up from $6,200 and $12,400, respectively, for tax year 2014. The standard deduction for heads of household rises to $9,250, up from $9,100. The limitation for itemized deductions to be claimed on tax year 2015 returns of individuals begins with incomes of $258,250 or more ($309,900 for married couples filing jointly). The personal exemption for tax year 2015 rises to $4,000, up from the 2014 exemption of $3,950. However, the exemption is subject to a phase-out that begins with adjusted gross incomes of $258,250 ($309,900 for married couples filing jointly). It phases out completely at $380,750 ($432,400 for married couples filing jointly.) The Alternative Minimum Tax exemption amount for tax year 2015 is $53,600 ($83,400, for married couples filing jointly). The 2014 exemption amount was $52,800 ($82,100 for married couples filing jointly). The 2015 maximum Earned Income Credit amount is $6,242 for taxpayers filing jointly who have 3 or more qualifying children, up from a total of $6,143 for tax year 2014. The revenue procedure has a table providing maximum credit amounts for other categories, income thresholds and phaseouts. Estates of decedents who die during 2015 have a basic exclusion amount of $5,430,000, up from a total of $5,340,000 for estates of decedents who died in 2014. For 2015, the exclusion from tax on a gift to a spouse who is not a U.S. citizen is $147,000, up from $145,000 for 2014. For 2015, the foreign earned income exclusion breaks the six-figure mark, rising to $100,800, up from $99,200 for 2014. The annual exclusion for gifts remains at $14,000 for 2015. The annual dollar limit on employee contributions to employer-sponsored healthcare flexible spending arrangements (FSA) rises to $2,550, up $50 dollars from the amount for 2014. Under the small business health care tax credit, the maximum credit is phased out based on the employer’s number of full-time equivalent employees in excess of 10 and the employer’s average annual wages in excess of $25,800 for tax year 2015, up from $25,400 for 2014. Details on these inflation adjustments and others not listed in this release can be found in Revenue Procedure 2014-61, which will be published in Internal Revenue Bulletin 2014-47 on Nov. 17, 2013. The pension limitations for 2015 were announced on Oct. 23, 2014.
Issue Number: IR-2015-29 Inside This Issue ________________________________________ IRS Makes it Easier for Small Businesses to Apply Repair Regulations to 2014 and Future Years WASHINGTON —The Internal Revenue Service today made it easier for small business owners to comply with the final tangible property regulations. Requested by many small businesses and tax professionals, the simplified procedure is available beginning with the 2014 return taxpayers are filling out this tax season. The new procedure allows small businesses to change a method of accounting under the final tangible property regulations on a prospective basis for the first taxable year beginning on or after Jan. 1, 2014. Also, the IRS is waiving the requirement to complete and file a Form 3115 for small business taxpayers that choose to use this simplified procedure for 2014. “We are pleased to be able to offer this relief to small business owners and their tax preparers in time for them to take advantage of it on their 2014 return,” said IRS Commissioner John Koskinen. “We carefully reviewed the comments we received and especially appreciate the valuable feedback provided by the professional tax community on this issue.” The new simplified procedure is generally available to small businesses, including sole proprietors, with assets totaling less than $10 million or average annual gross receipts totaling $10 million or less. Details are in Revenue Procedure 2015-20, posted today on IRS.gov. The revenue procedure also requests comment on whether the $500 safe-harbor threshold should be raised for businesses that choose to deduct, rather than capitalize, certain capital expenses.
Business-related entertainment. You cannot deduct expenses for meals that are lavish or extrava-gant. An expense is not considered lavish or extravagant if it is reasonable based on the facts and circumstances. Expenses will not be disallowed merely because they are more than a fixed dollar amount or take place at deluxe restaurants, hotels, nightclubs, or resorts.50% limit on meals. You can figure your meals expense using either of the following methods. Actual cost. The standard meal allowance.Both of these methods are explained below. But, regardless of the method you use, you generally can deduct only 50% of the unreim-bursed cost of your meals. If you are reimbursed for the cost of your meals, how you apply the 50% limit depends on whether your employer's reimbursement plan was accountable or nonaccountable. If you are not reimbursed, the 50% limit applies whether the unreimbursed meal expense is for business travel or business entertainment. Chapter 2 dis-cusses the 50% Limit in more detail, and chap-ter 6 discusses accountable and nonaccountable plans
New Standard Mileage Rates Now Available; Business Rate to Rise in 2015 WASHINGTON — The Internal Revenue Service today issued the 2015 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2015, the standard mileage rates for the use of a car, van, pickup or panel truck will be: • 57.5 cents per mile for business miles driven, up from 56 cents in 2014 • 23 cents per mile driven for medical or moving purposes, down half a cent from 2014 • 14 cents per mile driven in service of charitable organizations The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile, including depreciation, insurance, repairs, tires, maintenance, gas and oil. The rate for medical and moving purposes is based on the variable costs, such as gas and oil. The charitable rate is set by law. Taxpayers always have the option of claiming deductions based on the actual costs of using a vehicle rather than the standard mileage rates. A taxpayer may not use the business standard mileage rate for a vehicle after claiming accelerated depreciation, including the Section 179 expense deduction, on that vehicle. Likewise, the standard rate is not available to fleet owners (more than four vehicles used simultaneously). Details on these and other special rules are in Revenue Procedure 2010-51, the instructions to Form 1040 and various online IRS publications including Publication 17, Your Federal Income Tax. Besides the standard mileage rates, Notice 2014-79, posted today on IRS.gov, also includes the basis reduction amounts for those choosing the business standard mileage rate, as well as the maximum standard automobile cost that may be used in computing an allowance under a fixed and variable rate plan.