8700 Old Harford Road Parkville, MD 21234

Main (410) 882-0032

Fax (410) 882-1877

mailto:jay@jtwellscpa.com

Maryland Firm Lic. Reg.  Cert. # 33161

Commentary and other info:

With all the blogging and tweeting going on, I thought I would start to include some commentary on this site.  Words that may be helpful for someone or spur someone on to do something positive for their business.

July 9, 2012

In 5 to 4 decision on June 28, 2012 the U.S. Supreme Court upheld the constitutionality of the 2010 health care reform legislation. Uncertainty over the legislation has declined due to the decision, but has not been eliminated at this date.  Worries continue over how parts of the law will be interpreted.  Adding to the uncertainty, is the pledge by GOP leaders to dismantle the legislation.   Even with all the questions remaining about this legislation,   taxpayers must prepare for the implementation of the health care law.

December 5, 2011

IRS Announces New Worker Classification Settlement Program

-Organizations may have workers who are considered independent contractors, but whose status could be questionable.  To assist organizations in this position, the IRS recently announced a new Voluntary Classification Settlement Program whereby these organizations can agree to treat a group of workers as employees going forward in exchange for significantly reduced prior year employment taxes.  For additional information, please call the office or review the information the IRS has on their website.

October 20,2011

This past month I had to remove some bushes in my yard that were not doing well.  I thought it a good thing since it would simplify future lawn mowing and yard maintenance.  A month later, and with a substantial amount of rain, the pattern of rain run-off in my yard has shifted, and not the direction I would like.  

This reminds me of the tax debate.  How so?  As with the bushes in my yard,  if you pull the current tax structure up by its roots, it may look like a good thing.  It may look like things are simpler.  But as time passes, the change may create unanticipated problems.  

Did I need to remove the bushes.  The answer is yes.  Did I do a complete job in the yard to prevent other problems created by the removed bushes?  No.  See my comparison.  Things are never simple.

August 31, 2011

The week of August 22, 2011, Baltimore Maryland experienced an earthquake and a hurricane.  The very rare earthquake had me feeling like salt in a salt shaker.  Then the hurricane Irene came through town, and I got to baby sit a sump pump all night.   The sump pump is not very interesting company, I must say.

During the all night wake with the sump pump, I thought about the property damage that was occurring.  Hopefully property owners with damage are covered by insurance.  For those not covered by insurance, you may be able to claim a casualty loss as a deduction on your federal income tax return.  IRS publication 547 has more information, or talk with a tax professional.

You never know what life will throw at you. All you can do is try to be prepared.  Then, as the song says, don't  worry, be happy.

July 26, 2011

Are tax rates going up?  I am asked this question periodically, and it is a good question.  Boy, if I had a way of seeing into the future, I could answer the question.  But I cannot.  You could look at history, and compare it to our current economic state to draw some conclusions.  You may engage in what-if analysis, but how can you cover all of the scenarios?  The bottom line is your guess is as good as mine as to what the tax structure in the future will look like.

July 6, 2011