New Tax Reference for Individuals, Small Biz

The National Underwriter Co., a publisher of tax, insurance and financial planning information, has released the newest addition to its Tax Facts reference library, Tax Facts on Individuals & Small Business.

The book, by Robert Bloink and William Byrnes, is billed as a tax reference for CPAs, financial advisors and planners, insurance professionals, attorneys and other practitioners advising small businesses and individuals.

Recent changes in tax law have raised questions for taxpayers regarding health care, home offices, capital gains, investments and whether a worker is an employee or a contractor. Individuals & Small Business aims to provide “fast, clear and authoritative answers,” according to the publisher, using a Q-and-A format. “Who is an ‘employee’ for employment tax purposes?” reads the initial headline for a section of the book, for instance.

Other topics include business deductions and losses, business life insurance, small-business valuation and entity choices, accounting, capital gains, investor losses, new Medicare and Net Investment Income taxes, and individual income tax.

The authors are with the Thomas Jefferson School of Law in San Diego. Bloink is a professor of tax for the graduate program of international tax and financial services and previously served as senior attorney in the IRS Office of Chief Counsel. Byrnes is associate dean, graduate and distance education, and a Fulbright specialist for the areas of comparative law and taxation.

Small Biz Not Ready for Obamacare


Accountants don’t think their small-business clients are prepared for the Affordable Care Act, according to a recent survey.

A third of accountants said that their small-business clients were “totally unprepared” for the ACA, significant parts of which come into force on October 1. Almost half (48%) said that their small-business clients were “not very prepared.” (Click to see the full chart.)

Midsized businesses fared slightly better, with 40 percent of accountants saying their clients of this size were “not very prepared,” and 43 percent saying their clients were “somewhat prepared.”

Large businesses are in much better shape: Just over half (51 percent) of accountants think their large clients are “somewhat prepared,” and 24 percent think they are “very” or “completely prepared.”

The survey of Accounting Today’s Executive Research Council drew responses from 277 accountants in public practice at firms of all sizes across the country. Two thirds (66 percent) said that they had been asked for help on the ACA by a client at some point.

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