May 2016 Newsletter

Health Insurance and Divorce
The fine points of paying for health insurance after a divorce will vary by your specific circumstances, including the terms of current coverage and state law. That said, here are some general thoughts to help you in this area. Going through a divorce can be a stressful experience, and some items may be overlooked. Nevertheless, if you are in this situation, you should be sure to pay some attention to future health insurance.
Fun and Games…and Taxes
Gambling winnings are taxed as ordinary income, with tax rates as high as 39.6%. Some large winnings, such as lottery payouts, can be spread over many years, which also spreads the tax bill. Taking a smaller amount in consecutive years may reduce the effective tax rate on those winnings.
New Law May Boost C Corporations
As explained in our April 2016 issue of the CPA Client Bulletin, the recently-signed Protecting Americans from Tax Hikes Act of 2015 reinstates some expired tax benefits retroactively and makes them permanent. On the list is the 100% tax exclusion of the gain from sales of qualified small business stock (QSBS).
May Tax Calendar
Use our Tax Calendar for important dates and reminders for April of 2016.