March 22, 2016

Article Highlights:

  • Penalty Being Phased in Over Three Years

  • Larger of Two Amounts

  • Flat Dollar Amount

  • Percentage-of-Income Amount

  • Penalty Applied by Month

Many taxpayers are surprised by the size of the penalty being imposed for not having heal...

March 22, 2016

Article Highlights:

  • Income as a Factor

  • Filing Status as a Factor

  • 85% Maximum Taxable

  • Base Amounts

  • Deferring Income

  • Maximizing IRA Distributions

Whether your Social Security benefits are taxable (and, if so, how much of them are) depends on...

March 22, 2016

Article Highlights


  • 2015 IRA contributions can be made through April 18, 2016.

  • 2015 SEP IRA & Solo 401(k) contributions can be made through October 17, 2016.

  • 2015 Health Savings Account contributions can be made through April 18, 2016.

  • 2015 Coverdell...

March 6, 2016





Article Highlights:

  • Noncash Charitable Contributions

  • Establishing Donation Value

  • Fair Market Value

  • Documentation Requirements

  • Appraisal Requirements


One of the most common tax-deductible charitable contributions encountered is that of hous...

March 2, 2016

Article Summary:

  • Foreign Account Reporting Requirement

  • Financial Crimes Enforcement Network

  • Penalties for Failure to File

  • Type of Accounts Affected

  • Form 8938 Filing Requirements

Some years ago, Senate hearings revealed that many Americans were...

February 2, 2016


Protecting Americans from Tax Hikes Act of 2015 was signed by the president on Dec.18, 2015.  With everyone waiting for the extenders, it was a nice holiday surprise that many are now made permanent. Among the extenders that have been made permanent are the following:


January 22, 2016

What You Need to Know

The IRS works constantly to improve income reporting by taxpayers. One tool they employ is requiring businesses to file "information returns" that tell the IRS about amounts the business paid out that should be reported by the recipients as inco...

January 20, 2016

According to an announcement late last month, large employers with reporting responsibilities under the Affordable Care Act’s “pay or play” provision would receive relief in the form of filing extensions. Due to the complexity of the reporting and sheer amount of work...

January 16, 2016

Article Highlights:

  • 2016 standard mileage rates

  • Business, charitable, medical and moving rates

  • Switching between the actual expense and the standard mileage rate methods

  • Special allowances for SUVs

As it does every year, the Internal Revenue Service...

January 8, 2016

The IRS goal is to verify your identity and the validity of your return before the return is accepted for processing. The 2016 safeguards are aimed at those of you who prepare your own federal and state tax returns using tax software.

  • The IRS, the states and tax ind...

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McNair and Associates, P.A. CPA's
1250 S. U.S. Highway 17-92, # 250
Longwood, Florida 32750


Telephone: (407) 830-5717
Facsimile: (407) 830-1601



Providing Professional Tax

and Accounting Services For Over 30 Years

Members Florida Institute of Certified Public Accountants


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