DELAY IN 2014 FILING SEASON

The Internal Revenue Service has announced a delay of approximately one to two weeks to the start of the 2014 filing season due to the 16-day federal government shutdown.

The government closure came during the peak period for preparing IRS systems for the 2014 filing season. Updating these core systems is a complex, year-round process with the majority of the work beginning in the fall of each year.

There are additional training, programming, and testing demands on the IRS this year as the agency works to prevent refund fraud and identity theft.

The IRS is exploring options to shorten the delay and will announce a final decision on the start of the 2014 filing season in December.

CONSIDER PROVIDING LOW-COST BENEFITS TO EMPLOYEES

The fringe benefits you offer can be an important factor in hiring and retaining workers.

THE CLOCK'S TICKING ON 2013 TAX-CUTTING

Want to lower your 2013 tax bill? The time for action is running out, so consider these tax-savers now.

BUSINESS OR HOBBY? WHAT'S THE TAX DIFFERENCE?

For federal tax purposes, the determination of "business" or "hobby" is a matter of deduction.

EMPLOYER HEALTH INSURANCE REQUIREMENT POSTPONED

The health care reform law passed in 2010 included a provision that would require employers of 50 or more full-time employees to provide affordable health insurance to their workers or face steep penalties. That provision was scheduled to take effect January 1, 2014.

The Treasury Department has announced that the effective date of this provision will be postponed for one year. The mandatory employer and insurer reporting requirements and any penalties connected with them will be delayed in order to allow more time for companies to adapt to meet the requirements.

BUSINESS ALERT: NO PENALTY IF YOU MISSED OCTOBER 1 DEADLINE

October 1st was the original deadline for employers to provide their workers with a notice about the state health insurance exchanges created by the Affordable Care Act. Failure to comply could have resulted in fines of up to $100 per day.

The U.S. Department of Labor recently announced that, while companies are required to provide the notice, there will be no fine or penalty under the law for failure to do so.

DON'T GET SOAKED BY A WASH SALE

If you're planning to adjust your investment portfolio by selling some losing stocks at year-end, take a minute to review the wash sale rules.