06. December 2013 · Comments Off · Categories: Law · Tags: , ,

tax law changes

With certain tax law changes since the beginning of 2007, my CPA is having to correct my taxes several times. It doesn’t seem right that the govt can change tax laws several times during tax season. Other than “because they are the govt,” how come they can tamper with tax laws during tax season.
My CPA is correcting my taxes because we keep getting corrected 1099′s from my brokerage firms. The reason for the corrections I was given was because the laws keep changing.

*shrug*

Answer by Rob
The Tax Laws that were changed or extented in January 2007 were a benefit to the tax payer. The Tuition and Fees deduction was extended as was the Deduction for State and Local Sales Tax.. The changes were up for vote before the Holiday break, but Congress did not vote to extend them until after the first of the year. It was frustrating to both the taxpayer and the IRS as the Forms for 2006 were already printed

http://www.irs.gov/newsroom/article/0,,id=165667,00.html

Answer by Jo Blo
congress actually made changes right before the end of 2006,, but those changes were to benefit the taxpayer.

Your CPA if full of it… There have been no changes in the middle of tax season. If they change something today it will be fore 2007. Any good CPA would keep up with changes in tax law and know this…

Answer by Judy
The changes were made by Congress in December 2006 to extend a number of tax breaks that had been scheduled to expire, and signed into law in January 2007. Any CPA worth dealing with knew about them at the end of December, and should have held off filing returns for any clients affected by them. There haven’t been other changes since then.

If he’s telling you that he’s had to correct your return several times, he’s not telling you true. I sure hope he hasn’t been charging you for all the amendments – if so, you’ve been had.

tax law changes

London (PRWEB) December 04, 2014

Synopsis

The report provides in depth market analysis, information and insights into the Russian personal accident and health insurance segment, including:

-The Russian personal accident and health insurance segments growth prospects by insurance categories

-Key trends and drivers for the personal accident and health insurance segment

-The various distribution channels in the Russian personal accident and health insurance segment

-Detailed competitive landscape in the personal accident and health insurance segment in Russia

-A description of the personal accident and health reinsurance segment in Russia

-Porter’s Five Forces Analysis of the personal accident and health insurance segment

-Benchmarking section on the Russian personal accident and health insurance segment in comparison to other CEE countries

Summary

Personal accident and health insurance was the largest segment in the Russian insurance industry in terms of gross written premium in 2014. The segment accounted for 59.6% of the total insurance industry value and increased at a CAGR of 14.4% during the review period. Mandatory health insurance products recorded consistent levels of demand, while significant growth was registered in the demand for personal accident and VMI products.

Scope

This report provides a comprehensive analysis of the personal accident and health insurance segment in Russia:

-It provides historical values for Russia’s personal accident and health insurance segment for the reports 20082012 review period and forecast figures for the 20142017 forecast period

-It offers a detailed analysis of the key sub-segments in Russia’s personal accident and health insurance segment, along with market forecasts until 2017

-It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions

-It analyses the various distribution channels for personal accident and health insurance products in Russia

-Using Porters industry-standard Five Forces analysis, it details the competitive landscape in Russia for the personal accident and health insurance segment

-It provides a detailed analysis of the reinsurance segment in Russia and its growth prospects

-It profiles the top personal accident and health insurance companies in Russia and outlines the key regulations affecting them

Reasons To Buy

-Make strategic business decisions using historic and forecast market data related to the Russian personal accident and health insurance segment and each category within it

-Understand the demand-side dynamics, key market trends and growth opportunities within the Russian personal accident and health insurance segment

-Assess the competitive dynamics in the personal accident and health insurance segment, along with the reinsurance segment

-Identify the growth opportunities and market dynamics within key product categories

-Gain insights into key regulations governing the Russian insurance segment and its impact on companies and the market’s future

Key Highlights

-The Russian personal accident and health insurance segment accounted for 59.6% of the total insurance industrys gross written premium in 2014

-Favorable demographic factors such as changing lifestyle patterns and an increased understanding of diseases in Russia led to a rise in expenditure on personal accident and healthcare products

-The Russian government has introduced regulations making life and health insurance mandatory for any patient involved in a clinical trial, to protect against any harm caused

-To protect public health, the Russian Health Ministry drew up a draft law on compulsory insurance against medical errors or malpractice

-The Russian Finance Ministry has put forward a proposal to fix the minimum amount of insurance cover at RUB1 million (US$ 32,300) for all citizens traveling abroad. This is likely to add to the growth of travel insurance

1 Executive Summary

2 Introduction

2.1 What is this Report About?

2.2 Definitions

2.3 Methodology

3 Regional Market Dynamics

3.1 Overview

3.1.1 Market trends

3.1.2 Market size

4 Personal Accident and Health Insurance

4.1 Scale and Penetration

4.1.1 Total market gross written premium

4.1.2 Premium per capita

4.1.3 Personal accident and health insurance penetration (as a percentage of GDP)

4.2 Growth

4.2.1 Gross written premium

4.2.2 Gross written premium per capita

4.3 Efficiency and Risk

4.3.1 Loss ratio

4.3.2 Incurred losses per capita

4.3.3 Incurred losses as a percentage of GDP

4.4 Distribution Channels

4.4.1 Direct marketing

4.4.2 Bancassurance

4.4.3 Agencies

5 Russian Insurance Industry Attractiveness

5.1 Insurance Industry Size, 20082017

5.2 Key Industry Trends and Drivers

5.2.1 Business drivers

5.2.2 Consumer drivers

6 Personal Accident and Health Insurance Outlook

6.1 Personal Accident and Health Insurance Growth Prospects by Category

6.1.1 Personal accident

6.1.2 Travel insurance

6.1.3 Health insurance

7 Analysis by Distribution Channels

7.1 Direct Marketing

7.2 Bancassurance

7.3 Agencies

7.4 E-Commerce

7.5 Brokers

7.6 Other Channels

8 Porters Five Forces Analysis the Russian Personal Accident and Health Insurance Segment

8.1 Bargaining Power of Suppliers: Medium

8.2 Bargaining Power of Buyers: Medium to High

8.3 Barriers to Entry: Low to Medium

8.4 Intensity of Rivalry: Medium to High

8.5 Threat of Substitutes: Low

9 Reinsurance Growth Dynamics and Challenges

9.1 Reinsurance Segment Size, 20082017

9.2 Reinsurance Segment Size by Type of Insurance, 20082017

10 Governance, Risk and Compliance

10.1 Legislation Overview and Historical Evolution

10.2 Legislation Trends by Type of Insurance

10.2.1 Life insurance regulatory trends

10.2.2 Property insurance regulatory trends

10.2.3 Liability insurance regulatory trends

10.2.4 Motor insurance regulatory trends

10.2.5 Marine and aviation insurance regulatory trends

10.2.6 Health insurance regulatory trends

10.3 Compulsory Insurance

10.3.1 Compulsory liability insurance of a carrier to the passenger of the aircraft

10.3.2 Compulsory motor liability insurance (OSAGO)

10.3.3 Compulsory third-party liability insurance for hazardous activities

10.4 Supervision and Control

10.4.1 International Association of Insurance Supervisors

10.4.2 Federal Insurance Supervision Agency (FISA)

10.4.3 All-Russian Insurance Association (ARIA)

10.4.4 Russian Association of Motor Insurers (RAMI)

10.5 Non-Admitted Insurance Regulatory Trends

10.5.1 Overview

10.5.2 Intermediaries

10.5.3 Market Practices

10.5.4 Fines and Penalties

10.6 Company Registration and Operations

10.6.1 Type of Insurance Organizations

10.6.2 Establishing a Local Company

10.6.3 Foreign Ownership

10.6.4 Types of License

10.6.5 Capital Requirements

10.6.6 Solv

I own 3 rental properties and want to know if the tax laws have changed in 2008 for depreciation and what I can and can not deduct. It seems like it gets more complicated every year.

Answer by Judy
Federal laws on that haven’t changed for 2008

Answer by kidpup
This is a great question. There were several changes in Real Estate Depreciation. You may want to check the article
rojascpa.com.2008_real_estate_planning

It has more info than I can offer here.

One particular is the leasehold improvements made to the interior of commercial real estate. This doesn’t sound like it applies to you, but there may be some which will affect you

Answer by Juli
I don’t know! It seems like they change all the time. You can’t be sure till the end of the year. I know there were a bunch of changes in March 2008.

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