By Paul Majors, CPA
Recently the Internal Revenue Service released the final instructions for the 3.8 percent Net Investment Income Tax, or NIIT, that was included as part of the Affordable Care Act. The tax took effect on January 1, 2013 and while it has lately been the topic of many discussions in the financial community, it can be very confusing.
What exactly is the Net Investment Income Tax and who is subject to it?
This provision in the Affordable Care Act imposes a 3.8 percent tax on unearned income. This includes interest, dividends, annuities, royalties and rents which are not derived in the ordinary course of trade or business, including passive income from S corporations or partnerships.view full article
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SB&F Recent News
SB&F announced today that the company has added five new employees. Reba Long, CPA, joins as new senior audit associate; Sean Miller, CPA, as new tax manager; Karen Lowrey as new business solutions services team member; Paige Todd as new audit associate and Debbie Webb as new North Dallas office coordinator. SB&F also announced the promotion of two employees, both to senior tax associate: Josh Reynolds and Rosa Marikar.
“We are excited to welcome Reba, Sean, Karen, Paige and Debbie to the SB&F team,” said Rick Baumeister, managing partner at SB&F. “We are committed to growing our business with employees who each bring a unique set of skills and knowledge to not only our audit and tax divisions but to SB&F as a firm.” (read more)
Specialty Parts and Electronic Components, Inc., as the name suggests, specializes in providing its customers with difficult to find, older items. It also sells commercial aircraft parts and electronic components. They are a family-owned and -operated business and because of that, Specialty Parts understands the importance of family.
In fact, two afternoons a week, one employees’ six-month old baby comes to the office with him.
“We would hate for her to go to a daycare center so soon,” said Julie Graham, Specialty Parts and Electronic Components owner. “Honestly, we all love her to death. She gets passed around the office so much that she barely affects anyone’s work!” (read more)