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
Sanford, Baumeister & Frazier, LLP announced today that two new partners, Paul Majors, CPA and Carter W. Rouse, CPA, have joined the team. SB&F also announced the promotion of five employees: Candace Blair, CPA, to senior tax manager, Megan Terrell, CPA, to senior audit manager, Adam Renz and Shahid Charania to tax associates and Eddie Grand to tax intern. “We are very excited to welcome Paul and Carter to the SB&F team, as well as announce the promotions of five of our staff members,” said Rick Baumeister, managing partner at SB&F. “Each of our employees brings a unique set of skills and knowledge which continues to promote the growth of SB&F as a firm.” (more)
Saf-T-Glove conducts business with one constant goal in mind: make the industrial workplace safer for workers. Headquartered in Grand Prairie, Texas and with branches located in Kansas City, Kan. and Tulsa, Okla., Saf-T-Glove stands above and apart from its competition.
Saf-T-Glove specializes in what you would expect a company with “glove” in their name to specialize – gloves. Specifically, they distribute all styles of industrial work gloves, including cotton, leather, terrycloth, coated, chemical resistant, thermal and disposable exam gloves. Along with gloves, Saf-T-Glove also sells Personal Protective Equipment (PPE) such as safety glasses, hearing protection, respiratory protection, hard hats, traffic safety as well as ergonomic products, safety signs and protective clothing. (more)