San Francisco, CA (PRWEB) December 14, 2013
Safe Harbor LLP (http://www.safeharborcpa.com/), one of the San Francisco Bay Area’s top CPA firms, is proud to announce the public release of its December tax bulletin. The firm specializes in helping high net worth individuals as well as businesses with tax, accounting, and financial planning issues. In light of the Affordable Care Act, the new bulletin focuses on preparing clients for new requirements in terms of health care.
“Health care is a significant expense for both individuals and businesses,”commented Chun Wong, CPA, managing partner at Safe Harbor LLP. “Many San Francisco Bay Area residents and businesses are coming to us to seek tax planning advice in light of new Federal requirements for health care.”
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Affordable Care Act - The Big Picture
Individuals are now required to purchase health care, if they do not receive it from their employer, subject to certain subsidies and income requirements. The law is complex, and the roll out at the Federal level has been plagued with difficulties. In California, fortunately, the website Covered California has been successfully run, thereby allowing individuals to shop for insurance. The tax implications of self-insurance vary with each individual, and individuals are advised to contact their tax professionals.
Businesses, in turn, face both new regulatory requirements and new tax benefits in the law. Some provisions have already deployed, while others have been postponed. Businesses, therefore, are best advised to contact their tax professional to plan out a tax strategy in the new environment of the Affordable Care Act.
IRS Circular 230 Notice
The Internal Revenue Service requires Safe Harbor LLP to inform the reader that any tax advice contained in this correspondence cannot be used for the purpose of avoiding penalties under the Internal Revenue Code or for promoting, marketing or recommending to another party any transaction or matter addressed.
About Safe Harbor LLP – a Professional CPA Firm in San Francisco
Safe Harbor LLP is a CPA firm that specializes in accounting and tax services for individuals and businesses throughout the San Francisco Bay Area and greater California. Safe Harbor CPAs helps both individuals and businesses with tax preparation, IRS audit defense, and audited financial statements. The firm prides itself on friendly yet professional service and utilizes state-of-the-art Internet technology to provide quality customer service.
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