Tax reform made a lot of changes to business accounting, and while high-profile moves, like reduced rates for corporate and individual income taxes, got a lot of attention, some of the smaller changes largely went unnoticed. One change you may not have heard about was the elimination of the deduction for those employees who maintain […]
The IRS has launched a new “Tax Withholding Estimator”, an expanded, mobile-friendly online tool designed to make it easier to have the right amount of tax withheld during the year. It replaces the former IRS Withholding Calculator, and offers workers, retirees, self-employed individuals and other taxpayers, a more user-friendly step-by-step tool for effectively tailoring the […]
Veterans who are owed refunds for overpayments attributable to disability severance payments need to consult their tax advisor to file amended returns and claim their tax refunds before time runs out.
Veterans who received disability severance payments after January 17th 1991 and before January 1st 2017 and included that payment as part of their taxable income […]
On July 1st 2019 President Trump signed into law a sweeping, bipartisan IRS reform bill called the Taxpayer First Act ( P.L. 116-25). This legislation aims to broadly redesign the IRS for the first time in over 20 years.
The law makes a host of targeted improvements to the IRS, aimed at bolstering its customer service, modernizing […]
The U.S. Departments of Labor, Treasury, and Health and Human Services released a final ruling expanding the availability of health reimbursement arrangements (HRAs) employers can use to pay for or reimburse employees for qualifying medical expenses, including premiums for individual health insurance coverage. This HRA ruling will significantly expand employers’ options for offering healthcare benefits […]
Nonprofits routinely receive non-cash gifts, also known as in-kind donations, from donors who support the organization’s mission and programming. In-kind contributions are donations of goods, services or time instead of cash.
Fundraisers often auction off donated goods and services. Development officers receive real property, financial instruments, and other goods from donors that can be converted to […]
Every business that has employees is required to have an Employer Identification Number (EIN). It’s effectively your business’ Social Security number.
The Internal Revenue Service announced that it has revised the Employer Identification Number application process in order to provide greater security and improve transparency. The revision will require that each applicant’s responsible party have either […]
Want to buy one of GM’s electric cars? Better act fast. The Obama administration created the tax break — known officially as the “Plug-In Electric Drive Vehicle Credit” — in 2008 to both spur automakers to go electric and induce consumers to switch to greener cars, which tend to be pricier.
The tax credit for new […]
Identity theft on your taxes can occur when someone steals your Social Security number, files a tax return and claims a fraudulent tax refund in your name. It is a stressful and troublesome problem for taxpayers, businesses and the IRS. You often may not know that your identity has been stolen until you receive notice […]
In the business world, you may have to spend some time wining and dining with potential clients, business partners, vendors, or employees. So, what can you deduct on your tax return for these types of expenses?
In 2018 the Tax Cuts and Job Act (TCJA) was implemented. The TCJA eliminated business deductions for “entertainment, amusement, or […]