Businesses can benefit from the enhanced Employee Retention Tax Credit
Can your business benefit from the enhanced Employee Retention Tax Credit?
Employer provided vehicles – 2019 IRS updates
The IRS recently announced the inflation-adjusted maximum value of an employer-provided vehicle under the vehicle cents-per-mile rule and the fleet-average value rule. Employers can use the rules to value an employee’s personal use of such a vehicle for income and employment tax purposes. The new values reflect vehicle-related amendments in the Tax Cuts and [...]
The IRS Issues Updated 2018 Tax Withholding Tables
Due to the passage of the Tax Cuts and Jobs Act (TCJA) late last year, the IRS has released updated 2018 tax withholding tables, which is one of the first critical steps to institute the law’s overhaul of the federal income tax regime. These tables indicate how much employers should hold back from their employees’ [...]
A Tax Court Victory for Homebuilders Might Not Apply to Others, Says the IRS
In a significant case, homebuilders that want to realize income under the completed contract accounting method based on an entire development won a victory. However, the IRS recently responded by announcing that it generally wouldn't follow the decision in cases involving other taxpayers. The U.S. Court of Appeals for the Ninth Circuit upheld a lower [...]
New Due Dates for 1099-MISC and W-2
Businesses should be aware of new due dates for filing Forms 1099-MISC for their independent contractors, and employee W-2 forms. Previously, businesses had until the end of February to file these 1099s and W-2s with the IRS and the Social Security Administration (or by March 31 if filed electronically). Now, the due dates have been [...]
IRS announces 2017 COL adjustments affecting pension plans
The Internal Revenue Service today announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2017. The IRS today issued technical guidance detailing these items in Notice 2016-62. Highlights of changes for 2017 The income ranges for determining eligibility to make deductible contributions to traditional Individual Retirement [...]
Porter Ranch Gas Leak and Your Taxes
The IRS has released Announcement 2016-25 related to the Porter Ranch gas leak at the Aliso Canyon natural gas storage facility. The announcement declares that the IRS will not assess tax on reimbursements paid to, or on behalf of, the residents of affected area. The leak affected an entire community, causing widespread health issues and [...]
Large Changes to Overtime Rules Handed Down by DOL
The U.S. Department of Labor (DOL) has made dramatic changes to the determination of which executive, administrative and professional employees — otherwise known as “white-collar workers” — are entitled to overtime pay under the Fair Labor Standards Act (FLSA). The new rules will make it more difficult for employers to classify employees as exempt from [...]
6 Tax Tips for the Self Employed
If you are self-employed, you normally carry on a trade or business. Sole proprietors and independent contractors are two types of self-employment. If this applies to you, there are a few basic things you should know about how your income affects your federal tax return. Here are six important tips from the IRS: SE Income. [...]
6 Key Late Tax Filing Facts
April 18 was this year’s deadline for most people to file their federal tax return and pay any tax they owe. If you are due a refund there is no penalty if you file a late tax return. If you owe tax, and you failed to file and pay on time, you will most likely [...]
