The Treasury Department and the Internal Revenue Service released final regulations and additional proposed regulations under section 168(k) of the Internal Revenue Code on the new 100% additional first year depreciation deduction that allows businesses to write off most depreciable business assets in the year they are placed in service by the business.
Business Depreciation Ruling from the IRS Read More »
New in 2020, employers that qualify can set up “individual coverage” health reimbursement arrangements (HRAs). Employers will also be able to set up “excepted benefit HRAs.” HRAs involve employee accounts through which employers can reimburse certain health costs.
Health Reimbursement Arrangements Read More »
Employers who provide paid family and medical leave to their employees might qualify for a credit that can reduce the taxes they owe. It’s called the employer credit for family and medical leave.
Employer Benefit for Family and Medical Leave Read More »
Starting a business can be very rewarding. It can also be a little overwhelming. From business plans to market strategies, and even tax responsibilities… there are many things to consider. Here’s what new business owners can do to help get off to a good start.
Tax Tips to Help New Business Owners Succeed Read More »
The Taxpayer First Act (July 1, 2019) is considered the most significant tax legislation focused on Internal Revenue Service (IRS) reform since the IRS Restructuring and Reform Act of 1998.
The Taxpayer First Act Read More »
The IRS recently announced it is automatically waiving the estimated tax penalty for eligible taxpayers who already filed their 2018 federal income tax returns but did not claim the waiver. Many business owners, especially self-employed individuals who received income subject to withholding, would qualify for this relief.
IRS Automatically Waives Estimated Tax Penalty for Eligible 2018 Filers Read More »
The 199A deduction is one of the most complex parts of the 2017 Tax Cuts and Jobs Act. A couple of its features can have a big impact on retirement planning, and can allow taxpayers to deduct up to 20% of their qualified business income (QBI).
199A Features Have a Big Impact on Retirement Accounts Read More »
Recipients of taxable scholarships and Native American per capita distributions have been surprised with higher tax liabilities due to changes in the kiddie tax rules under The Tax Cuts and Jobs Act (TJCA).
Unintended Burden of Kiddie Tax on Low- and Middle- Income Families Read More »
Historically, taxpayers had to submit a private letter ruling request for a waiver if they missed the 60-day rollover deadline for IRAs or retirement plans, but today taxpayers can take the easier route of self-certification that they qualify for a hardship waiver.
Self Certifying Hardship When Missing IRA 60 Day Rollover Window Read More »
Employers are taking note of the new W-4 for 2020 – and employees should be taking a look, too.