May 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during April, you are required to report them to your employer on IRS Form 4070 no later than May 10th. Your employer is required to withhold FICA taxes and income tax withholding [...]
Many taxpayers prefer to care for ill or disabled family members in their homes as opposed to placing them in nursing homes, but doing this can be expensive, time-consuming, and exhausting. Many find that respite care provides an answer to these problems, but extra help is always welcome when caring for someone 24/7. Unfortunately, the [...]
Selling a business is never a decision that should be made lightly. A business is something that you've likely worked hard to build from the ground up into the entity that you always hoped it could be - you don't want to sell yourself short now that you're moving onto bigger and better things. When [...]
Article Highlights: • Acquisition Debt • Equity Debt • Debt Limits • Form 1098 Modification • Correspondence Audits • Incorrect Interest Allocation Many individuals who believe all of the interest reported by home mortgage lenders on the Form 1098 is automatically deductible may be in for a very unpleasant surprise when they file their 2016 [...]
Article Highlights: • Form 4868 • Late Payment Penalty • Taxpayers Residing Abroad • Retirement Contributions • Estimated Tax Payments • Foreign Bank Account Reporting A taxpayer who needs more time to complete his or her 2015 individual tax return can request an automatic six-month extension. The extension is obtained by filing IRS Form 4868 [...]
Article Highlights: • Employer shared responsibility provisions • Who must be offered affordable minimum essential health coverage? • Full-time employees • Equivalent full-time employees • Transitional relief Under the Affordable Care Act, certain employers – referred to as applicable large employers (ALEs) – are subject to the employer shared responsibility provisions, which require ALEs to [...]
Article Highlights • IRA-to-Charity Transfer Provision Made Permanent • Required Minimum Distribution • How the Provision Plays Out on a Tax Return • Tax Benefits of the Provision Individuals age 70.5 or over—who must withdraw annual required minimum distributions (RMDs) from their IRAs—will be pleased to learn that the temporary provision allowing taxpayers to transfer [...]
The recently enacted "Protecting Americans from Tax Hikes Act of 2015" (i.e., the 2015 PATH Act) contains a provision making permanent the popular research credit, which encourages businesses to invest more in research and development than they otherwise would, through a tax credit for spending on qualified research. The credit (1) is for 20% of [...]
The recently enacted "Protecting Americans from Tax Hikes Act of 2015" (i.e., the PATH Act) extended and expanded an important tax provision for business: bonus depreciation. I'm writing to give you an overview of the bonus depreciation provisions in the new law. Please call our office for details of how the new changes may affect [...]
Congress has once again extended the "extenders," a varied assortment of more than 50 individual and business tax deductions, tax credits, and other tax-saving laws which have been on the books for years but which technically are temporary because they have a specific end date. This package of tax breaks has repeatedly been temporarily extended [...]
