The Supreme Court often agrees to rule on questions upon which individual appeals courts have reached different conclusions, to create a uniform national legal standard. And that’s what the court did with a 5-4 decision in a case called Epic Systems Corp. v. Lewis. The basic question was whether the Federal Arbitration Act has greater authority over … Continue reading Supreme Court Sides with Employers on Arbitration Agreements
Summer jobs can be an effective way to teach children about financial responsibility, encourage them to save for college or retirement, and provide them with spending money during the school year. If you own a business, consider hiring your child (or grandchild) as a legitimate employee. It can be a smart tax-saving strategy for employee and … Continue reading New Tax Benefits of Hiring Your Kid
Many state legislatures are now in session. A major issue that state lawmakers may currently face is whether to conform their state income tax systems to all the changes included in the Tax Cuts and Jobs Act (TCJA). Some states are considering or have adopted legislation to address the following key provisions of the new tax … Continue reading Will States Conform to the New Tax Rules?
The Tax Cuts and Jobs Act (TCJA) may have put a crimp in some of your summer plans by eliminating or scaling back certain tax breaks. But individuals and small business owners still have plenty of opportunities to save taxes. Here are six ideas to save taxes that you may consider this summer. 1. Host an … Continue reading 6 Cool Ways to Save Taxes during the Hot Summer Months
Would you like to invest in a business that allows you to subsequently sell your stock tax-free? That may be possible with qualified small business corporation (QSBC) stock that’s acquired on or after September 28, 2010. Sales of QSBC stock are potentially eligible for a 100% federal income tax exclusion. That translates into a 0% federal income … Continue reading New Tax Law Boosts Appeal of Qualified Small Business Corporations
The Tax Cuts and Jobs Act (TCJA) introduced a flat 21% federal income tax rate for C corporations for tax years beginning in 2018 and beyond. Under prior law, profitable C corporations paid up to 35%. This change has caused many business owners to ask: What’s the optimal choice of entity for my start-up business? QBI Deductions … Continue reading Should Your Business Be a C Corporation or a Pass-Through Entity?
You might be in a rush to buy or sell a home before summer starts or interest rates increase even more. But, first, it’s important to review the tax rules related to home sales and deductions for mortgage interest, property taxes and work-related moving expenses. Beware: Some rules have changed under the Tax Cuts and Jobs Act … Continue reading Timing and Taxes: Two Critical Issues when Buying or Selling a Home
Glaring deficiencies in employee benefit plan audits across the accounting industry have prompted the U.S. Department of Labor’s Employee Benefits Security Administration to put several initiatives in place to improve the quality of audits and auditors in the coming years. Is your Employee Benefit Plan Audit auditor preparing for these new standards? Firms with smaller … Continue reading Top Employee Benefit Plan Audit Quality Improvements
The Tax Cuts and Jobs Act (TCJA) expands the first-year depreciation deductions for vehicles used more than 50% for business purposes. Here’s what small business owners need to know to take advantage. Depreciation Allowances for Passenger Vehicles For new and used passenger vehicles (including trucks, vans and electric automobiles) that are acquired and placed in service … Continue reading Take Advantage of Expanded Tax Breaks for Business Vehicles
Does your employee benefit plan auditor really understand what’s at stake when performing your audit? It is more than a governmental requirement. It protects the assets promised to your employees and ensures that plan administration is in full compliance with the US Department of Labor and IRS. The DOL has spent more than 25 years … Continue reading Key Areas of DOL Scrutiny