December 23rd, 2017 by Kim Chen
IR-2017-198, Dec. 1, 2017 WASHINGTON — The IRS, state tax agencies and the nation’s tax industry joined together to warn small businesses to be on-guard against a growing wave of identity theft against employers. Small business identity theft is a big business for identity thieves. Just like individuals, businesses may have their identities stolen and […]
December 22nd, 2017 by Kim Chen
WASHINGTON — The IRS, state tax agencies and private-sector tax groups warned the nation’s business, payroll and human resource communities about a growing W-2 email scam that threatens sensitive tax information held by employers. These emails may start with a simple, “Hey, you in today?” and, by the end of the exchange, all of an […]
December 19th, 2017 by Kim Chen
On December 15, the Conference Committee—having reconciled and merged the differing House and Senate provisions into a single piece of legislation—released the final version of the “Tax Cuts and Jobs Act,” a sweeping tax reform proposal. This article describes a number of the Act’s changes that would affect S corporations, partnerships, tax-exempt organizations, electing small […]
December 19th, 2017 by Kim Chen
On December 15, the Conference Committee—having reconciled and merged the differing House and Senate provisions into a single piece of legislation—released the final version of the “Tax Cuts and Jobs Act,” a sweeping tax reform proposal. This article describes key business tax changes that are made under the Act, including a reduction in the corporate […]
October 19th, 2017 by Kim Chen
Employee Retention Credit for Employers Affected by Hurricane Irma.— (1)In general.— For purposes of section 38 of the Internal Revenue Code of 1986, in the case of an eligible employer, the Hurricane Irma employee retention credit shall be treated as a credit listed in subsection (b) of such section. For purposes of this subsection, the […]
October 18th, 2017 by Kim Chen
In Notice 2017-47, the IRS granted penalty relief for partnerships that failed to file their tax returns or extension requests by the new March 15 deadline. Partnerships qualified for relief if (1) they filed returns with the IRS and furnished copies to partners (as appropriate) by the date that would have been timely before amendment […]
October 11th, 2017 by Kim Chen
(a) General rule. Gross income shall not include any amount received by an individual as a qualified disaster relief payment. (b) Qualified disaster relief payment defined. For purposes of this section , the term “qualified disaster relief payment” means any amount paid to or for the benefit of an individual- (1) to reimburse or pay […]
September 21st, 2017 by Kim Chen
The Collier County Office of Business & Economic Development and FGCU’s Small Business Development Center have set up a Business Recovery Center at the Naples Accelerator, 3510 Kraft Road, Suite 200. The location is open Monday through Friday from 9 a.m. to 6:30 p.m. For more information, call 239-252-8990 or 850-989-3489. Businesses can also email […]
September 21st, 2017 by Kim Chen
Hurricane Irma has left many victims in parts of Florida, the U.S. Virgin Islands and other areas unable to fulfill their tax responsibilities and perform some key tax-related responsibilities. In response, the IRS is offering Hurricane Irma victims extra time to complete these tasks. Affected individuals now have until January 31, 2018, to file certain […]
June 23rd, 2017 by Kim Chen
For many companies, the sudden death of an owner or hard-to-replace employee could spell doom for the business itself. Key person insurance guards against this risk. Your business pays the premiums and, if the insured dies while the policy is in effect, receives the payout. Premiums generally aren’t tax deductible, but death benefits typically aren’t […]
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