July 22nd, 2016 by Kim Chen
Last July, the IRS described its intent to eliminate, as of 1/1/17, the staggered five-year determination letter remedial amendment cycles for individually designed retirement plans and limit the scope of the program (see Ann. 2015-19, 2015-32 IRB 157 ). Following up on that announcement, the IRS recently made clarifying changes and modifications to the six-year […]
July 10th, 2016 by Kim Chen
Written by Jane Compagnone Beginning in 2017, the IRS has changed the deadlines for submission of government copies of W2 and 1099 forms to January 31st. This means that you will not only be required to provide W-2 forms to your employees by January 31st, but you must also file W-2 forms and their W-3 […]
July 7th, 2016 by Christian Wynns
A summer job is a classic rite of passage for teenagers. But teen jobs can be a source of aggravation for young workers and parents who aren’t prepared to deal with the potential taxes. When it comes to income, the IRS generally wants its cut, regardless of the earner’s age. But some special tax rules […]
June 16th, 2016 by Christian Wynns
Convincing your kids to use their summer earnings to invest in an IRA is a pretty tough sell. But it’s an excellent idea and one that might not be too outlandish if you encourage your child simply to allocate a portion of his or her earnings to the cause. Not only will modest contributions add […]
May 31st, 2016 by Christian Wynns
Business owners will be retiring in droves over the next ten years, which means they will be considering their options for passing the business on to family or key employees or to selling the business to someone else. This process will be a new experience for most owners since chances are they’ve never tried to […]
May 24th, 2016 by Christian Wynns
When unused flexible spending account (FSA) balances are forfeited back to employers under the “use-it-or-lose-it” rule, employers have several options for what they can do with the money. Here is what employers need to know after first covering some necessary background information. Flexible Spending Account Basics Under an employer-sponsored flexible spending account (FSA) plan, […]
May 17th, 2016 by Christian Wynns
This election season, Republicans and Democrats don’t seem to agree on much. But 95% of voters — regardless of which U.S. presidential candidate they favor — support American-made products. The vast majority of Americans also favor training programs, trade enforcement, tax incentives and a national strategy to support U.S. manufacturing, according to the Alliance for […]
May 16th, 2016 by Kim Chen
In a recent news release, the IRS reminded tax-exempt organizations that 2015 information returns must be filed by Monday, 5/16/16 since the customary May 15 deadline falls on a Sunday. Tax-exempt organizations with average annual gross receipts of $50,000 or less may file an electronic notice, Form 990-N. Other tax-exempt organizations must file a Form […]
May 13th, 2016 by Christian Wynns
Last September, President Obama issued an executive order requiring federal contractors to allow employees at least seven days of paid sick leave. Proposed regulations issued in late February 2016 added flesh to the bones of the executive order. Final regulations are to be published and will take effect by September 30. The number […]
May 10th, 2016 by Christian Wynns
With Health Savings Accounts (HSAs), individuals and businesses buy less expensive health insurance policies with high deductibles. Contributions to the accounts are made on a pre-tax basis. The money can accumulate year after year tax free, and be withdrawn tax free to pay for a variety of medical expenses such as doctor visits, prescriptions, […]
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