WOTC is a win-win for employers and employees alike
Employers can get credit where credit is due. The Work Opportunity Tax Credit is a valuable and beneficial tool for employers to receive a tax credit for hiring certain workers who face significant barriers to employment. The Work Opportunity Tax Credit generally is based on wages paid to eligible employees during their first year of […]
An ‘accountable plan’ may benefit employees impacted by TCJA
Tax cuts were the headlining feature in the sweeping tax reform law that went into effect at the beginning of the year. There are other provisions, though, of the Tax Cuts and Jobs Act that could negatively impact employees’ paychecks. Prior to enactment of the law on Jan. 1, 2018, employees were allowed to deduct […]
Tax reform changes to employee benefits tax breaks: 4 negatives and a positive
The Tax Cuts and Jobs Act (TCJA) includes many changes that affect tax breaks for employee benefits. Among the changes are four negatives and one positive that will impact not only employees but also the businesses providing the benefits. 4 breaks curtailed Beginning with the 2018 tax year, the TCJA reduces or eliminates tax breaks […]
2017 tax filing deadline for pass-through entities is March 15
When it comes to income tax returns, April 15 (actually April 17 this year, because of a weekend and a Washington, D.C., holiday) isn’t the only deadline taxpayers need to think about. The federal income tax filing deadline for calendar-year partnerships, S corporations and limited liability companies (LLCs) treated as partnerships or S corporations for […]
‘Extender’ bill revives some expired tax provisions
Congress approved this month some last-minute tax law changes to extend some expired provisions into the 2017 tax year. The Bipartisan Budget Act of 2018 extends some tax provisions that expired at the end of 2016. It is commonly referred to as an “extender” bill because it extends expired provisions through the 2017 tax year. […]
Tax reform: Here’s how you are affected
Congress passed the “Tax Cuts and Jobs Act” on Dec. 21, 2017. Many of the provisions in the Act begin after Dec. 31, 2017, and expire by Jan. 1, 2026. There is a lot to digest and we will have continuing communication with you to more fully explain these changes to the tax law, how […]
It’s time for business owners to begin year-end planning
The end of the year is fast approaching and we want to provide some strategies for minimizing your corporate tax bill this year. Businesses should consider making expenditures that qualify for the business property expensing option. For tax years beginning in 2017, the expensing limit is $510,000 and the investment ceiling limit is $2.03 million. […]
A snapshot of the Tax Cuts and Jobs Act
Congress released this week the Tax Cuts and Jobs Act, and we wanted to give you a snapshot of some of the provisions included that could have an impact on you and your business. As the bill moves through the legislative process, many of these details will likely change, but we want you to know […]