Congress mulls bill to provide tax relief after natural disasters

The spring tornado season is here, and in some places in the country, has descended with force. The months of April and May have seen more than 500 tornadoes in a 30-day period, according reports from federal government weather forecasters in The New York Times. The violent storms stretched from eastern Colorado and New Mexico […]

Go green: Save tax by saving energy at home

“Going green” at home — whether it’s your principal residence or a second home — can reduce your tax bill in addition to your energy bill, all while helping the environment, too. The catch is that, to reap all three benefits, you need to buy and install certain types of renewable energy equipment in the […]

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 […]

ACA Employer mandate penalties increased for 2018

While the Affordable Care Act’s Individual Mandate is repealed beginning in 2019, the Employer Mandate still is the law, and the IRS recently updated those penalties for 2018. The penalties relate to applicable large employers, or ALEs, that fail to offer affordable coverage to all their full-time employees. The update, along with additional information for […]

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 […]