accounting

IRS: Partners Cannot be Employees

The IRS issued temporary regulations intended to halt the practice some partnerships have adopted of treating partners as employees of a disregarded entity owned by the partnership so they can be included in employee benefit plans and receive other benefits. However, the IRS is also asking for comments on when it might be appropriate to… Read more »

Save Taxes with Employer-Provided Transportation Fringe Benefits

The Internal Revenue Code allows some worthwhile tax breaks for transportation-related employee fringe benefits. They’re intended to persuade you to give up your gas-guzzling vehicle when commuting to work and instead “go green.” If your employer offers these tax-favored benefits, you should consider signing up. Here are the specifics. Favorable Tax Treatment The employer-provided benefits… Read more »

10 Elections That Can Save Money on Your 2015 Federal Taxes

This year’s presidential election has drawn significant attention, but the elections you make on your 2015 personal tax return can be just as important to your financial welfare. Here’s a list of 10 potential elections for individuals (including self-employed taxpayers) to consider making before tax day on April 18, 2016 (or April 19 for taxpayers… Read more »

IRS Extends ACA Filing Deadlines

Employers and other organizations got some good news from the IRS for the start of the new year. The tax agency announced that it’s extending the due dates for filing 2015 Affordable Care Act (ACA) information returns. This gives employers extra time to complete two tasks: 1. Provide the forms to the recipients and 2…. Read more »

Important Tax Figures for 2016

The following table provides some important federal tax information for 2016, as compared with 2015. Many of the dollar amounts are unchanged or have changed only slightly due to low inflation. Other amounts are changing due to legislation.   Social Security/ Medicare 2016 2015 Social Security Tax Wage Base $118,500 $118,500 Medicare Tax Wage Base… Read more »

Are your finances fit for 2016?

Have you achieved all of the goals you set for 2015? If some of your 2015 New Year’s resolutions remain unresolved, don’t get discouraged. There’s no time like the present to cross a few items off your to-do list after the holidays. Doing so will ward off the post-holiday blues and set a positive tone… Read more »

New Law Closes Loopholes Involving Social Security Benefits

A new law closes loopholes in the Social Security rules that have allowed married couples to receive more benefits over their lifetimes by following certain strategies. The Bipartisan Budget Act of 2015, signed by President Obama on November 2, 2105, shuts down loopholes that Congress said will “prevent individuals from obtaining larger benefits than Congress… Read more »