CPA

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 »

For Richer or Poorer: Financial and Legal Considerations in Marriage

Last year, the average U.S. wedding cost $32,641 — including engagement rings but excluding honeymoons — according to the 2015 Real Weddings Study published by The Knot, a wedding marketplace and concierge service. That staggering amount represents an increase of more than $5,500 over the past five years. On average, the couple foots 43% of… Read more »

Could Your Business Benefit from the Work Opportunity Credit?

If you plan to hire new employees this year, you’re not alone. Employment statistics ended 2015 on a positive note. In addition, roughly 242,000 new jobs were added in February and the unemployment rate fell to 4.9%, its lowest level in eight years. Several recent studies indicate that the hiring momentum will continue in 2016. Hiring… Read more »

Five Last-Minute Moves to Lower Your 2015 Tax Bill

Tax Day is right around the corner. Have you filed your federal tax return yet? The filing deadline to submit 2015 individual federal income tax returns is Monday, April 18, 2016, rather than the traditional April 15 date. Washington, D.C., will celebrate Emancipation Day on Friday, April 15, which pushes the deadline to the following… 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 »