The Social Security Administration (SSA) has announced that the maximum amount of earnings subject to OASDI Social Security tax will remain at $118,500 for 2016, the same as for 2015. The SSA cost-of-living adjustments (COLAs) are based on the rise … Continued
For 2016, the domestic employee coverage threshold, as adjusted for inflation, will be $2,000, up from $1,900 in 2015. This amount had been unchanged since 2014. Earnings of any domestic employee are not subject to Social Security taxes if they … Continued
The following states will be increasing the minimum wage for 2016. Don’t forget to contact your payroll team, as many providers will not automatically update the wage rate without your authorization! State Min Wage Tipped Employee Min Wage Alaska $9.75 N/A … Continued
What to do with Form 1095-A This year, you may receive one or more forms that provide information about your 2015 health coverage, such as forms 1095-A, 1095-B and 1095-C. Form 1095-A, Health Insurance Marketplace Statement, provides you with information … Continued
The Tax Code and its regs impose substantiation requirements that become more rigorous as the items of donated property increase in value. The basic rules are summarized in brief, below: Donations of money. A bank record or a written communication … Continued
Federal Tax Day – Current,T.1,TIGTA Warns of Largest Ever Phone Fraud Scam Targeting Taxpayers, (Mar. 24, 2014) The Treasury Inspector General for Taxpayer Administration (TIGTA) has issued a warning to taxpayers to beware of phone calls from individuals claiming to … Continued
Loans between shareholders and closely held corporations are subject to special tax scrutiny and if not properly documented, can produce adverse tax results. Loans from corporations to shareholders are the subject of an IRS Audit Technique Guide that stresses the … Continued
Our April 2016 client bulletin takes a look at: Deducting sales tax Making charitable donations from your IRA Higher education tax breaks Tax-free investment gains Click to download client bulletin.
Our March 2016 client bulletin takes a look at: The details of deducting charitable donations How to make tax-efficient IRA withdrawals, and The growing importance of cybersecurity for business owners Click to download client bulletin PDF.
Our February 2016 client bulletin takes a look at the intricacies of deducting interest paid, reaching the IRS during tax season, and the importance of portability in estate tax planning. Click to download client bulletin PDF.
