The PATH Act (Protecting Americans from Tax Hikes) made several changes to bonus depreciation, most notably extending it through 2019 for most types of assets. However, another change slipped through with much less fanfare that can still lead to significant … Continued
Our May client bulletin looks at C-Corps vs. S-Corps/LLCs when it comes to Qualified Small Business Stock, taxes on lottery and gambling winnings, and handling health insurance through divorce.
The IRS has developed a new initiative to remind employers of their payroll tax obligations and to prevent the pyramiding of missed deposits. The Early Interaction Initiative will make expanded use of federal tax deposit alerts (FTD Alerts) to help … Continued
Mayor Bill de Blasio recently enacted Intro 295-A, which requires New York City companies with 20 or more full-time employees to offer pre-tax transit benefits. The bill encourages employers to take advantage of an existing federal tax benefit, which already allows … Continued
The volume and magnitude of identity theft incidents have grown to an alarming extent. Last year, more than 9.9 million Americans were victims of identity theft, a crime that cost them roughly $5 billion. Tax-related identity theft crimes have also … Continued
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 IRS has announced that victims of identity theft and refund fraud may obtain copies of bogus returns filed under their names. Victims or their authorized representatives may request copies of fraudulent Forms 1040, 1040A, 1040EZ, 1040NR, or 1040NR-EZ. Take … Continued
The IRS has alerted tax preparers that, in addition to a phishing scam involving an email asking preparers to update their e-services information (TAXDAY, 2015/11/25, I.3 ), some preparers are also receiving scam phone calls attempting to capture usernames and … 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
