A taxpayer is generally allowed to deduct the expenses attributable to running a home office provided the space is used exclusively for that purpose. The rules permit a deduction for all the expenses attributable to running the household, including depreciation, … Continued
What’s the deal? Effective December 1, 2016, the new overtime rules are changing the exemptions that currently allow employers to avoid paying overtime to certain employees. Currently, employees making less than a certain salary threshold must be paid overtime (the … Continued
The Trade Preference Extension Act (the TPE) became law on 6/29/15, and included in it were a few little-noticed but significant changes to the penalties for failing to file required information returns (i.e. 1099s and W-2s) and, in some cases, … Continued
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
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
