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
The projected luxury auto depreciation limits under Code Sec. 280F for passenger automobiles placed in service in 2016 are: $3,160 for the first year, the same as for 2015 ($11,160 for 2016, same as for 2015, only if Congress extends … Continued
The House passed the Tax Extenders tax bill yesterday, and the Senate did so today. The legislation is expected to be signed into law by President Obama immediately. The extension of the tax benefits, which expired after 2014, was made … Continued
On December 18, 2015, Congress passed the “Protecting Americans from Tax Hikes Act of 2015” (PATH Act), which introduced various improvements to 529 plans, effective retroactively to tax years beginning after December 31, 2014, including, but not limited to, the … Continued
For years, “File & Suspend” has been a popular strategy for married couples to maximize their social security benefits upon retirement. However, due to the Bipartisan Budget Act of 2015, this option may no longer be available as of April … Continued
The Child Tax Credit is an important tax credit that may save you up to $1,000 for each eligible qualifying child, that said, you should be sure that you qualify before you claim it. Here are four useful facts from … Continued
