Put your audit in reverse to save sales and use tax

Put your audit in reverse to save sales and use tax It’s a safe bet that state tax authorities will let you know if you haven’t paid enough sales and use taxes, but what are the odds that you’ll be notified if you’ve paid too much? The chances are slim — so slim that many … Continued

Will Congress revive expired tax breaks?

Most of the talk about possible tax legislation this year has focused on either wide-sweeping tax reform or taxes that are part of the Affordable Care Act. But there are a few other potential tax developments for individuals to keep an eye on. Back in December of 2015, Congress passed the PATH Act, which made … Continued

International Tax Monthly August 2017

IRS Launches CbC Reporting Pages and FAQs The IRS recently introduced its new Country-by-Country reporting website pages and published frequently asked questions related to the reports. The IRS CbC website includes a CbC reporting guidance page (http://bit.ly/2v3lxin) that contains links to the final CbC Treasury Regulations on filing for early reporting periods, model competent authority arrangements, … Continued

Understand Your Social Security Retirement Benefits

For years, people have questioned the viability of the Social Security system going forward. In July, the Social Security Board of Trustees released its annual report on the long-term financial status of the Social Security Trust Funds. What’s My FRA? Your full retirement age (FRA) depends on the year in which you were born. Year … Continued

Eight Tips to Build Your Nest Egg and Help Employees Save for Retirement

Here are eight tips on how to structure your company’s 401(k) plan so you can defer the maximum amount of compensation and avoid problems with government regulators. Keep in mind there are deadlines to meet, various federal regulations to comply with and documents your company must have in place. When it comes to building wealth … Continued

Rx for Itemizing Medical Expenses

Medical expenses can be costly — and they’re not always covered by insurance. But there may be a silver lining: You may be able to claim an itemized deduction for the amounts you pay for medical, dental and vision care, if you incur enough costs to exceed the applicable threshold for the tax year. Here … Continued

A refresher on the ACA’s tax penalty on individuals without health insurance

Now that Affordable Care Act (ACA) repeal and replacement efforts appear to have collapsed, at least for the time being, it’s a good time for a refresher on the tax penalty the ACA imposes on individuals who fail to have “minimum essential” health insurance coverage for any month of the year. This requirement is commonly … Continued

Ten Techniques to Increase Your Company’s Profits

They say little things mean a lot. And relatively small expenses can add up to a huge amount of money your company could be wasting. By cutting costs, you can enhance your bottom line in several ways. Here are 10 ideas: Improve cash flow. If your business is seasonal, ask your biggest vendors to let … Continued

Tax Deductions for Transporting ‘Tools of the Trade’

Deducting commuting costs is generally not allowed. However, there’s an exception carved out by the courts for the required transportation of work equipment and tools. The additional cost — incurred strictly to carry the work implements back and forth — is deductible as an employee business expense. (Self-employed individuals write off the cost as a business … Continued

5 Recent Supreme Court Decisions that Could Affect Your Business

At the end of June, the U.S. Supreme Court adjourned for its summer recess. Here are five recent cases from its 2016 term that may be of interest to business owners and managers. Will Supreme Court Rewrite Quill? Recent legislative proposals to impose state and local sales and use taxes on Internet sales across state … Continued