Understanding and controlling the unemployment tax costs of your business

Understanding and controlling the unemployment tax costs of your business As an employer, you must pay federal unemployment (FUTA) tax on amounts up to $7,000 paid to each employee as wages during the calendar year. The rate of tax imposed is 6% but can be reduced by a credit (described below). Most employers end up … Continued

Take advantage of the gift tax exclusion rules

Take advantage of the gift tax exclusion rules As we head toward the gift-giving season, you may be considering giving gifts of cash or securities to your loved ones. Taxpayers can transfer substantial amounts free of gift taxes to their children and others each year through the use of the annual federal gift tax exclusion. … Continued

Uncle Sam may provide relief from college costs on your tax return

Uncle Sam may provide relief from college costs on your tax return We all know the cost of college is expensive. The latest figures from the College Board show that the average annual cost of tuition and fees was $10,230 for in-state students at public four-year universities — and $35,830 for students at private not-for-profit … Continued

2019 Q4 tax calendar: Key deadlines for businesses and other employers

2019 Q4 tax calendar: Key deadlines for businesses and other employers Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2019. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all … Continued

Final Regs Address Partnership’s Allocation of Creditable Foreign Tax Expenditures

Final Regs Address Partnership’s Allocation of Creditable Foreign Tax Expenditures Section 743(b) Adjustments In the case of a transfer of a partnership interest that results in an adjustment under Internal Revenue Code Section 743(b) — because the partnership has a Sec. 754 election in effect or because there’s a substantial built-in loss in the partnership … Continued

IRS Issues Q&As on Section 965 Transfer and Consent Agreements

IRS Issues Q&As on Section 965 Transfer and Consent Agreements Under the old rules, U.S. taxpayers were generally taxed on all income whether earned in the U.S. or abroad, but foreign income earned by a foreign subsidiary of a U.S. corporation wasn’t subject to U.S. tax on that income until it was “repatriated” to the United … Continued

Six Issues Targeted in IRS Compliance Campaigns

Six Issues Targeted in IRS Compliance Campaigns Here’s a look at the six issues the IRS is currently targeting:  1.  S corporation built-in gains (BIG) tax. An S corporation that used to be a C corporation is subject to the BIG tax when the S corporation: Has a net unrealized built-in gain on the C corporation’s assets, … Continued

The next estimated tax deadline is September 16: Do you have to make a payment?

The next estimated tax deadline is September 16: Do you have to make a payment?  If you’re self-employed and don’t have withholding from paychecks, you probably have to make estimated tax payments. These payments must be sent to the IRS on a quarterly basis. The third 2019 estimated tax payment deadline for individuals is Monday, … Continued

Expenses that teachers can and can’t deduct on their tax returns

Expenses that teachers can and can’t deduct on their tax returns As teachers head back for a new school year, they often pay for various expenses for which they don’t receive reimbursement. Fortunately, they may be able to deduct them on their tax returns. However, there are limits on this special deduction, and some expenses … Continued

Business News Quarterly 3rd Quarter 2019

Teamwork Strengthens Payroll and Other Departments Teamwork is essential in virtually every business operation. But working as a team is critical when departments such as payroll, finance and human resources have overlapping functions. If your company expects to compete in a global economy, you must ensure that employees in these separate departments work together effectively. … Continued