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Blogging Beyond the Numbers

Posted by: Mike Scholz 3 days ago
One of the changes made to the tax laws by the Tax Cuts and Jobs Act (TCJA) was to disallow a tax deduction for qualified transportation fringe benefits businesses provide to their employees.  This nondeductible expense has been dubbed the “Parking Lot Tax”. Items subject to disallowance as a Qualified Transportation Fringe benefits (QTFs) include: Parking expensesCommuter vehicle transport...
Posted by: Katy Mering 2 weeks ago
Download a pdf of the articleDownload Congress recently passed - and the President signed into law - the SECURE Act, landmark legislation that may affect how you plan for your retirement. Many of the provisions go into effect in 2020, which means now is the time to consider how these new rules may affect your tax and retirement-planning situation. Here is a look at some of the more important elements...
Posted by: Jessica Grant 2 weeks ago
On December 20, 2019 the President signed the Setting Every Community Up for Retirement Enhancement Act (SECURE Act) into law.  This law made a lot of positive changes in IRAs and retirement plans.  Below are a couple key tax law provisions impacting retirement plans effective as of January 1, 2020 New Plans Can be Adopted AFTER the Close of Year  Under the old rule, for a qualifie...
Posted by: Jessica Grant 2 weeks ago
On December 20, 2019 the President signed the Setting Every Community Up for Retirement Enhancement Act (SECURE Act) into law.  This law made a lot of positive changes in IRAs and retirement plans.  Below is a summary of the major items that you may want to consider when discussing your taxes with your tax adviser between now and April 15th, 2020. The following changes are effective as of Janu...
Posted by: Collin Alexander 2 weeks ago
The “Further Consolidated Appropriations Act, 2020” was signed into law on December 20, 2019, and includes a variety of provisions that provided tax relief to businesses and employers. The new law includes an extension (generally through 2020) of more than 30 provisions that were set to expire or already expired. Two other laws were passed as part of the law (The Taxpayer Certainty and Disaster Tax Rel...
Posted by: Chris Bell 2 weeks ago
In the spirit of giving during the holiday season, a package of tax provisions passed by Congress could be significant for some taxpayers. The Further Consolidated Appropriations Act of 2020 was signed into law by President Trump on December 20th, 2019. While the primary purpose of the bill is to appropriate federal budget among various departments and programs for 2020, the Act also includes several tax l...
Posted by: Cheryl Wittmann 3 weeks ago
Do you receive income from one of the online platforms offering goods and services (e.g., Uber, Lyft, Airbnb or DoorDash)?  Keep in mind there are tax consequences for the people who perform these and other side jobs.  If you receive income from a “gig” or other sharing economy jobs, it’s almost ALWAYS taxable.  Even if you don’t receive a Form 1099 or W-2 reporting the amount of mon...
Posted by: Yigit Uctum 4 weeks ago
The Tax Cuts and Jobs Act of 2017 included a provision that had a significant impact on certain tax-exempt organizations that provided qualified transportation fringe benefits. It required these organizations to pay an “unrelated business income tax” (UBIT) on the cost of the transportation benefits provided after December 31, 2017. The President signed into law legislation that includes a repeal of...
Posted by: Yingying Yuan 1 month ago
In July 2019, the AICPA issued SAS 136, which makes significant changes to virtually every aspect of audits of employee benefit plans covered by ERISA.  The revision with the most significant impact on auditors is the effective replacement of the "limited scope audit" provisions with new Section 103(a)(3)(C) audit rules. This SAS effective date will be for periods ending on or after December 15, 2020....
Posted by: Mike Scholz 1 month ago
Health and accident insurance premiums paid on behalf of a 2% S corporation shareholder-employee should be reported as wages on the shareholder-employee’s Form W-2, subject to income tax withholding. In addition, the medical premiums paid by the S corporation for the 2-percent shareholder-employee’s spouse and dependents should also be included in the wages of the shareholder. Noncompliance with this r...
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