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Blogging Beyond the Numbers

Posted by: Collin Alexander 2 months 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 months 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 2 months 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 2 months 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 3 months 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 3 months 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...
Posted by: Whitney Mauger 3 months ago
The holiday season is now officially in full swing. Many businesses show their gratitude to employees and customers by providing gifts or hosting holiday open houses and parties. It’s a good idea to understand the tax rules associated with these expenses.   What’s the tax treatment to the business and tax treatment to the recipients (employee vs customer/vendors)? If you make gifts to custom...
Posted by: Vicki Gramse 3 months ago
We have all heard people complain about the high costs of medical expenses.  But it might be possible to get a tax deduction for those medical expenses if you qualify. While not all individuals will be able to take advantage of this medical deduction, if properly planned, there could be great tax benefits. General Information For 2019, if you are claiming itemized deductions on your 1040 tax ret...
tax filing status checklist
Posted by: Tony Jaynes 3 months ago
December 31 means more than just New Year’s Eve celebrations. For tax purposes, it also affects the tax return filing status that will be checked on your tax return for the year. The filing status is important as it determines:  filing requirements, standard deduction, eligibility for certain tax credits, and ultimately the tax tables you’ll use to calculate the income tax.  When you file...
Posted by: Shana Valenta 3 months ago
401k plans are a good way to save money for retirement as well as an easy way to reduce your current year taxable income.  There are two different 401k plans that employers offer to their employees:  a traditional 401k plan and a Roth 401k plan.    Traditional 401k Contributing to a Traditional 401K plan through payroll (or as a solo 401k if you are a self-employed individual...
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