Tag Archives: Legislation
Know the New Tax Rules for Business Use of a Cell Phone?
Virtually unheard of just 30 years ago, cell phone use in the U.S. has exploded since the first 150-user trial in D.C. and Baltimore in 1981. Now, for most of us, it’s unimaginable to function without one.
If your business provides employees with cell phones for business use—or reimburses employees for the business use of their personal cell phones—you’ve been subject to tax rules and recordkeeping requirements mandated by the IRS. If you’re an employee, the value of the cell phone (continue reading…)
Ready for Newly Mandated 401(k) and 403(b) Fee Disclosures? What Employers Need to Know
Does anyone really believe the old adage that says what you don’t know can’t hurt you? If you do, it’s probably costing you money.
Take your organization’s retirement plan. If you’re an employer with a 401(k), 403(b) or other qualified retirement plan, it’s your fiduciary responsibility to exercise care and due diligence with regard to your plan, and to act solely in the interest of your its participating employees. That includes monitoring fees and other costs to ensure that they’re reasonable (continue reading…)
Posted in Business Consulting Services, Closely Held + Family Business Practice, Distribution + Light Manufacturing Group, Emerging Businesses + Turnarounds, Employee Benefit Plans, Hospitality, Restaurant + Lodging Group, Not-for-Profit Practice, Professional Practices Group, Retail Group, Technology Group
Tagged Compensation, Legislation
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Losing Out on the Federal Research Tax Credit? IRS Releases Final Regulations for the Alternative Simplified Credit Method
If cats can claim nine lives, this has them beat. It’s the tax credit that wouldn’t, and arguably shouldn’t, die.
Initially created by the Economic Recovery Tax Act of 1981, the federal research credit was intended to expire after four years. And it did, but only temporarily.
Since 1981, the credit has expired and been revived, often retroactively, more than a dozen times.
Introduction to the Federal Research CreditDesigned to encourage investments in U.S.-based research and experimentation, the federal research credit can be claimed (continue reading…)
Affected by the Repeal of Expanded 1099 Reporting Requirements?
Considered by some a “costly, anti-business nightmare,” legislation to expand 1099 reporting initiated a firestorm of criticism in recent months.
That was then. This is now.
On April 14, President Obama signed the Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011. The Act repeals two provisions, both passed in 2010, that dramatically expanded requirements for filing IRS Form 1099.
According to the President, “Small businesses are the engine of our economy and… we can ensure they spend their (continue reading…)
Posted in Closely Held + Family Business Practice, Distribution + Light Manufacturing Group, Emerging Businesses + Turnarounds, Hospitality, Restaurant + Lodging Group, Not-for-Profit Practice, Professional Practices Group, Real Estate Group, Retail Group, Tax Services
Tagged Business Tax, IRS, Legislation
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Impacted by New 1099 Reporting Requirements?
[April 14, 2011 update: President Obama signs the Comprehensive Taxpayer Protection and Repayment of Exchange Subsidey Overpayments Act of 2011, repealing expanded Form 1099 reporting.]
[January 12, 2011: The following post is updated from the original post Receiving Rental Income from a Residential or Commercial Property?published December 14, 2010.]
It’s been all over the news: Congress, as a revenue raiser in its health care legislation, dramatically expanded Form 1099 reporting requirements beginning in 2012, for 1099s filed in 2013.
Now, after a wave (continue reading…)
Posted in Closely Held + Family Business Practice, High Net Worth Practice, Real Estate Group, Tax Services
Tagged Business Tax, IRS, Legislation, Personal Tax
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Want to Maximize the Potential Tax Benefits of Gifting?
Sometimes, legislation is as notable for the things it doesn’t change as the things it does. Take last December’s tax bill.
The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act liberalized many of the rules for gifting and estate planning, at least through 2012.
For example, it increased the lifetime gift tax exemption—the amount of money or other property that you can gift over the course of your lifetime without incurring a gift tax—to $5 million, up from $1 million in (continue reading…)
Posted in High Net Worth Practice, Personal Wealth Planning Services, Tax Services
Tagged Estate + Gift, IRS, Legislation, Personal Finances, Personal Tax, Wealth Planning
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Aware of the New IRS e-Filing Requirements for Individuals, Estates and Trusts?
Technology is an integral part of daily life for many of us—even when it comes to paying our taxes.
U.S. taxpayers chose to e‑file nearly a billion individual income tax returns with the IRS over the last two decades―100 million last year alone.
At the federal level, at least for individuals, e‑filing has remained voluntary.*
That’s now changed.
Building on the momentum for e‑filing, the Worker, Homeownership and Business Assistance Act of 2009 established new rules that require paid tax preparers to e‑file on behalf (continue reading…)
Posted in High Net Worth Practice, Personal Wealth Planning Services, Tax Services
Tagged Estate + Gift, IRS, Legislation, Philanthropy
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Want to Reduce Your Estate Tax? Plan Now to Take Advantage of Recent Legislative Changes
Uncertainty complicates planning. Sometimes, if we’re lucky, it also generates windows of opportunity.
Last December’s Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (Tax Relief Act) changed the rules for gifting and estate planning. It temporarily extended a number of expiring tax provisions while also establishing new, albeit temporary, provisions.
The result is a new opportunity for gifting and estate planning.
However, because the Tax Relief Act’s provisions expire after 2012, you only have two years to take advantage of new (continue reading…)
Posted in High Net Worth Practice, Personal Wealth Planning Services, Tax Services, Uncategorized
Tagged Estate + Gift, Legislation, Personal Finances, Personal Tax
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Want to Make a Tax-Free Donation to Charity from Your IRA for 2010 or 2011?
There aren’t many do-overs when it comes to your taxes. Generally, if you miss a tax deadline or a tax provision expires, you’ve lost an opportunity.
Last year’s Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (Tax Relief Act) provides an exception.
The Act temporarily extends a tax provision that allows you to make IRA distributions directly to qualified charities―a provision that originally expired after 2009.
The Act extends the IRA-to-charity provision for 2010 and 2011 only. However, because the extension wasn’t enacted until (continue reading…)
Posted in High Net Worth Practice, Personal Wealth Planning Services, Tax Services
Tagged Legislation, Personal Finances, Personal Tax, Philanthropy, Tax Credits + Incentives, Wealth Planning
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Know the Federal Tax Deductions and Limits for 2011?
As late as December, it appeared that 2011 would usher in big changes to the federal income, estate and gift tax rules.
Then Congress passed, and President Obama signed, the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (Tax Relief Act).
The Tax Relief Act extended a number of expired and expiring federal tax benefits and credits, reducing the number of federal tax changes for 2011. Most, but not all, of the federal inflation-adjusted tax amounts for this year are also unchanged.
Quick Reference (continue reading…)
Posted in Tax Services
Tagged Business Tax, Compensation, Estate + Gift, IRS, Legislation, Operations, Personal Tax, Tax Credits + Incentives
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