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Latest Tax Alerts

Check out the latest tax alert section of our website, full of links and articles for professional and personal tax news. Read More

Tax reform takes on new momentum as year-end approaches

Tax reform discussions continue on Capitol Hill with legislation expected to be ... Read More

FAQ: How does a business handle holiday gift-giving?

Holiday gifts made to customers are generally deductible as ordinary and ... Read More

How do I? Compute the Nanny Tax

YNanny tax. For purposes of federal tax, employers must withhold and pay FICA taxes ... Read More

November 2017 tax compliance calendar

As an individual or business ...
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IRS reminds taxpayers of ACA requirements; White House seeks administrative changes

As the 2018 filing season nears, the IRS is reminding taxpayers that the Affordable Care Act (ACA) remains on the books. The ACA’s reporting requirements for individuals have not been changed by Congress. At the same time, the Trump Administration has proposed administrative changes to the ACA, which could expand health reimbursement arrangements (HRAs), the use of short-term, limited duration health insurance, and association health plans.

Health coverage status

The ACA generally requires individuals to have minimum essential health coverage or make a shared responsibility payment, unless exempt. Most employer ... Read More

Year-end tax planning for 2017: challenges/opportunities

Year-end tax planning can provide most taxpayers with a good way to lower a tax bill that will otherwise be waiting for them when they file their 2017 tax return in 2018. Since tax liability is primarily keyed to each calendar tax year, once December 31, 2017 passes, your 2017 tax liability for the most part – good or bad – will mostly be set in stone.

Year-end 2017 presents a unique set of challenges for many taxpayers because of current efforts by Congress and the Trump Administration to enact tax reform legislation, the scope of which has not been seen since 1986, according to supporters. Whether this ambitious plan will be successful by the end of this year remains uncertain; but the reasons to prepare to maximize any benefits if it does happen are indisputable. Both talk of lower tax rates, and fewer deductions, requires careful monitoring at this time, with “contingency” plans ready to go before year-end should these changes occur.

Tax reform, although important, is not the ... Read More