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Author Archive for Brian Whelan

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bwhelan

Democratic Senators Introduce Retirement Savings Bill to Restore Obama-Era MyRA Program

Democratic Senators Introduce Retirement Savings Bill to Restore Obama-Era MyRA Program The Senate Finance Committee’s (SFC) top ranking Democrat has introduced a bill to restore a retirement savings program known as myRA that was terminated by Treasury last year. The myRA program was created by former President Obama through an Executive Order. Retirement Savings “Cost-of-living […]

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bwhelan

GOP to Move Tax Bills During Lame-Duck Session

GOP to Move Tax Bills During Lame-Duck Session Congressional Republicans are looking to move forward with certain legislative tax efforts during Congress’s lame-duck session. The House’s top tax writer, who will hand the reins to Democrats next year, has reportedly outlined several tax measures that will be a priority when lawmakers return to Washington, D.C., […]

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bwhelan

Trump Signs Legislation Expanding Religious Exemption for ACA Individual Mandate

Trump Signs Legislation Expanding Religious Exemption for ACA Individual Mandate Tax-Related Portion of the Substance Use–Disorder Prevention that Promotes Opioid Recovery and Treatment (SUPPORT) for Patients and Communities Act, Enrolled, as Signed by the President on October 24, 2018, P.L. 115-271 President Donald Trump has signed bipartisan legislation, which expands a religious exemption for the Patient […]

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bwhelan

IRS – Withholding Calculator

IRS – Withholding Calculator The IRS encourages everyone to use the Withholding Calculator to perform a quick “paycheck checkup.”  This is even more important this year because of recent changes to the tax law for 2018. The Calculator helps you identify your tax withholding to make sure you have the right amount of tax withheld […]

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bwhelan

Disaster tax relief unveiled in Congress

Disaster tax relief unveiled in Congress As millions of Americans recover from Hurricanes Harvey, Irma and Maria, Congress is debating disaster tax relief. The relief would enhance the casualty loss rules, relax some retirement savings rules, and make other temporary changes to the tax laws, all intended to help victims of these recent disasters. At […]

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bwhelan

Courts Loosen Up On Conservation Easement Rules

Courts Loosen Up On Conservation Easement Rules Two recent court cases indicate that, although use of a conservation easement to gain a charitable deduction must continue to be arranged with care, some flexibility in determining ultimate deductibility may be beginning to be easier to come by. The IRS had been winning a string of cases […]

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bwhelan

How do I? Distinguish partnerships from other arrangements

How do I? Distinguish partnerships from other arrangements A partnership is created when persons join together with the intent to conduct unincorporated venture and share profits. Intent is determined from facts and circumstances, including the division of profits and losses, the ownership of capital, the conduct of parties, and whether a written agreement exists. Despite […]

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bwhelan

FAQ: What is “assignment of income” under the tax law?

FAQ: What is “assignment of income” under the tax law? Gross income is taxed to the individual who earns it or to owner of property that generates the income. Under the so-called “assignment of income doctrine,” a taxpayer may not avoid tax by assigning the right to income to another. Specifically, the assignment of income […]

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bwhelan

September 2017 tax compliance calendar

September 2017 tax compliance calendar As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important federal tax reporting and filing data for individuals, businesses and other taxpayers for the month of September 2017. September 1 Employers. Semi-weekly depositors must deposit employment taxes […]

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bwhelan

IRS continues campaign against worker misclassification

IRS continues campaign against worker misclassification The IRS remains focused on an issue that doesn’t seem to be going away: the misclassification of workers as independent contractors rather than employees. Recently, the IRS issued still another fact sheet “reminding” employers about the importance of correctly classifying workers for purposes of federal employment taxes (FS-2017-9). Generally, […]

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