Tax Deduction: State and Local Sales Taxes
Could the Tax Deduction of State and Local Sales Taxes Save You Money? For the last several years, taxpayers have been allowed to take an itemized tax deduction for state…
Flexible Spending Accounts Must Be Amended by Year-End
Update Your Flexible Spending Account Now Health care Flexible Spending Accounts (FSAs) allow employees to redirect pretax income to an employer-sponsored plan that reimburses them for qualified medical expenses not…
New Job – Don’t Forget Your Retirement Plan
What to do with your old retirement plan when you change jobs. First and foremost, don’t take a lump-sum distribution from your old employer’s retirement plan. It generally will be…
Tax Benefits of Combining Business Travel with Vacation
Additional Tax Benefits of Travel Are you thinking about combining a business trip and a family vacation this year? This is a great way to fund a portion of your…
Vacation home owners: More Tax Savings Ideas
Adjusting rental vs. personal use might save taxes With summer drawing to a close, if you own a vacation home that you both rent out and use personally, it’s a…
How Can Board Actions Impact an Organization’s Fraud Risks?
The Fiduciary Responsibilities of the Board Fraud happens everywhere, in all industries and in companies of all sizes, and research by the Association of Certified Fraud Examiners (“ACFE”) shows that…
Additional Medicare Tax – Are you Withholding Enough?
Employers Need to Watch Additional Medicare Tax In 2013 the Affordable Care Act (ACA) added an additional 0.9% Medicare tax on the excess earnings. Taxpayers with FICA wages over $200,000…
Affordable Care Act – Play-or-Pay? Are You Prepared?
The Affordable Care Act – Offer sufficient coverage or pay the penalty Are you a “large” employer? Your time is running out to get prepared for the Affordable Care Act’s shared responsibility…
Do You Know the Tax Pitfalls of Mutual Funds
Here are two tax pitfalls to be aware of Investing in mutual funds is an easy way to diversify a portfolio, which is one reason why they’re commonly found in…
Short-term ACA Relief Now Available for Midsize and Large Employers
Recently released IRS final regulations for the Affordable Care Act’s (ACA’s) employer shared-responsibility provision provide some short-term relief for midsize and large employers. Under the ACA, the shared-responsibility provision (commonly…