IRS Announces Changes for Personal Use of Employer-Provided Vehicles

IRS Announces Changes for Personal Use of Employer-Provided Vehicles

The free use of a company car is one of the best perks an employee may receive as part of a compensation package. But the benefit to the employee isn’t completely “free” under current tax law. Essentially, personal use of a company car is treated as a taxable noncash fringe benefit, subject to income tax … Continued

Exploring the Cashless Movement in Retail

Cash as a form of legal tender isn’t yet as obsolete as 8-track tapes and VCRs. But it’s definitely less popular with certain demographic groups than others. Only 30% of all retail transactions were completed using cash in 2018, down from 40% in 2012, according to the Federal Reserve. And that trend is expected to … Continued

TCJA glitches and the extenders: Uncertainty looms over some federal income tax provisions

Congress has yet to tackle several outstanding uncertainties frustrating both businesses and individual taxpayers. The Tax Cuts and Jobs Act (TCJA), for example, contains several “glitches” requiring legislative fixes. Congress also has neglected to pass the traditional “extenders” legislation that retroactively extend certain tax relief provisions that expired at the end of an earlier year, … Continued

The Department of Labor proposes updated overtime rule

The Trump administration has released its long-awaited proposed rule to update the overtime exemptions for so-called white-collar workers under the Fair Labor Standards Act. The rule increases the minimum weekly standard salary level for both regular workers and highly compensated employees (HCEs). It also increases the total annual compensation requirement for HCEs that’s required to … Continued

5 Last-Minute Ideas to Lower Your 2018 Taxes

It’s almost Tax Day! But don’t despair; there still may be time to make some moves that will save taxes for your 2018 tax year. Here are five tax-saving ideas to consider.  1. Choose to Deduct State and Local Sales Taxes If you live in a jurisdiction with low or no personal income tax or … Continued

Is an HSA Right for You?

Health care costs have skyrocketed over the last few decades. Fortunately, health savings accounts (HSAs) allow qualifying individuals to pay for certain medical expenses with pretax dollars. Here is what you need to know to put an HSA to work for you.  Healthy Growth Over the last decade, many people have jumped on the HSA … Continued

Are you Ready for the New Revenue Recognition Standard?

In May 2014, the Financial Accounting Standards Board introduced ASC Topic 606, Revenue from Contracts with Customers. This new standard is effective for reporting periods beginning after December 15, 2018, or for the 2019 calendar year reporting. Opinions are widely varied on how adoption of this new standard will impact contractors, but the one thing … Continued

2019 tax calendar

To help you make sure you don’t miss any important 2019 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. Please review the calendar and let us know if you have any questions about the deadlines or would like assistance in meeting them. Thursday, January 31, 2019 • … Continued

Could Medicare Premiums Lower Your Taxes?

Health care is a top concern for many Americans, especially people who are age 65 and older. While these individuals qualify for basic Medicare insurance, they may need to pay additional premiums to get the level of coverage they desire. Those premiums can add up to a substantial annual sum, especially if you’re married and … Continued

IRS waives 2018 underpayment tax penalties for many taxpayers

The IRS has some good news for certain taxpayers — it’s waiving underpayment penalties for those whose 2018 federal income tax withholding and estimated tax payments were at least 85% of their actual tax liabilities for the year. The waiver recognizes that the Tax Cuts and Jobs Act’s (TCJA’s) overhaul of the federal income tax … Continued