Resources

14 Tax-Favored Fringe Benefits: What’s the Right Mix for Your Business?

Job applicants look at more than just wages when evaluating potential employers. They consider the whole compensation package, including fringe benefits and perks. These add-ons enable employers to cast a wider net in the job market, helping them attract and retain top-quality workers. Unfortunately, tax breaks for some fringe benefits were eliminated or suspended by … Continued

Claiming Your Parent as a Dependent

If you pay over half the cost of supporting a parent, he or she is considered your dependent for federal income tax purposes — which may qualify you to some significant tax breaks. Here are the details. New Credit for a Dependent Parent For 2018 through 2025, your dependent parent may qualify you for a … Continued

Changing Jobs? What Will Become of Your 401(k) Balance?

Most private sector employers, for better or worse, put you in the driver’s seat when it comes to saving for retirement. If you’re a genuinely savvy and diligent investor, you might prefer the flexibility of rolling over your accumulated retirement savings into an IRA. This choice assumes, however, that your next employer’s 401(k) plan allows … Continued

Employer Responsibility for Gig Workers Evolves with Safety Concerns

If you pay for services from independent contractors, your legal obligations to those individuals are far more limited than those involving statutory employees. But the growing importance of so-called “gig” workers in today’s labor force is changing the legal landscape for some businesses.  Evolving Marketplace The term “gig workers” refers to people who an employer … Continued

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

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