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The Social Security Administration (SSA) has announced a correction to the wage base for 2018. The maximum amount of earnings subject to Social Security tax for 2018 has been reduced to $128,400, down from the previous $128,700 announced on Oct. 13, 2017. The Medicare tax rate for 2018 will remain at 1...

With services like Airbnb on the rise, property owners often rent their space when they’re away. But there’s more to renting than making extra cash – there are guidelines to consider. On Nov. 28, 2017, the Michigan Court of Appeals published a case (Rentschler v...

House Republican leaders released their highly anticipated Tax Cuts and Jobs Act, detailing sweeping changes to the corporate and individual tax systems. Here are the policy highlights: Individuals: Individual tax rates collapse into four brackets at 12 percent, 25 percent, 35 percent and 39.6 percent; the highest tax bracket will remain at 39.6 percent, with the income threshold at $1 million for married couples, $500,000 for individuals...

WASHINGTON – The Internal Revenue Service today alerted tax professionals and their clients to a fake insurance tax form scam that is being used to access annuity and life insurance accounts. Cybercriminals currently are combining several tactics to create a complex scheme through which both tax professionals and taxpayers have been victimized. There may be variations but here’s how one scam works: The cybercriminal, impersonating a legitimate cloud-based storage provider, entices a tax professional with a phishing email. The tax professional, thinking they are interacting with the legitimate cloud-based storage provider, provides their email credentials including username and password...

The Disaster Tax Relief and Airport and Airway Extension Act signed on September 29, 2017 provides tax relief for taxpayers impacted by Hurricanes Harvey, Irma and Maria. One key provision in the bill allows companies located in areas deemed disaster zones to seek an employee retention credit to continue to pay their employees during the time their business was inoperable due to the hurricane. A business is considered inoperable, for example, if hurricane damage causes the business to be inaccessible to employees, raw materials, utilities or customers. Any employee whose place of employment was impacted by the hurricane is eligible for the credit...

Rehmann announced today that it has been included on the The National Association of Plan Advisors’ (NAPA) first-ever top defined contribution (DC) Advisor Firms list. Since its inception, NAPA’s various industry lists have been a valuable “Who’s Who” of who matters in the world of retirement plans and retirement plan advisors. The NAPA Top DC Advisor Firms list highlights the nation’s leading retirement plan advisors – and unlike other lists – focuses on individual offices, and on the DC practice specifically. To be considered, firms had to submit responses to an application form, including information about their practices, notably their DC assets under advisement...

Friday, 20 October 2017

Fall 2017 ACA Update

Over the course of 2017, there certainly has been a lot of talk about the Affordable Care Act (ACA) in Washington. As things currently stand, it looks like many of the provisions of the ACA are here to stay for the foreseeable future. But, with all this discussion, there have been some changes made by the Internal Revenue Service, Department of Labor, the U.S...

The Social Security Administration (SSA) has announced the social security wage base will increase in 2018. The maximum amount of wages in 2018 subject to the 6.2 percent Social Security tax (old age, survivor, and disability insurance) will rise from $127,200 to $128,700, resulting in a tax increase of $93. The SSA also announced Social Security and Supplemental Security Income (SSI) beneficiaries will receive a 2 percent cost-of-living adjustment (COLA) for 2018...

The U.S. Department of Financial Crimes Enforcement Network (FinCEN) announced that victims of Hurricanes Harvey, Irma and Maria have additional time to file their Report of Foreign Bank and Financial Accounts (FBAR or Form 114) for 2016. The current extended due date is Oct...

As Hurricanes Harvey, Irma and Maria victims recover from the devastation, it is without a doubt there will be immense personal and business losses. The first few weeks after a natural disaster are critical in properly documenting casualty loss claims, and it’s important to understand how and when to claim federal income deductions for casualty losses. On September 29, 2017, U.S...

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