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Tax

Monday, 19 February 2018

What is “reasonable compensation,” anyway?

Written by Thomson Reuters

The issue of reasonable owners’ compensation often comes up in federal tax inquiries. But it may also be an issue in shareholder disputes and divorce cases. For instance, minority shareholders or spouses of controlling shareholders may claim that an owner is taking an excessive salary, thereby impairing the value of the business. Alternatively, a nonowner-spouse may claim that a salary is too low, because the owner-spouse is trying to minimize the base on which alimony and child support payments will be calculated...

Monday, 19 February 2018

No kidding: Child credit to get even more valuable

Written by Thomson Reuters

The child credit has long been a valuable tax break. But, with the passage of the Tax Cuts and Jobs Act (TCJA) late last year, it’s now even better — at least for a while. Here are some details that every family should know. Amount and limitations For the 2017 tax year, the child credit may help reduce federal income tax liability dollar-for-dollar by up to $1,000 for each qualifying child under age 17...

Monday, 19 February 2018

The new deal on employee meals (and entertainment)

Written by Thomson Reuters

Years and years ago, the notion of having a company cafeteria or regularly catered meals was generally feasible for only the biggest of businesses. But, more recently, employers providing meals to employees has become somewhat common for many midsize to large companies. A recent tax law change, however, may curtail the practice. As you’re likely aware, in late December 2017 Congress passed and the President signed the Tax Cuts and Jobs Act...

Monday, 19 February 2018

Due Date Approaches for 2017 Federal Income Tax Returns

Written by Broadridge Investor Communication Solutions, INC.

Tax filing season is here again. If you haven't done so already, you'll want to start pulling things together — that includes getting your hands on a copy of your 2016 tax return and gathering W-2s, 1099s, and deduction records. You'll need these records whether you're preparing your own return or paying someone else to prepare your tax return for you. Don't procrastinate The filing deadline for most individuals is Tuesday, April 17, 2018...

Monday, 22 January 2018

The Attempt to Kill Quill is Alive and Well

Written by Michael Bannasch, CPA, MST

For businesses that sell products (or services) that are subject to sales tax, it has always been the law of the land that the business only has to collect tax in states where they have a physical presence. This restriction on states’ ability to tax was handed down by the U.S. Supreme Court not once, but twice: in National Bellas Hess in 1967 and Quill in 1992...

Friday, 19 January 2018

SALT Impacts of Federal Tax Reform

Written by Michael Bannasch, CPA, MST

The Federal tax reform signed into law by President Trump on December 22, 2017, not only puts the IRS and Federal tax practitioners into a new world that has to be interpreted, planned for and administered. It also has the potential for significant, but less certain, implications on the states and state and local tax (SALT) practitioners. The SALT team at Rehmann has been analyzing the Federal tax reform to understand these potential implications, and we want to share our thoughts regarding how your state taxes may be affected by the Federal tax reform. Individual Tax Reform Provisions Pass-Through Entity Reform Provisions Business Expense Reform Provisions International Tax Reform Provisions     Individual Tax Reform Provisions $10,000 Cap on Itemized Deductions for Property Taxes and State/Local Income Taxes (or Sales/Use Tax) – This Federal-level cap on itemized deductions doesn’t have a direct impact in many states, as a lot of states either don’t allow itemized deductions at all or have their own state-specific rules for which taxes are allowed as an itemized deduction...

Tuesday, 12 March 2019

Wayfair: Where are we now?

Written by Michael Bannasch, CPA, MST

While June 21, 2018 – the day the U.S. Supreme Court discarded the physical presence nexus requirement for sales tax collection – was the end of a 50+ year battle by the states, it really was just the beginning of so much more. It was the beginning of confusion, frustration, panic, increased costs, etc...

Thursday, 11 January 2018

Ohio Offers Tax Amnesty Until February 15, 2018… But is it Worth It?

Written by Michael R. Bannasch, CPA, MST

Tax amnesties tend to get a disproportionate amount of attention – at least in the SALT world – relative to their value. As evidence, here is another article about one. I think this is because they are only available for a limited time and because the word “amnesty” just sounds so magical to a delinquent taxpayer. But is this new Ohio tax amnesty really the Get Out of Jail Free card taxpayers hope it is?..

Wednesday, 03 January 2018

Still important: The tax impact of business travel

Written by Thomson Reuters

With conference calls and Web meetings increasingly prevalent, business travel isn’t what it used to be. But if your company is still sending employees out on the road, it remains important to understand the tax ramifications. Fringe benefits Generally, for federal tax purposes, a company may deduct all ordinary and necessary expenses paid or incurred during the tax year in carrying on any trade or business. This includes travel expenses that aren’t deemed lavish or extravagant...

Wednesday, 03 January 2018

Help prevent tax identity theft by filing early

Written by Thomson Reuters

If you’re like many Americans, you might not start thinking about filing your tax return until close to this year’s April 17 deadline. You might even want to file for an extension so you don’t have to send your return to the IRS until October 15. But there’s another date you should keep in mind: the day the IRS begins accepting 2017 returns (usually in late January). Filing as close to this date as possible could protect you from tax identity theft...

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