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Tax

Monday, 09 January 2017

2017 Tax calendar

Written by Thomson Reuters

January 17 Individual taxpayers’ final 2016 estimated tax payment is due. January 31 File 2016 Forms W-2 (“Wage and Tax Statement”) with the SSA and provide copies to your employees.  File 2016 Forms 1099-MISC (“Miscellaneous Income”) reporting nonemployee compensation payments in box 7 with the IRS and provide copies to recipients. Most employers must file Form 941 (“Employer’s Quarterly Federal Tax Return”) to report Medicare, Social Security and income taxes withheld in the fourth quarter of 2016...

Tuesday, 18 October 2016

2016 Year-End Strategies: Straddling Two Years of Significant Change

Written by Wolters Kluwer

Implementing tax strategies at year-end always presents unique challenges and opportunities. The impact of recent tax legislation and significant IRS rule changes during 2016 raises the stakes. The Protecting Americans from Tax Hikes Act (PATH Act) passed in late 2015, changed — both dramatically and through some nuanced revisions — the dynamics of planning for the expiration of various tax breaks … and the permanence of others. The IRS for its part has been busy creating safe-harbor benefits under the “repair regulations,” clarifying the definition of marriage for tax purposes, fine-tuning Affordable Care Act requirements, and more, all of which immediately impact the 2016 tax year...

Thursday, 06 October 2016

Is COBRA required for spouses and dependents who are no longer covered?

Written by Thomson Reuters

Question: We’re planning to eliminate coverage for spouses and dependent children under our company’s group health plan. Do we need to offer COBRA to spouses and dependent children who are covered at the time we amend our plan?Answer: Under these circumstances, you aren’t required to offer COBRA to spouses. But you may have to do so for dependent children...

Thursday, 06 October 2016

Reviewing the draft 2016 instructions for Forms 1094 and 1095

Written by Thomson Reuters

The IRS has now released the draft 2016 instructions for both the “B” and “C” versions of Forms 1094 and 1095. The agency uses the forms to enforce provisions of the Affordable Care Act (ACA). It’s important for employers to stay apprised of changes to these critical documents. The B Forms These are filed by minimum essential coverage (MEC) providers to comply with requirements under Internal Revenue Code Section 6055...

Thursday, 06 October 2016

IRS proposed regs clarify opt-out payments and plan affordability

Written by Thomson Reuters

Recently proposed IRS regulations clarify the interaction between employer opt-out payments and the Affordable Care Act’s (ACA’s) affordability standards. The regulations, which are scheduled to take effect January 1, 2017 (except for certain collective bargaining agreements), elaborate on guidance the IRS offered last year in Notice 2015-87.Opt-out payments are cash inducements for employees to not participate in their employers’ health care plans. Such payments fall into two categories: conditional and unconditional...

Wednesday, 07 September 2016

New rules for charitable donations of food inventory

Written by Rehmann Team

A recent change in the Protecting Americans from Tax Hikes (PATH) Act has simplified the process of claiming tax deductions for food products donated to charity, beginning in tax years after 2015. In general, tax deductions for charitable donations of nonfood inventory are only available to C corporations. However, all types of taxpayers are permitted to deductions for qualified charitable contributions of food. Under the law: The food donated must qualify as an "apparently wholesome food," defined as, ".....

Tuesday, 06 September 2016

2016 Repair/Capitalization/Depreciation Filing Update

Written by Wolters Kluwer

Taxpayers that use tangible real or personal property in a business need to understand the tax rules relating to the distinction between a repair and capital expenditures and other depreciable assets that are purchased or produced. Wolters Kluwer has produced a Tax Briefing that covers recent developments relating to repair, capitalization, and depreciation as embodied in the final "tangible property regulations," also known as the "repair regulations." The briefing also details changes made to depreciation provisions by the Protecting Americans from Tax Hikes (PATH) Act of 2015 (P.L...

Tuesday, 06 September 2016

Funding a college education? Don’t forget the 529

Written by Thomson Reuters

When 529 plans first hit the scene, circa 1996, they were big news. Nowadays, they’re a common part of the college-funding landscape. But don’t forget about them — 529 plans remain a valid means of saving for the rising cost of tuition and more. Flexibility is king 529 plans are generally sponsored by states, though private institutions can sponsor 529 prepaid tuition plans...

Tuesday, 06 September 2016

AMT awareness: Be ready for anything

Written by Thomson Reuters

When it comes to tax planning, you've got to be ready for anything. For example, do you know whether you're likely to be subject to the alternative minimum tax (AMT) when you file your 2016 return? If not, you need to find out now so that you can consider taking steps before year end to minimize potential liability. Bigger bite The AMT was established to ensure that high-income individuals pay at least a minimum tax, even if they have many large deductions that significantly reduce their "regular" income tax...

Wednesday, 03 August 2016

Heads up! Itemized deductions may be ahead

Written by Thomson Reuters

Year end may seem far away. But now’s a good time to start looking ahead to what itemized deductions you may be able to claim for the 2016 tax year. Following is a list of selected deduction and exclusion items to consider. Don’t use the list as a tax planning worksheet...

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