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Tuesday, 19 February 2019

Market Outlook -- February 2019

Written by The Rehmann Team

Economy Following weak results from December’s U.S. manufacturing survey (which provided the sharpest monthly decline since 2008) on sharp reductions of new orders, manufacturing activity appears to have picked up in January. The survey index improved by 2...

Thursday, 14 February 2019

Final pass-through regulations leaves some uncertainty

Written by Anthony Licavoli

On January 18, the IRS released final regulations related to the 199A pass-through deduction. Although many open items were addressed throughout the 247 pages, the IRS made it clear they were not going to provide bright-line tests for several of the most significant areas related to the deduction. The phrase “facts and circumstances” was used over twenty times in the final regulations and preamble, meaning for many taxpayers, determining the impact on their business can only be achieved by examining their specific fact patterns. Although this approach generally requires more analysis, it also can provide many planning opportunities to maximize the deduction...

Thursday, 14 February 2019

IRS Issues Guidance on Parking and Transportation Fringes

Written by Jeff Hert, CPA

On December 10, 2018, interim guidance (Notice 2018-99) was issued by the IRS amid rumblings of a technical corrections bill in the House to possibly eliminate unrelated business income tax on parking and other transportation benefits provided to nonprofit organization employees. Before the notice, many nonprofit organizations were evaluating their exposure to IRC Code Section 512(a)(7). An organization's unrelated business income will increase by any amount that does not qualify as a deduction under IRC Code Section 274. This also applies to expenses paid or incurred by the organization after December 31, 2017 for qualified parking fringe, parking facilities used in connection with qualified parking or any on-premise athletic facility...

Monday, 11 February 2019

Must employers report QSEHRA benefits on Form W-2?

Written by Thomson Reuters

Question: Our company is exploring the idea of offering a qualified small employer health reimbursement arrangement (QSEHRA). If we decide to go this route, would we be required to report any information about this benefit on employees’ Forms W-2? Answer: Yes. If an employee is covered under a QSEHRA, the employer must report the total amount of the employee’s permitted QSEHRA benefit on Form W-2 in Box 12, using Code “FF...

Monday, 11 February 2019

2019 ACA-related cost-of-living adjustments available

Written by Thomson Reuters

Cost-of-living adjustments (COLAs) applicable to 2019 are available for a wide variety of tax limits, including many related to provisions of the Affordable Care Act. Let’s look at some highlights that are related to health care benefits provided by employers. Savings accounts Some COLAs affect health-care-related savings accounts. For example, the dollar limit on employee salary reduction contributions to health Flexible Spending Accounts has been raised from $2,650 to $2,700...

Monday, 11 February 2019

A work in progress: The ACA’s uncertain future

Written by Thomson Reuters

The Affordable Care Act (ACA) has been a work in progress since its enactment nearly nine years ago. You can expect that pattern to continue this year and beyond. The current environment in Washington and a sweeping legal challenge to the ACA’s fundamental constitutionality have given followers of the law’s evolving requirements plenty to monitor and speculate about in the days ahead. Labor market dynamics That legal challenge was made by a U...

Tuesday, 05 February 2019

3 steps for students to conquer the career fair

Written by The Rehmann Team

So you've signed up for your first career fair, made finishing touches to your resume and bought a new pair of dress shoes. Do you feel ready? If you're nervous, that's a good thing! Being nervous means you care and making the connections to land your first job or internship is something you should care about...

Thursday, 04 April 2019

HR record retention guidelines

Written by Susan West

The HR department of a company is responsible for retaining and destroying employee records in accordance with not only the company’s policies, but also according to the federal and state laws that govern record retention. Outlined below is a typical HR department’s operating procedures for retention of personnel records together with the destruction of any documents when the retention period has passed. If your organization’s retention procedure is not of a sufficient time-frame for the state it operates in, then the state’s requirements would supersede the company policy. The HR department is responsible for maintaining both the employee records as well as the government compliance reports...

Friday, 01 February 2019

Safe harbor arrives for real estate investors

Written by Andrew Rose, CPA

The IRS released Notice 2019-07, which offers taxpayers much needed guidance about section 199A as it relates to real estate ownership and income. If a taxpayer can satisfy all the requirements of this safe harbor, then they will qualify for the new 199A deduction. It is important to note that just because a taxpayer cannot satisfy the safe harbor requirements that real estate activities will not qualify as a trade or business. It will be based on facts and circumstances if outside the safe harbor...

Friday, 25 January 2019

Specified service business limitation

Written by Anthony Licavoli

One of the first steps when calculating any potential pass-through deduction is to determine if your business is a qualified business. A qualified business generally includes any business that was not specifically listed as a “specified service trade or business” (SSTB) or those performing services as an employee. What is an SSTB? SSTBs were designated as any business that performs services in the fields of health, law, accounting, actuarial science, performing arts, consulting, athletics, financial services, brokerage services, or any trade or business where the principal asset of such trade or business is the reputation or skill of one or more of its employees or owners...

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