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Friday, 09 November 2018

Tax Reform for Non-Profits

Written by Jeff Hert, CPA

Answered and Unanswered Questions Social club dues deductibility – The 2017 Tax Bill amended IRC Section 274 to disallow expenses paid on behalf of employees for membership dues for any club organized for business, recreation, pleasure or social purposes. The amount paid by the non-profit on behalf of an employee should either be added to their W-2 as taxable compensation or picked up as unrelated business income (UBI) on Form 990T. Meals and Entertainment deductibility – there is no change for tax-exempt organizations and the deductibility of meals. However, IRC Section 274 has been amended to say that entertainment expenses are completely non-deductible, whether they relate to taxpayer’s business with certain exceptions...

Thursday, 01 November 2018

How should ALEs report coverage of family members who elect COBRA separately?

Written by Thomson Reuters

Question: Our company, an applicable large employer (ALE) under the Affordable Care Act, sponsors a self-insured health plan. As an ALE, how should we report coverage of family members who elect COBRA separately from the departing employees? Answer: An employer that sponsors a self-insured group health plan is obligated under Internal Revenue Code Section 6055 to report coverage information for all enrollees in the health plan, including nonemployees (such as COBRA beneficiaries). COBRA-qualified beneficiaries may include the spouse (or former spouse) and dependents of a current or former employee...

Thursday, 01 November 2018

IRS releases final 2018 Forms 1094 and 1095

Written by Thomson Reuters

The IRS has released draft Forms 1094/1095-B (B Forms) and Forms 1094/1095-C (C Forms), and related instructions, for the 2018 tax year. If your organization is considered an applicable large employer (ALE) under the Affordable Care Act, it’s important to stay up to speed on the details. B vs. C As you may recall, the B Forms are filed by minimum essential coverage providers (mostly insurers and government-sponsored programs, but also some self-insuring employers and others) to report coverage information in accordance with Internal Revenue Code (IRC) Section 6055...

Thursday, 01 November 2018

HDHPs with HSAs: Growth slows but changes may be ahead

Written by Thomson Reuters

Coupling a high-deductible health plan (HDHP) with a Health Savings Account (HSA) has been a popular approach for many employers in the wake of the Affordable Care Act. Approximately 20 million Americans are enrolled in plans following the HDHP+HSA model, according to various estimates. But recent studies show that its growth appears to be tapering off somewhat, even as efforts are underway in Congress to ramp it up again. Cadillac tax The slow growth is a bit of a surprise...

Thursday, 01 November 2018

Now’s the time to organize your tax records

Written by Thomson Reuters

The period between filing last year’s tax return and this year’s return is the perfect time to organize your tax records. Granted, it may not be something you relish doing, but tackling this now can save you a multitude of headaches later. Tax law rules Generally, you should keep tax-related records as long as the IRS has the ability to audit your return or assess additional taxes — in other words, until the statute of limitations expires. That means three years after you file your return or, if later, three years after the tax return’s original due date...

Thursday, 01 November 2018

State tax implications of buying a business in Michigan

Written by Michael Bannasch, CPA, MST

The process of buying a business can be a very hectic and trying time. You have many aspects that you are working on – from agreeing with the seller on a price, to working on retaining key employees, to determining the best way to announce the transaction to the public. While you are pulled in many directions at once, there is one aspect of the purchase that often doesn’t receive the attention it deserves – the state and local tax transition from the seller to the buyer. This article focuses on the specifics of ensuring a smooth transition of state and local taxes for a business purchase in Michigan...

Thursday, 01 November 2018

State and local tax due diligence for buying a business

Written by Michael Bannasch, CPA. MST

When considering the purchase of a business, the need for a due diligence process is commonly understood. The buyer needs to not only come to understand the business and be confident it is worth the price being paid, but also needs to understand the existing risks of the company and be able to adjust the terms of the purchase to account for these. The potential risks considered generally include environmental hazards, employment issues, creditor relationships, and contractual commitments with major customers or suppliers. A potential area of risk that does not always get enough attention in the due diligence process is state and local taxes...

Wednesday, 31 October 2018

Turn Capital Gains into Tax-Free Returns with Qualified Opportunity Zones

Written by Carol Wright, CPA

Earlier this month, Congress clarified new tax laws, providing investors with capital gains an extraordinary investment opportunity – one that could stir a nationwide development boom and deliver tax-free returns. Legislative Recap Last year’s Tax Cuts and Jobs Act allowed investors to reinvest capital gains, like from the sale of stocks or other assets, in Qualified Opportunity Funds, which are entities dedicated to investing in mostly low-income areas throughout the country. The funds must invest in eligible tracts of land selected by each state’s governor called Qualified Opportunity Zones. In Michigan, as with other states, zone selection included input from local governments and economic development organizations...

Tuesday, 23 October 2018

Ten year-end tax tips for 2018

Written by Forefield, Inc.

Here are 10 things to consider as you weigh potential tax moves between now and the end of the year. 1. Set aside time to plan Effective planning requires that you have a good understanding of your current tax situation, as well as a reasonable estimate of how your circumstances might change next year. There's a real opportunity for tax savings if you'll be paying taxes at a lower rate in one year than in the other...

Tuesday, 23 October 2018

The tech sector could be dominating your portfolio

Written by Forefield, Inc.

The biggest names in technology powered stock market gains and bouts of volatility in 2017, and the trend continued into 2018. The S&P Information Technology sector index posted a 13.19 percent total return from January through July 2018, compared with 6.47 percent for the broader S&P 500 index...

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