Summer is traditionally wedding season, and our congratulations go out to all of the newly married couples starting out their lives together. But we also want to remind you of your obligation to report your new marital status to the Internal Revenue Service (IRS) and other government agencies. Before you sit down to write out all those “thank you” cards, be sure to take care of the following: Continue reading
A new law enacted in January 2016, the “Fixing America’s Surface Transportation Act” (FAST), would seem to be a very helpful and positive step toward repairing the nation’s crumbling transportation infrastructure. Indeed, the U.S. Department of Transportation calls FAST “a down-payment for building a 21st century transportation system.”
But, as with a number of laws that have worked their way through the halls of Congress, FAST has been used as a vehicle to pass many provisions and amendments that have no direct connection with building roads and bridges. One of the lesser publicized provisions in the FAST Act authorizes the denial of a U.S. passport application or the revocation of a current passport for individuals who have more than $50,000 in unpaid federal taxes. Continue reading
The IRS was busy processing tax returns in the first half of 2016, but that does not mean they were sleeping when it comes to new regulations or tax court rulings. Here is just a sample of what the IRS and tax court have been up to so far this year.
As we celebrate National Military Appreciation Month, we thank the uniformed members of our armed services and their families for their selfless dedication to defending our freedom. The IRS shows its appreciation as well, with a number of helpful tax breaks for serving members of the military.
With the end of the school year just a few weeks away, it may be time to consider hiring your son or daughter for the summer. There are several advantages to hiring your children (or grandchildren), if you structure their employment properly. It is unlikely they will earn enough during the summer months to pay significant income taxes (if any), but your business will still earn a deduction for the payroll.
By Michael D. Koppel, CPA, PFS, CITP, MBA
Retired Partner at Gray, Gray & Gray, LLP
The Department of Labor’s proposed changes to “white collar” overtime exemptions are expected to be finalized and put into effect in late 2016 or early 2017. So it is important for business owners and managers to get ahead of the process by understanding the proposed rules and how they could affect payroll budgets. Continue reading
While there have always been villains intent on taking what is not rightfully theirs, advances in technology have made it more frustrating than ever to thwart their evil plans. That fact is evident in this year’s “Top 12 Tax Scams” as listed by the Internal Revenue Service (IRS). These swindles are particularly evident during tax season. Be alert and protect your personal and financial data lest you fall victim to one of these schemes highlighted by the IRS.