The Infrastructure Investment and Jobs Act (P.L. 117-58), enacted on November 15, 2021, retroactively terminated the Employee Retention Credit (ERC) for the fourth quarter of 2021. This early termination does not apply if the employer is a recovery startup business, the credit continues to apply to wages paid before January 1, 2022. A “recovery start-up Read More…
Personal use of a company vehicle generally results in taxable wages for the employee. But sorting out the amount to tax can be confusing. The following provides a high-level summary of the Internal Revenue Services’ (IRS) current rules for taxing employees for their personal use of a company vehicle.[1] The Tax Cuts and Jobs Act Read More…
With the loss of several itemized deductions under the new Tax Cuts and Jobs Act (TCJA) for many individuals, taxpayers are wondering where they can still find tax deductions. One great place is with retirement savings. The TCJA did not change the rules for retirement savings tax deductions. In fact, many retirement savings deductions continue Read More…
By Joan Vines, CPA The Internal Revenue Service (IRS) released proposed regulations that provide guidance for the nonqualified deferred compensation arrangements of tax-exempt organizations in June. The regulations, which have been anticipated by the industry since 2007, address the interplay between Internal Revenue Code Section 457 and Section 409A, which govern the nonqualified deferred compensation Read More…
Currently, valuations of interests in family controlled entities for federal gift, estate and generation-skipping transfers can be reduced by discounts saving significant tax dollars, but this will change soon. It may be too late after December 1, 2016 to take advantage of the more favorable rules currently in effect. Aggressive discounts were historically taken, thus Read More…
On May 18th, the U.S. Department of Labor (DOL) released new rules regarding the requirement for overtime pay for white collared salaried employees who do not primarily perform executive, administrative, or professional duties. The new rule takes effect on December 1, 2016. Prior to this new ruling, such employees who made more than $23,660 per Read More…
Per the new Drinking Water Regulation, schools will be required to test for lead in all drinking water outlets by July 13, 2017. Districts must make all test results available at the school facility and on the district’s website. Schools may seek reimbursement of testing costs through the Department of Education utilizing a form that Read More…
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