Sep 30, 2019 | Tax Impact Articles
If you receive paychecks from one or more employers, it’s a good idea to do an annual checkup to make sure the right amount of income tax is being withheld. Even if you claimed an appropriate number of withholding allowances on Form W-4, there’s no guarantee that your... continue reading »
Sep 30, 2019 | Tax Impact Articles
Bonus depreciation for passenger automobiles Under the Tax Cuts and Jobs Act (TCJA), businesses may claim an additional, first-year depreciation bonus equal to 100% of the depreciable basis of qualifying assets placed in service after September 27, 2017, and before... continue reading »
Jul 2, 2019 | Tax Impact Articles
Helping employees pay down student loan debt In a 2018 private letter ruling, the IRS gave its blessing to an employer’s innovative student loan repayment (SLR) program. Essentially, the ruling allowed the employer to link matching contributions to employees’ 401(k)... continue reading »
Jul 2, 2019 | Tax Impact Articles
If you receive paychecks from one or more employers, it’s a good idea to do an annual checkup to make sure the right amount of income tax is being withheld. Even if you claimed an appropriate number of withholding allowances on Form W-4, there’s no guarantee that your... continue reading »
Jul 2, 2019 | Tax Impact Articles
The Tax Cuts and Jobs Act doubled the generation-skipping transfer (GST) tax exemption to $10 million beginning last year. The exemption is adjusted annually for inflation. (For 2019, the exemption amount is $11.4 million.) However, even though most families won’t be... continue reading »
Jul 2, 2019 | Tax Impact Articles
The Bipartisan Budget Act of 2015 established a new “centralized audit” regime for partnerships, including LLCs taxed as partnerships. Although the new audit rules apply to partnership tax returns for tax years beginning after 2017, the IRS didn’t finalize regulations... continue reading »
