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Most business owners make some kind of gift to employees at Christmas. While many companies still hand out the holiday turkey, others go all out with formal dinners, cash bonuses, or gift certificates. What many employers may not realize, however, is that many of theft gifts to employees are considered compensation by the Internal Revenue Service and are subject to federal and state income taxes as well as Social Security taxes.

Record retention is a must, whether for personal, business, or tax reasons. However, record retention is necessary only to the extent it serves a useful purpose or satisfies legal requirements.

A Savings Incentive Match Plan for Employees (SIMPLE) is a simplified retirement plan intended to allow small employers to provide retirement savings for their employees.

Individuals with no wills, particularly those with substantial assets, may be following a path that will lead to extra complications and financial burdens for their families. The financial implications extend to owing more tax than necessary, increasing costs of estate administration, and diverting assets to unintended heirs.

Then, when you're ready, here are five tips to help take the worry out of hiring your first employee.

The taxation of municipal and corporate bonds is complex. Hered is a brief explanation of the tax effects.

A well known, but sometimes overlooked, way to alter investment holdings without paying tax at the time of the transaction is through the use of "like-kind" exchanges.

You can generally pay part or all of your estimated tax by using a credit card (American Express Card, MasterCard, or Discover Card)

This is to disclose to you, our client, our disclosure policy regarding personal data that we obtain from you

New rules have been released regarding IRA distributions, which will hopefully simplify and provide benefits to taxpayers.

Before you start a new business, there are a number of preliminary decisions to be made. One of the first choices you will face, is the legal form in which you will operate the business.

Here is a checklist highlighting advantages and disadvantages of the S corporation form.

Before you start a new business, there are a number of preliminary decisions to be made. One of the first choices you will face, is the legal form in which you will operate the business.

INFORMATION NEEDED TO COMPLETE YOUR BUSINESS TAX RETURN

In this article, we examine the various issues involved in plan selection.

You first offset long-term (LT) gains with long-term losses (resulting in either a net LT capital gain or a net LT capital loss), and then you offset short-term (ST) capital gains with short-term capital losses (resulting in either a net ST capital gain or a net ST capital loss).

The House has approved two tax bills that are part of Republicans’ three-pronged "Tax Reform 2.0" package. The two measures, approved by the House on September 27, focus on retirement savings and business innovation.


The House has approved a tax bill that would make permanent tax reform’s individual and small business tax cuts enacted last December. The controversial bill is part of Republican’s three-bill "Tax Reform 2.0" package, two of which cleared the House on September 27 (see the previous story in this Issue).


Stakeholders are urging the IRS to clarify its guidance on tax reform’s new passthrough deduction. The IRS held an October 16 public hearing on proposed rules for the new Code Sec. 199Apassthrough deduction at its headquarters in Washington D.C. The IRS released the proposed regulations, REG-107892-18, on August 8.


Top Senate tax writers have introduced a bipartisan bill to prevent duplicative taxation on digital goods and services. The bill aims to establish a framework across multiple jurisdictions for taxation of digital goods and services, including electronic music, literature, and mobile apps, among other things.


The IRS has released Draft Instructions for the 2018 Form 1040. Additionally, the IRS has cautioned taxpayers that the draft instructions are subject to change. The IRS released a draft of the 2018 Form 1040 and six accompanying schedules last June.


The IRS’s new Commissioner was officially sworn in on October 1 by Treasury Secretary Steven Mnuchin. IRS Commissioner Charles "Chuck" P. Rettig will lead the implementation of tax reform enacted last December under the Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97).


The Senate Small Business Committee held an October 3 hearing on expanding opportunities for small businesses through the tax code. Senate lawmakers examined tax reform’s effect on small businesses and discussed witnesses’ proposals to address ambiguity in the new tax code.


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