Tax
Special Rules for Reporting S Corporation Shareholder Health Insurance Premiums
The IRS released special rules regarding the deduction by more than two-percent shareholder-employees of S corporations for health insurance premiums paid by or reimbursed by the S corporations and included…
Continue ReadingSignificant Increase in Mileage Rates for 2019
The optional standard mileage rates for business use of a vehicle will increase significantly in 2019, after increasing slightly last year. Beginning on Jan. 1, 2019, the standard mileage rates for the…
Continue ReadingNJ Tax Amnesty: November 15, 2018 through January 15, 2018
The NJ Tax Amnesty program applies to outstanding tax filings or payments that are due on or after February 1, 2009, and prior to September 1, 2017. The NJ Division of Taxation recently mailed a letter…
Continue ReadingSocial Security Wage Base Set for 2019
The Social Security Administration (SSA) announced that the maximum amount of wages subject to the old age, survivors, and disability insurance (OASDI) tax will increase to $132,900 for 2019. The OASDI…
Continue ReadingIRS Inflation Adjustments and Tax Tables Issued for 2019
The IRS issued the 2019 annual inflation adjustments for many tax provisions as well as the 2019 tax rate tables for individuals and estates and trusts (Rev. Proc. 2018-57). These adjusted amounts will…
Continue ReadingIRS Alerts Taxpayers: Scammers Scheming Around Oct. 15 Deadline
The Internal Revenue Service is reminding taxpayers to beware of criminals who continue using devious tactics to steal money and personal information from unsuspecting victims, especially as the fall season…
Continue ReadingIRS & Treasury Propose Regulations on Salt Deduction Charitable Workarounds
The U.S. Department of the Treasury and the Internal Revenue Service issued proposed regulations providing rules on the availability of charitable contribution deductions when the taxpayer receives or…
Continue ReadingSmall Businesses get Automatic Consent for Accounting Method Change
The Internal Revenue Service issued guidance on new tax law changes that allow small business taxpayers with average annual gross receipts of $25 million or less in the prior three-year period to use the…
Continue ReadingIRS Ruling Allows 401(K) Student Loan Benefits
On Aug. 17, the Internal Revenue Service released a private letter ruling that could make it easier for employers to use their 401(k) plans to assist their employees who are repaying student loan debt…
Continue ReadingStates Respond to the US Supreme Court Ruling in South Dakota V. Wayfair
In South Dakota v. Wayfair, 1 issued June 21, 2018, the US Supreme Court overturned both its prior rulings in Quill 2 and National Bellas Hess, 3 finding that the physical presence nexus standard articulated…
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