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News

Congress Eliminates IRS Penalty on Employer Reimbursements for Health Insurance

  • 8 December 2016
  • Author: machele
  • Number of views: 738
  • 0 Comments

The Senate passed legislation Wednesday eliminating a tax penalty on employers who reimburse employees for the cost of health insurance premiums, following passage of the measure last week in the House.

The IRS began enforcing the penalty on employers last year, even though it isn’t part of the Affordable Care Act. Employers who violate the rule can be fined up to $100 per day for each employee, or up to $36,500 a year, which is 18 times more than the penalty imposed on larger employers that don’t offer insurance to workers.

Year-End Tax Tips

Steps to take before the New Year for a better tax return in 2017

  • 5 December 2016
  • Author: machele
  • Number of views: 857
  • 0 Comments
With Dec. 31 just around the corner, it’s time to start thinking about next season – and to make any last-minute moves that might improve a client’s tax position.

With that in mind, here’s a list of tax tips for you and your clients to think about before the end of 2016, from the National Society of Accountants and others in the field. 

Tax Strategy

The impact of the election on tax issues

  • 2 December 2016
  • Author: machele
  • Number of views: 832
  • 0 Comments
While taxes did not seem to be one of the top issues in the November elections, both presidential candidates included a variety of tax proposals in their platforms. Also, there were a few tax-related initiatives on state ballots.

With Republicans in control of both the White House and Congress, there may be some greater success in getting tax legislation enacted. Still, Republicans do not have a filibuster-proof majority in the Senate, and Republican congressional leaders and the new president do not appear to be united on all aspects of President-elect Trump’s tax proposals.

Year-End Planning: Make the Best Use of Quick Writeoffs for Capital Goods Purchases

  • 9 November 2016
  • Author: machele
  • Number of views: 614
  • 0 Comments
Businesses that want to accelerate year-end deductions by buying machinery and equipment have a formidable array of tax tools to work with this year, including generous expensing under Section 179 of the tax code. Here’s how to make the most of Code Sec. 179 expensing.

Anticipating Your Clients' Questions about the New Overtime Rule

  • 26 October 2016
  • Author: machele
  • Number of views: 700
  • 0 Comments
October 25, 2016  
By Mike Trabold

The Department of Labor released the highly anticipated final overtime rule in May, expanding overtime pay eligibility to approximately 4.2 million salaried workers across the country.

Despite recent news that a lawsuit has been filed by 21 states as well as a separate lawsuit filed by business groups led by the U.S. Chamber of Commerce both challenging the rule, businesses are urged to continue with preparation efforts for the Dec. 1, 2016 effective date.

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