Compensation: Lessons Learned from Two Court Cases

Two recent court cases send a very clear message about what the Internal Revenue Service (“IRS”) thinks about trying to change compensation arrangements after they’ve already been agreed upon. That message is: While you have many choices for how to structure your compensation, the choice must be made when you enter into an arrangement to provide services. It can sometimes be changed later, but not with respect to amounts that have already been earned. In other words, if you try to change your compensation arrangement after the fact to avoid or delay taxes, the IRS is very likely to challenge. Read More.

State-by-state Chart of Corporate Tax Return Due Dates

This year, the due dates for tax returns for C corporations with fiscal years ending other than June 30 have changed. The due dates are a month later than in the past. This change has prompted many states to re-examine their due dates. The American Institute of Certified Public Accountants has released a new state-by-state quick reference chart of tax return due dates for C corporations that have a December 31 year end. Do you know if your tax return due date has moved? Check out the AICPA chart to find the due date for your state. For a more comprehensive list of federal tax deadlines that have moved this year, please check out our recent alert, “ Tax Day 2017: Updated Tax Filing Deadlines for Your 2017 Tax Returns.

Certain Deductions of Conservation Easements Now Require IRS Notification

If you contribute a conservation easement to a qualified organization, then you’re not just protecting the natural value of that land for future generations. You may also be able to claim that contribution as a charitable deduction on your tax return. If you have invested in or plan to invest in a pass-through entity so you can benefit from a deduction for a charitable contribution of a conservation easement, a recent notice from the Internal Revenue Service (“IRS”) could affect you. And, if you are considering whether to donate a conservation easement to charity with respect to property you already. Read More.

Tax Day 2017: Updated Tax Filing Deadlines for Your 2016 Tax Returns

Updated as of February 6, 2017: Some states have chosen to change their corporate tax due dates in response to the changes the Federal government has made to its tax due dates. To see if your tax return due date has changed, check out the state-by-state quick reference chart of tax return due dates for C corporations that have a December 31 year end from the American Institute of Certified Public Accountants. A lot of important tax filing deadlines have changed in 2017, some by as much as a month. And if you don’t know what those changes are, you could unintentionally be late filing a form or making a payment to. Read More.

Deferred Compensation Rules Could Help You Attract, Retain Talent – If You Do It Right

Deferred compensation plans let employees put off receiving wages they’re earning now – so they can (hopefully) be taxed at a lower rate down the road. Deferred compensation also helps employees save their wages for years when they otherwise wouldn’t be earning as much (like at the end of a contract or after retirement) or for years when they anticipate big expenses (like when a child starts college or university). Save money and potentially pay less in taxes – what’s not to love? As an employer, offering a deferred compensation plan can make a big difference in your ability to. Read More.

2016 Year-end Estate Tax Update: Are Death & Taxes Still a Certainty?

The incoming administration and some Republicans in Congress have indicated they would like to scrap the estate tax, which celebrated its 100th anniversary in 2016. Over the last century, the estate tax has been due on estates ranging anywhere from $50,000 to $5.45 million at rates ranging from 10-77 percent, excluding a temporary reprieve from the tax in 2010. Current Tax System The current estate tax exemption is $5.45 million. The limit increases to $5.49 million in 2017. Assets in excess of these limits are taxed at 40 percent. The recent addition of portability rules effectively allows married couples to. Read More.

21st Century Cures Act Makes It Easier for Small Businesses to Offer HRAs – with No Excise Tax

Congress has delivered a last-minute present to small business owners this holiday season in the form of the 21st Century Cures Act . This law, which got wide bipartisan support from both houses of Congress, gives small business owners a way to help pay for their employees’ health insurance without having to sign up for and offer a group plan. Under the 21st Century Cures Act, employers who don’t currently offer a group health plan and who have fewer than 50 full-time and full-time equivalent employees can reimburse employees for health insurance premiums beginning January 1, 2017. The act goes a step further and. Read More.

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