Tax Day 2017: Updated Tax Filing Deadlines for Your 2016 Tax Returns
Updated as of September 1, 2017: C corporations with a fiscal year ending June 30, 2017, can apply for a seven-month extension. The extension period for all other corporations remains unchanged, so that the extended due date of all C corporation returns is the fifteenth day of the tenth month after the year end. Also, AICPA updated their state-by-state quick reference chart in March. All the links in this article have been updated to reflect the most current chart. Updated as of February 6, 2017: Some states have chosen to change their corporate tax due dates in response to the. 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.
2016 Year-end Tax Planning Tips for Individuals
Every year has its own set of challenges when it comes to tax planning. And 2016 will be no exception. In fact, it could be tougher than usual, given recent political developments. With the same party in control of both houses of Congress and the White House, most people expect substantial changes to the tax code. Some of the changes experts are watching for include: Compression and reduction of individual income tax rates Increased standard deduction Additional limitations on itemized deductions Repeal of the Alternative Minimum Tax (“AMT”) Repeal of the Estate Tax Repeal of the Affordable Care Act (“ACA”). Read More.
How Can You Get the Most Value When You Deduct Casualty Losses?
If you or your business gets hit with a theft, disaster, or other major casualty or loss, you can generally claim a deduction on your income tax return. This applies to any of the casualties or losses described in Section 165(i) of the U.S. tax code, including: Property damaged by a storm, fire, car accident, or other similar events Theft Loss on deposits, such as when your financial institution becomes insolvent or bankrupt (which, while not hurricane related, is included in this section of tax code) In the case of a natural disaster, you have the option to deduct your losses for. Read More.
Replacing Property after Disasters: Deadline Extensions and Rules to Know
Did Hurricane Matthew damage any of your property or delay a real estate deal? Specifically, were you planning on taking the gains you made from selling one piece of property and investing that money in another property so you could defer the taxes on your gains? Or, do you need to replace property as a direct result of the storm? Well, there may still be a bright spot for you in the wake of this latest East Coast disaster. The usual deadlines to complete 1031 exchanges (also known as like-kind exchanges) are being extended because of Hurricane Matthew. If the property you were about to buy or sell was located in a federally. Read More.