MLR

Category: Tax Related Topics

The government funding legislation signed into law on December 20, 2019, included the repeal of Internal Revenue Code Section 512(a)(7), commonly referred to as the “parking tax” provision.

Along with a new year comes new payroll rules. 2020 may present a unique payroll scenario for employers who pay on a weekly or biweekly basis, resulting in an “extra” pay period in 2020 because of the way the days of the week fall this year. Included here are five highlights.

The Setting Every Community Up for Retirement Enhancement (SECURE) Act was mainly intended to help individuals save more for retirement. But the new law also contains provisions that help simplify the administration of retirement plans for employers and allow more employees to participate in 401(k) plans. Here are some provisions that may affect business owners.

When you file your 2019 tax return, you do so with one of five filing statuses, which depend in part on whether you’re married or unmarried on December 31. More than one filing status may apply, and you can use the one that saves the most tax. It’s also possible that your status options could change during the year.

A significant law was recently passed that adds tax breaks and makes changes to employer-provided retirement plans. If your small business has a current plan for employees or if you’re thinking about adding one, you should familiarize yourself with the new rules. The Setting Every Community Up for Retirement Enhancement Act (SECURE Act) was signed into law on December 20, 2019 as part of a larger spending bill. Here are three provisions of interest to small businesses.

The House passed legislation on December 17th that includes a tax cuts package and that is expected to be approved by the Senate this week and to then be signed by President Trump.  The tax package includes extensions for dozens of expiring tax provisions, modifications to certain provisions of the Tax Cuts and Jobs Act (TCJA) passed in 2017, retirement savings incentives, tax relief for individuals and businesses located in Presidentially-declared disaster areas, and other changes.  Here are some noteworthy changes included in the package.

Research suggests that the average planned gift in the United States falls between $35,000 and $70,000 — and the amount may increase with more Baby Boomers moving into retirement. Yet many nonprofits, especially small and medium-sized organizations, lack formal planned giving programs.

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2020. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you.

In the past, home office deductions were available to a wide range of taxpayers, including certain employees who worked from home. But the Tax Cuts and Jobs Act (TCJA) has effectively eliminated home office deductions for employees through 2025. Fortunately, many self-employed individuals can still claim deductions — even if they don’t itemize deductions on their tax returns.

Are you thinking about buying a business? How you structure the deal will affect the taxes owed by the buyer (you) and the seller (the other party). The Tax Cuts and Jobs Act (TCJA) brought sweeping changes to the federal income tax rules for businesses, including some changes that affect the taxation of mergers and acquisitions. Here’s why many buyers are choosing to buy the assets of the target business, rather than its ownership interests, under current law — and why you may need to act fast to take advantage of breaks offered by the TCJA.