IRS has extended a Deadline

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The IRS has extended the due date for the 2017 information reporting requirements under the Affordable Care Act, for insurers, self-insuring employers, and certain other coverage providers. Specifically, the date is extended for furnishing to individuals the 2017 Forms 1095-B (Health Coverage) and 1095-C (Employer-Provided Health Insurance Offer and Coverage). The new due date is March 2, […]

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Alimony no longer a taxable transaction

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Currently, taxpayers who pay alimony may be able to deduct the payments from their taxable income, and recipients must claim alimony as taxable income. The Tax Cuts and Jobs Act will revise the rules. For divorce or separation agreements executed after Dec. 31, 2018 (or executed before but modified after this date), alimony payments are neither deductible by […]

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Unearned Income of children rates change quickly in new tax law

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The “kiddie tax” has been modified under the Tax Cuts and Jobs Act (TCJA). Under current law, a child’s net unearned income is taxed at the parents’ tax rate if that rate is higher than the child’s. The remainder of the child’s taxable income is taxed at the child’s rate. Under the TCJA, for years […]

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Watch out for the ACA employer mandate when hiring seasonal workers

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Many employers hire seasonal workers this time of year. If your organization is one of them, you might worry about becoming subject to the Affordable Care Act’s (ACA’s) employer mandate — also known as the “play or pay” provision. To determine whether you may be at risk for triggering the mandate and, ultimately, penalties, you’ll […]

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The IRS announces standard mileage rates for 2018

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The optional mileage allowance for owned or leased vehicles (including autos, vans or pickups) will climb 1 cent to 54.5 cents per mile for business travel. Employers also can use this rate for reimbursements to employees who supply their own autos for business use, and to value personal use of certain low-cost employer-provided vehicles. The rates for […]

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What you need to know about year-end charitable giving in 2017

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Charitable giving can be a robust tax-saving strategy: Donations to qualified charities are fully deductible, and you have complete control over when and how much you give. Here are some important considerations to keep in mind this year to ensure you receive the tax benefits you desire. Delivery date A charitable donation must be made by Dec. […]

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3 good reasons to conduct background checks when hiring

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Many employers use background checks as a regular part of their hiring processes. But “many” does not mean “all.” In fact, recent research conducted by the Society for Human Resource Management indicates smaller businesses tend to skip this important hiring step. Among companies with fewer than 100 employees, fewer than half conduct criminal background checks […]

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How employers can help their employees with Social Security planning

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Your employees’ retirement timing decisions will depend on a variety of factors, including their accumulated vested assets in your company’s plan. Another key variable is Social Security. But the Social Security benefit “claiming strategy” that’s best for them isn’t always easy to determine. Online Social Security benefit calculators can help. Choices of age The basic […]

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Even if your income is high, your family may be able to benefit from the 0% long-term capital gains rate

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We’re entering the giving season, and if making financial gifts to your loved ones is part of your plans — or if you’d simply like to reduce your capital gains tax — consider giving appreciated stock instead of cash this year. Doing so might allow you to eliminate all federal tax liability on the appreciation, […]

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