Disclaim Responsibility in Contracts
Contracts are part of everyday business, whether it's the minuscule print on the back of a credit card bill or an agreement to buy office furniture. With your customers, contracts [...]
Awarded Money in a Lawsuit or Settlement? It’s Only Tax-Free in Certain Circumstances
You generally must pay federal tax on all income you receive but there are some exceptions when you can exclude it. For example, compensatory awards and judgments for “personal [...]
Beware of Piercing the Corporate Veil – An Avoidable Nightmare for Shareholders
This limited article addresses “piercing the corporate veil,” which refers to the limited circumstances under which the liability shield of a registered legal entity (an LLC or corporation) may be [...]
The COVID-19 relief law: What’s in it for you?
The new COVID-19 relief law that was signed on December 27, 2020, contains a multitude of provisions that may affect you. Here are some of the highlights of the Consolidated [...]
New Law Provides a Variety of Tax Breaks to Businesses and Employers
While you were celebrating the holidays, you may not have noticed that Congress passed a law with a grab bag of provisions that provide tax relief to businesses and employers. [...]
New Law, New Limit on Deductions for Business Interest Expense
The Tax Cuts and Jobs Act (TCJA) imposes a new limitation on deductions for business interest expense. This is a permanent change for tax years beginning in 2018 and beyond. [...]
Do Employers Have to Compensate Hourly Technicians for Travel Time?
The U.S. Department of Labor's (DOL) Wage and Hour Division (WHD) has issued a new Opinion Letter on whether employers must compensate employees for travel time. These letters are issued [...]
Handle with Care: The Nanny Tax Rules
When you hire a nanny, housekeeper or other domestic worker, pay close attention to the tax rules. Over the years, there have been news stories about political appointees and others [...]
No Single Factor Determines Contractor Status
Hiring someone as an independent contractor can have many advantages for employers. Among them are that independent contractors: Can be hired on a per-project basis and let go when the [...]
Getting a Divorce? Divide Assets and Tax Bills
With a divorce, there are often major financial consequences and some important tax issues too. Here are the tax rules that generally apply when a couple's assets are split up in [...]
Standard Mileage Rates for 2018 Up from Rates for 2017
The Internal Revenue Service today issued the 2018 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning [...]
Don’t Be a Victim of Tax Identity Theft: File Your 2017 Return Early
The IRS has just announced that it will begin accepting 2017 income tax returns on January 29. You may be more concerned about the April 17 filing deadline, or even [...]
Marital Status and Your Tax Return
When a couple gets married or gets divorced, taxes are probably not the first thing on their minds. But many decisions that couples make do affect their tax returns — [...]
The TCJA temporarily expands bonus depreciation
The Tax Cuts and Jobs Act (TCJA) enhances some tax breaks for businesses while reducing or eliminating others. One break it enhances — temporarily — is bonus depreciation. While most [...]