February 2018

AMT Calculations: It’s Showtime

2018-02-23T17:16:28+00:00

The alternative minimum tax (AMT) was enacted back in 1969 to ensure that high-income individuals don't take advantage of multiple tax breaks and avoid paying federal tax. However, in recent years, the AMT has been imposed on many middle-income taxpayers. Unfortunately, the Tax Cuts and Jobs Act (TCJA) retains the individual AMT. But AMT exemptions and [...]

AMT Calculations: It’s Showtime 2018-02-23T17:16:28+00:00

Job Cost Accounting: Seven Tips to Make It Easier

2018-02-21T19:39:12+00:00

Job costs are the lifeblood of your construction business and accurately estimating them will determine if a project will make money. Managing job costs across the life of the project will ensure that your firm makes money on every job. Moreover, those job-by-job profits make the office and your executive salary possible. Despite this, some CFOs don't take [...]

Job Cost Accounting: Seven Tips to Make It Easier 2018-02-21T19:39:12+00:00

Tax deduction for moving costs: 2017 vs. 2018

2018-02-20T16:57:19+00:00

If you moved for work-related reasons in 2017, you might be able to deduct some of the costs on your 2017 return — even if you don’t itemize deductions. (Or, if your employer reimbursed you for moving expenses, that reimbursement might be excludable from your income.) The bad news is that, if you move in [...]

Tax deduction for moving costs: 2017 vs. 2018 2018-02-20T16:57:19+00:00

Beware of a 100% Personal Liability Penalty

2018-02-19T22:46:40+00:00

A "100% penalty" can be assessed against a responsible person when federal income tax and/or federal employment taxes are withheld from employee paychecks but aren't handed over to the government. This Trust Fund Recovery Penalty got its informal "100% penalty" moniker from the fact that the entire unpaid amount can be assessed against a responsible person (or [...]

Beware of a 100% Personal Liability Penalty 2018-02-19T22:46:40+00:00

Use Business Intelligence to Make Profitable Decisions

2018-02-16T16:35:00+00:00

As the saying goes, "knowledge is power." To derive valuable knowledge from your company's operating data requires the development of an effective business intelligence (BI) program. How Business Intelligence Is Gathered Here are some of the tools that are used to collect information about your business operations: Data mining, Benchmarking, Predictive analysis, Big data analytics, Business [...]

Use Business Intelligence to Make Profitable Decisions 2018-02-16T16:35:00+00:00

3 Affordable Care Act Taxes Postponed by Congress

2018-02-15T17:20:35+00:00

On January 22, President Trump signed into law a short-term government funding bill. It ended the brief government shutdown by funding the federal government through February 8. It also suspends the following Affordable Care Act (ACA) taxes, which were designed to help fund health care coverage provided under the ACA. 1. Cadillac Tax Under prior law, [...]

3 Affordable Care Act Taxes Postponed by Congress 2018-02-15T17:20:35+00:00

6 Last-Chance Tax Breaks: Do You Qualify?

2018-02-14T23:59:04+00:00

The new Tax Cuts and Jobs Act (TCJA) significantly changes some parts of the tax code that relate to personal tax returns. In addition to lowering most of the tax rates and increasing the standard deduction, the TCJA repeals, suspends or modifies some valuable tax deductions. As a result, millions of Americans who have itemized deductions [...]

6 Last-Chance Tax Breaks: Do You Qualify? 2018-02-14T23:59:04+00:00

Families with college students may save tax on their 2017 returns with one of these breaks

2018-02-13T20:00:21+00:00

Whether you had a child in college (or graduate school) last year or were a student yourself, you may be eligible for some valuable tax breaks on your 2017 return. One such break that had expired December 31, 2016, was just extended under the recently passed Bipartisan Budget Act of 2018: the tuition and fees [...]

Families with college students may save tax on their 2017 returns with one of these breaks 2018-02-13T20:00:21+00:00

Know the Evolving Rules Before Terminating an Employee on FMLA Leave

2018-02-12T18:00:48+00:00

Employees who take an unpaid leave, per the Family Medical Leave Act (FMLA) may need more than the 12-week limit. Deciding whether to promise an employee who exceeds the limit that he or she will have a job to return to takes a delicate balancing of compassion, practicality and legal risk analysis. That's because, if the [...]

Know the Evolving Rules Before Terminating an Employee on FMLA Leave 2018-02-12T18:00:48+00:00

New Law Revamps the Kiddie Tax

2018-02-09T17:11:15+00:00

Congress enacted the so-called "kiddie tax" rules to prevent parents and grandparents in high tax brackets from shifting income (especially from investments) to children in lower tax brackets. Congress recently revamped this tax under the Tax Cuts and Jobs Act (TCJA). Trust and Estate Tax Rates for 2018 Use the following tax rates to compute the [...]

New Law Revamps the Kiddie Tax 2018-02-09T17:11:15+00:00