This is a question many employers ask themselves when doing the hiring and staffing in their business. The answer to this question depends on the facts and circumstances on each case and varies among different employers, even within the same industry. So-called employee misclassification has become a hot topic recently as the economy has changed… Read More
The IRS Restructuring and Reform Act of 1998 (hereinafter, “The Reform Act”) provides rules designed to make it easier to obtain innocent spouse relief. These rules, set forth in IRC§6015 are effective for federal income tax and self-employment tax liabilities that arose after, or that arose on or before but which were unpaid as of… Read More
The SIMPLE plan (short for “Savings Incentive Match Plan for Employees”) is a retirement savings option designed to help employees of small employers to save for retirement on a tax-favored basis. This letter explains the basic features of a SIMPLE plan and why it may be of interest to you as a small business owner.… Read More
Simplified employee pension plans are designed to allow employers who cannot afford the expense and effort of complying with the rules governing qualified employee pension benefit plans to provide pension benefits comparable to those of qualified plans. The SEP provisions allow employers to contribute amounts to the individual retirement account (IRA) of each of their… Read More
There are IRS-approved health savings and reimbursement accounts available to assist both the business owner as well as the employees for 2017. The Health Savings Accounts (HSA) and the Health Reimbursement Accounts (HRA) are designed to provide a pre-tax benefit for the payment of medical expenses. These two types of accounts are intended to provide… Read More
If a taxpayer combines business and pleasure in the same trip, the expenses for traveling to and from the destination are deductible only if the trip is primarily related to the business purpose. If the trip is primarily for pleasure, the expenses of traveling to and from the destination are not deductible, even though some… Read More
Taxpayers who use a passenger automobile, including “luxury” automobiles, in the pursuit of business or in an income-producing activity can deduct certain costs related to its acquisition and maintenance. The deductible items include gas, oil, tolls, parking fees, insurance, and depreciation. All of the expenses must be allocated between business use and nondeductible personal use.… Read More
A knowledgeable, independent person or company that: Provides the necessary documents and outlines the procedures for completing a proper tax-deferred exchange Helps assure that exchanger receives only property for property by accepting assignment of exchanger’s interest in Sales and Purchase Agreements even though property is deeded directly Completes sale of exchanger’s property Holds sale proceeds-in… Read More