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Feds Finalize Opportunity Zone Guidance

  • 18 February 2020
  • Author: Cari Holbrook
  • Number of views: 33
  • 0 Comments
Feds Finalize Opportunity Zone Guidance

The IRS and U.S. Treasury have finalized regulations for those interested in investing in qualified opportunity zones (QOZs). QOZs were introduced as part of the 2017 tax reform as a way for taxpayers to temporarily defer income gains by investing corresponding amounts into certain development projects. The new guidelines, along with local incentives, have made the option more appealing to some taxpayers. 


New Overtime Pay Rules Are in Place

  • 11 February 2020
  • Author: Cari Holbrook
  • Number of views: 70
  • 0 Comments
New Overtime Pay Rules Are in Place

About 1.3 million American workers are newly eligible for overtime pay. Are your employees among them? The U.S. Department of Labor (DOL) updated the earnings threshold necessary to exempt executive, administrative and professional employees from the Fair Labor Standards Act’s (FLSA) minimum wage and overtime pay requirements.

IRS Steps Up ACA Compliance Enforcement

  • 28 January 2020
  • Author: Cari Holbrook
  • Number of views: 138
  • 0 Comments
IRS Steps Up ACA Compliance Enforcement

The current administration doesn't have a glowing opinion about the Affordable Care Act (ACA) mandate, but that doesn't mean it won't pursue revenue where it can. The IRS is stepping up enforcement of ACA provisions for large employers, and the penalties can reach millions of dollars


IRS Urges "Paycheck Checkups" With New W-4s

  • 21 January 2020
  • Author: Cari Holbrook
  • Number of views: 116
  • 0 Comments
IRS Urges "Paycheck Checkups" With New W-4s

Starting in 2020, your newly hired employees will need to submit redesigned Form W-4s. According to the IRS, the new design replaces complicated worksheets with more straightforward questions. The forms, coupled with the agency’s new Tax Withholding Estimator, are designed to help taxpayers get closer to their correct withholding each year. 


Liberty Tax Settles Federal Fraud Case

  • 14 January 2020
  • Author: Cari Holbrook
  • Number of views: 119
  • 0 Comments
Liberty Tax Settles Federal Fraud Case

Just because a nationwide tax preparation company is well known doesn’t mean the advice given by its representatives is wise or even legal. Liberty Tax Services drove home that point earlier this month. It settled with the federal government for failing to maintain adequate controls over tax returns prepared by its franchisees and, in some cases, overlooking fraud. 


5 Business Money Resolutions to Keep in 2020

  • 20 December 2019
  • Author: Cari Holbrook
  • Number of views: 242
  • 0 Comments
5 Business Money Resolutions to Keep in 2020
As we roll into 2020, it’s time to focus on making it the best year yet for your business. That means staying on top of changing regulations, pivoting with the changing needs of your business and financial goals, and addressing some nagging business decisions that may be long overdue.

TurboTax's $216 Million Tax Filing Mistake

  • 17 December 2019
  • Author: Cari Holbrook
  • Number of views: 262
  • 0 Comments
TurboTax's $216 Million Tax Filing Mistake
Who knew part-time work at a thrift store could be so lucrative? Donna Smith was shocked to discover a tax bill from the IRS claimed she owned $216 million in taxes from the modest $10-an-hour job.

Scams that Target Veterans and/or Pose as Veteran Charities

  • 10 December 2019
  • Author: Cari Holbrook
  • Number of views: 258
  • 0 Comments
Scams that Target Veterans and/or Pose as Veteran Charities

Scams involving military veterans are on the rise. These scams fall into two separate categories: those that target military members and veterans and those that pose as veteran charities asking for donations.

Our Annual Charitable Giving Guide

  • 26 November 2019
  • Author: Cari Holbrook
  • Number of views: 222
  • 0 Comments
Our Annual Charitable Giving Guide

It’s the most wonderful time of the year! In this season of giving, we’re bringing you our annual charitable contribution tips. How can you make your giving stretch and how can you ensure it goes to those who need it most? Let’s take a look.

 

Problems Linger With 100% Bonus Depreciation

  • 19 November 2019
  • Author: Cari Holbrook
  • Number of views: 267
  • 0 Comments
Problems Linger With 100% Bonus Depreciation

Since the Tax Cuts and Jobs Act (TCJA) raised bonus depreciation from 50% to 100% for the first year property is placed in service, many business owners have benefitted. The IRS also extended the definition of qualified property to include assets like used property. However, there are still businesses left out in the cold.

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