Now is the time to focus on year-end tax planning. Careful and strategic planning can help minimize your tax bill and maximize what you keep. Given the uncertainty and sweeping scope of proposed tax law changes, planning is both more complex and more important than ever this year. Below, we discuss five year-end tax planning strategies you can use to maximize how much of your own money you keep
Financial Services Blog
In a news release, IRS has reminded individuals and businesses making year-end charitable contributions of several important tax law provisions, including substantiation requirements, that they should keep in mind.
As the end of the year approaches, most of us have a lot of things on our to-do lists, from gift shopping to donating to our favorite charities to making New Year’s Eve plans. For taxpayers "of a certain age" with a tax-advantaged retirement account, as well as younger taxpayers who’ve inherited such an account, there may be one more thing that’s critical to check off the to-do list before year end: take required minimum distributions (RMDs).
As Congress moves closer to the finish line on tax reform, many clients may be asking what they should be doing right now to best position themselves for tax savings, and to avoid or soften the impact of disappearing deductions. The following Client Letter offers year-end moves that can accomplish both goals.
Major tax reform enactment is a rare event, with the last occurring back in 1986 under President Ronald Reagan. As a result, current discussions could pan out to be much ado about nothing; however, with the solid majorities that Trump and the Republicans hold in both houses of Congress, there is real potential for tax reform to pass.
Now that the weather is reminding us that Fall is here, it's time to think about year-end financial tasks. If your business uses QuickBooks as your accounting system, then auditing QuickBooks should be a regular November or early December activity. Looking over the accounting records is important, even if you don't expect a formal IRS tax audit of the books. Making sure accounts and balances are reconciled now can point out any areas of concern in plenty of time to look for supporting documents, like receipts and pay stubs.
From Texas to Florida, a large swath of the United States was recently slammed with back-to-back hurricanes, leaving flooded streets, damaged buildings and wreckage all around. Huge economic costs will be associated with these hurricanes.
We know that the accounting and tax issues involved with employer-provided benefit plans can be overwhelming. That's why we can assist with the accounting and tax issues of development and implementation of your employee benefit plan. In addition, we work with several third-party administrators that will assist in the administration of the plan. Now is the time to begin preparing your employee benefit plan for open enrollment, which is a quick 45 days from November 1st through December 15th.
To stay competitive, employers must invest in a comprehensive Employee Benefits plan to attract and retain talent. When employees are offered the benefits they most desire, they'll feel valued, will miss fewer workdays, and will be less likely to quit. Open Enrollment is quickly approaching and you need to be aware of all the adjustments that your benefits have. Here are some essential tips for employee benefits plans and how Lindemeyer, CPA can help.
Employee Benefits Required By Law
The law requires employers to provide employees with certain benefits including:
- Time off to vote, serve on a jury, and serve in the military.
- Comply with all workers' compensation, which is insurance that covers employment-related injuries and illnesses.
- Withhold FICA taxes from employees' paychecks and pay your own portion of FICA taxes. This provides employees with retirement and disability benefits.
- Pay state and federal unemployment taxes, which provides benefits for unemployed workers.
- Contribute to state short-term disability programs. More information can be found on Kentucky's Health and Family Services website.
- Comply with the Federal Family and Medical Leave (FMLA), which is designed to help employees balance their work and family responsibilities by allowing them to take reasonable unpaid leave for certain family and medical reasons.
IRS guidance on the tax treatment of cryptocurrencies already exists. Right now, the IRS considers cryptocurrencies to be "intangible assets." As a result, they are subject to capital asset treatment. However, recent developments complicate matters.