The CARES Act provides some big wins for individual taxpayers who are in need of an economic lifeline amid the COVID-19 pandemic. Recovery Rebate for Individual Taxpayers The CARES Act includes a provision offering a one-time “2020 recovery rebate” of $1,200 ($2,400 for married couples), plus an additional $500 per child for eligible taxpayers. U.S…. Read more
Corporations Receive Tax Clarity for Offshore Profits
The IRS released highly-anticipated clarity for multinational corporations on how U.S. tax will be calculated on foreign income. Since the 2017 tax reform went into effect, American companies have expressed the ambiguity surrounding taxation on foreign profits, requesting more direction and transparency. Last month, the IRS responded with a new set of guidelines that lessen… Read more
DOL Revisits Overtime Rule in Proposal
On March 7, the Department of Labor (DOL) released a proposed rule that would raise the so-called salary-level threshold for white-collar exemptions to $35,308 per year from $23,660. This means that the vast majority of employees earning under the threshold would need to be paid overtime. About 1 million workers may find themselves affected by… Read more
Top 7 Last-Minute Tax Strategies
There’s still time left in the year to make some last-minute tax moves. If you are in a higher tax bracket this year or find more income in your paychecks due to lower tax reform rates, you may consider applying some of these strategies to your situation. 1. Give to a Good Cause Donating to… Read more
Blended Federal Income Tax Rate for Corporations with Fiscal Year
In a recent release by the Internal Revenue Service, corporations operating on a fiscal year that includes Jan. 1, 2018 will pay a blended federal income tax rate due to terms outlined in the Tax Cuts and Jobs Act (the Act). Many corporations choose to use a fiscal year instead of a traditional calendar year… Read more