Now that April 15 has come and gone, have all of our tax reform questions been answered? Many taxpayers (and accountants) are still sifting through the changes and awaiting additional guidance surrounding some areas of uncertainty. In some situations, taxpayers have extended returns or will need to file amended returns in the future once the… Read more
IRS Audits Decline for Millionaires and Large Businesses
IRS audits of wealthy taxpayers and big business are on the downtick, reaching record lows in nearly a decade. According to a recent report published by Syracuse University’s Transactional Records Access Clearinghouse (TRAC), taxpayers filing $1 million of income or more on their tax return are less likely to be audited than in years past…. 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
IRS Released Safe Harbor Guidance for Vehicle Deductions
The IRS recently released a safe harbor method that harmonizes 100% bonus depreciation with the annual depreciation limits for passenger automobiles (other than leased vehicles). Passenger automobiles are defined as four-wheeled vehicles driven on public roads, having a gross vehicle weight of $6,000 lbs or less. If a vehicle is acquired and placed in service… Read more
Tax-Savvy Retirement Planning
With over 70 million baby boomers in the United States, how many are celebrating their 65th birthday every day? Retirement is right around the corner for many. Are you prepared with a tax-savvy retirement plan? While many boomers are rewriting the rules of retirement and working well into their seventies, there will come a time… Read more
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