High-net-worth U.S. taxpayers who live in certain states have more worries than the federal estate tax taking a bite out of their wealth. The residents in 14 states and the District of Columbia are also subject to estate taxes at the state level, while another six states impose an inheritance tax on assets bequeathed to […]
Despite the Department of Labor’s recent retraction of the prior administration’s narrow interpretation of the Fair Labor Standards Act (FLSA), businesses must remain vigilant in upholding the underlying law that requires proper classification of workers as either employees or independent contractors. Failure to do so can put businesses at risk of legal exposure, severe penalties […]
The IRS recently issued guidance that provides widows and widowers with an easier and less costly method to transfer a deceased spouse’s unused estate and gift tax exclusion to themselves. Making this portability election essentially allows surviving spouses to protect double the amount of assets from federal estate and gift tax liabilities during their […]
July 31: Deadline for calendar-year Employee Benefit Plan sponsors to file Forms 5500, 5500-EZ or 5500-SF, Annual Return/Report of Employee Benefit Plan, or receive an automatic extension to file on November 15 July 31: Due date for businesses to file 2nd quarter 2017 payroll tax returns and federal unemployment tax September 15: Due date for […]
For more than three decades, IRS partnership audits have operated under the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA), which required individual partners to pay their share of a partnership’s tax underpayments identified in an IRS audit, unless the partnership elected to be taxed at the entity level. Since TEFRA’s enactment, partnerships have proliferated […]
On May 25, 2017, Florida Governor Rick Scott signed legislation that affects a wide range of sales and use tax, corporate income tax and property tax issues impacting businesses located in the state. For businesses, H.B 7109 reduces the sales tax rate on the rental of commercial real estate from current 6 percent to […]
Purchasing a vacation home provides an individual with a place to get away and relax as well as an opportunity to generate significant cash flow when they rent out those properties throughout the year. However, the IRS will generally consider the rent paid by tenants to be taxable income to the owner and potentially subject to […]