If you have not paid Alternative Minimum Tax (“AMT”) in the past, you may want to consider making payments for your property taxes and state income tax before year end. This will enable to you to claim these payments as deductions on your 2017 personal income tax return.
Recently, Illinois enacted the “Invest in Kids Act,” which provides for a tax credit equal to 75% of qualifying contributions made to a Scholarship Granting Organization (“SGO”), up to a maximum $1 million per taxpayer. The credit is not available to taxpayers who claim a federal income tax
As the holiday season quickly approaches, gift giving will be top of mind. While gifts of electronics, toys and clothes are nice, making tax-free gifts of cash using your annual exclusion
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
1099-MISC, Miscellaneous Income, must be mailed by January 31, 2018 to each person a company has paid during the course of business in 2017. A person subject to 1099 reporting is defined as an individual who is a U.S. citizen or U.S. resident alien, a partnership or association
With a new year comes tax law changes. One of the biggest changes this year are the due dates of important tax forms. The following forms have new dates:
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- W-2s are due to the employee and government agency on January 31, whether filing paper
Cost Segregation Case Study
The professionals at CJG Partners LLP provide the expertise to implementing tax deferral strategies related to commercial property purchases. Our knowledge of the tax code coupled with the compliance requirements of cost segregation studies offers an affordable option to using traditional consultants.
On May 18th, 2016 the DOL released a final rule that radically increases the thresholds for overtime rules, expanding the number of employees eligible for overtime pay. Under the FLSA, employees who work more than 40 hours in a week are entitled to overtime pay, unless they meet
We are writing to inform you of a recently enacted update to the tangible personal property regulations. As you are aware, these regulations went into effect for tax years beginning on or after January 1, 2014, and provided for a de minimis safe harbor election that
We wanted to re-share an article from the November 2015 Tax & Business Alert that was posted on our website and mailed out to our clients last month. This article concerns the Employer Shared Responsibilities (ESR) provisions found in the Affordable Care Act. Business owners need to
The U.S. Department of Labor (DOL) oversees the annual audits of more than 81,000 employee benefit plans. Recently, the DOL sent out a letter (via email) to tens of thousands of benefit plan administrators regarding audit quality. Perhaps you received one yourself.
The letter went out because the
We are writing to let you know about an important development that will affect every business, including yours. The IRS has issued long-awaited regulations on the tax treatment of amounts paid to acquire, produce, or improve tangible property. The regulations explain when those payments can be deducted, which
The Employee Retirement Income Security Act of 1974 (ERISA) is a federal law that sets minimum standards for pension plans in private industries. The Internal Revenue Service requires all qualified plans to be restated into a new plan document every 5 to 6 years. The Internal Revenue Service
1099-MISC, Miscellaneous Income, must be mailed by January 31, 2014 to each person a company has paid during the course of business in 2013. A person subject to 1099 reporting is defined as an individual who is a U.S. citizen or U.S. resident alien, a partnership or association
As many of you are aware, we launched this website in 2013. One of the new features of this website is our new client portal, which allows us to securely exchange documents with each other, and send you copies of your tax returns electronically. With tax season already
IRS has announced that the optional mileage allowance for owned or leased autos (including vans, pickups or panel trucks) will decrease by 0.5¢ to 56¢ per mile for business travel after 2013. This rate can also be used by employers to reimburse employees tax-free under an accountable plan