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Business Tax Articles

 

New DOL ‘Rate of Pay’ Regs Update Overtime Pay Rules

New DOL ‘Rate of Pay’ Regs Update Overtime Pay Rules

Posted by Stephanie Wilkinson on January 16, 2020

What is the “regular rate of pay” for a nonexempt employee? The answer is needed when calculating hourly overtime wages, which must exceed base wages by 50%. New regulations from the U.S. Department of Labor (DOL) that take effect January 15 update the definition of “regular rate of pay” to guide your overtime pay calculations.

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Federal Opportunity Zones: Investment and Deferral Strategy

Federal Opportunity Zones: Investment and Deferral Strategy

Posted by Brian Kern on January 06, 2020

With the passage of tax reform legislation knows as the Tax Cuts and Jobs Act (TCJA), a significant opportunity exists for investors to defer capital gains tax owed.

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Year-End Tax Planning Moves for Small Businesses

Year-End Tax Planning Moves for Small Businesses

Posted by Kerry Roets on October 17, 2019

Due to political gridlock, federal tax law hasn't changed much since the Tax Cuts and Jobs Act was enacted. Most of the provisions affecting businesses went into effect last year, so the year-end tax planning strategies that worked for 2018 may still be valid for the current tax year, but your specific tax situation might be different.

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New Business Travel Per Diem Rates Announced for 2020

New Business Travel Per Diem Rates Announced for 2020

Posted by Kevin Smeader on October 08, 2019

Recordkeeping for reimbursing business travel expenses can be cumbersome. Instead of reimbursing employees for the actual costs they incur for out-of-town lodging, meals, and incidentals, some employers opt to pay fixed travel per diems.

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14 Tax-Favored Fringe Benefits: What’s the Right Mix for Your Business?

14 Tax-Favored Fringe Benefits: What’s the Right Mix for Your Business?

Posted by Mark Stack on October 04, 2019

Unfortunately, the Tax Cuts and Jobs Act eliminated tax deductions for certain employee transportation fringe benefits, but other fringe benefits are still deductible by employers and tax-free to employees.

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Bonus Depreciation for Your Business: Let’s Review Your Options

Bonus Depreciation for Your Business: Let’s Review Your Options

Posted by Brian Kern on September 27, 2019

First-year bonus depreciation has been around for a while now. However, the Tax Cuts and Jobs Act (TCJA) set forth more-generous, but temporary, rules for 2018 through 2026.

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Final Regulations Remove Two-Year Deferral of Advance Payments for Inventoriable Goods Under Section 1.451-5

Final Regulations Remove Two-Year Deferral of Advance Payments for Inventoriable Goods Under Section 1.451-5

Posted by Brian Kern on August 22, 2019

On July 11, 2019, the IRS and Treasury released final regulations removing Section 1.451-5 of the Income Tax Regulations as a result of the changes made to Section 451 under the 2017 tax reform known as the Tax Cuts and Jobs Act (TCJA).

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Uncertain Tax Position Disclosures: Is Your Organization in Compliance?

Uncertain Tax Position Disclosures: Is Your Organization in Compliance?

Posted by Donna Gonser on August 16, 2019

As a not-for-profit, tax-exempt organization, you might think the subject of “uncertain tax positions” (UTPs) doesn't apply to you. Think again.

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IRS and Treasury Release Second Set of Opportunity Zone Guidance

IRS and Treasury Release Second Set of Opportunity Zone Guidance

Posted by Cory Van Deusen V on June 14, 2019

On April 17, 2019, the IRS and Treasury issued its much anticipated second set of proposed regulations under Internal Revenue Code, Section 1400Z-2, Special rules for capital gains invested in opportunity zones. 

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Article IRS Announces Changes for Personal Use of Employer-Provided Vehicles

Article IRS Announces Changes for Personal Use of Employer-Provided Vehicles

Posted by Kevin Smeader on June 11, 2019

The free use of a company car is one of the best perks an employee may receive as part of a compensation package, but the benefit to the employee isn't completely “free” under current tax law.

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