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Tax Articles

 

Maximize the Qualified Business Income Deduction with Multiple Trusts

Maximize the Qualified Business Income Deduction with Multiple Trusts

Posted by D’Marie Murray on January 22, 2020

Since the Tax Cuts and Jobs Act went into effect, owners of sole proprietorships and pass-through entities have been allowed to deduct up to 20% of their qualified business income. However, the benefits associated with Section 199A of the tax code may be reduced or eliminated if an owner's taxable income exceeds certain thresholds.

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Important Tax Figures for 2020

Important Tax Figures for 2020

Posted by Kevin Smeader on January 21, 2020

Every year, the dollar amounts allowed for various federal tax benefits are subject to change based on inflation adjustments and legislation. Here are some important tax figures for 2020, compared with 2019.

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SECURE Act Affects Retirement and Tax Planning for Individuals

SECURE Act Affects Retirement and Tax Planning for Individuals

Posted by Cheryl A. Jankowski on January 20, 2020

On December 20, President Trump signed into law the Setting Every Community Up for Retirement Enhancement (SECURE) Act. Here are some changes that are most likely to affect individuals, including some that aren't related to retirement savings.

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Engaging Leased Employees - What are the Concerns?

Engaging Leased Employees - What are the Concerns?

Posted by Kristin Re’ on January 17, 2020

The “gig economy” has opened plenty of new opportunities for employers and workers. However, leasing employees isn't completely worry-free. Depending on how you manage worker leasing relationships, you may still have certain responsibilities.

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Immediate Actions Needed by Retirement Plans to Comply with the SECURE Act of 2019

Immediate Actions Needed by Retirement Plans to Comply with the SECURE Act of 2019

Posted by Bryan Staniszewski on January 17, 2020

The SECURE Act is landmark legislation that affects the rules for creating and maintaining workplace retirement plans for all employers (including for-profit and tax-exempt employers of all sizes). Whether you currently offer your employees a retirement plan (or are planning to do so), you should consider how these new rules may affect your current retirement plan (or your decision to create a new one).

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Setting Every Community up for Retirement Enhancement Act of 2019 (The SECURE Act)

Setting Every Community up for Retirement Enhancement Act of 2019 (The SECURE Act)

Posted by Cheryl A. Jankowski on January 16, 2020

The SECURE Act has received a lot of publicity due to the provisions affecting inherited individual retirement accounts (IRAs). However, that’s not the only notable change of interest to individuals.

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New E-Filing Requirements for Tax-Exempt Organizations

New E-Filing Requirements for Tax-Exempt Organizations

Posted by Cathleen Karpik on January 16, 2020

Under a little-noticed provision buried deep in the Taxpayer First Act, tax-exempt organizations will be required to file certain information returns and related forms electronically. Your not-for-profit organization should be prepared for this change that goes into effect for tax years beginning after July 1, 2019.

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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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New Tax Law Provides 10 Key Breaks for Individual Taxpayers

New Tax Law Provides 10 Key Breaks for Individual Taxpayers

Posted by Angela Miles on January 16, 2020

A recent spending package signed into law by President Trump on December 20 retroactively resurrects and/or extends several key tax breaks through 2020. It also provides tax relief for victims of federally declared disasters. Here are ten breaks that can benefit eligible individuals.

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Tax Rules that Apply to Home-to-Rental Conversions

Tax Rules that Apply to Home-to-Rental Conversions

Posted by Michē Needham on January 14, 2020

Residential real estate values have fully recovered in many areas, and rental rates are strong. To take advantage of this favorable situation, consider buying a new residence and converting your current home into a rental property that you can sell later for a higher price. This strategy can be a tax-savvy move, but it's not right for everyone.

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