Employers: Consider Telemedicine and Make Sure Employees Use It
Telemedicine is the rapidly growing system for delivering health care services using telecommunications. It's where medical diagnostics and communications technology intersect. With outcomes that benefit employees and employers, telemedicine holds the promise of improving health care efficiency and quality as well as lowering overall cost. Yet many employees who have access to telemedicine aren't using it. Here's how to help make it work for your organization.
Tax Reform: Which Changes Are Temporary vs. Permanent?
The Tax Cuts and Jobs Act calls for many changes to the tax rules for individuals and businesses. It's hard to keep track of what's permanent and which changes are scheduled to expire at the end of 2025. Plus, Republican lawmakers in the House have introduced a bill that proposes to make permanent some provisions that are currently temporary. Here's a scorecard to help you keep track of the details.
Calculating W-2 Wages for Limitations on the QBI Deduction
Some parts of the Tax Cuts and Jobs Act simplify the tax code but others add complexity. When it comes to the new qualified business income (QBI) deduction for pass-through entities, the devil is in the details. Recently issued IRS proposed regulations help businesses understand how to calculate the QBI deduction. Here, we cover the limitations based on W-2 wages and the basis of qualified property.
Tax-Exempt Organizations: IRS Provides Guidance on New UBTI Rule
Many not-for-profit organizations conduct business activities that are unrelated to their tax-exempt function. To the extent that an organization earns income from these activities, it must pay the unrelated business income tax. Now, thanks to the Tax Cuts and Jobs Act, unrelated business taxable income (UBTI) must be calculated for each separate trade or business.
When Is Service Business Income Eligible for the New QBI Deduction?
A new deduction of up to 20% of qualified business income (QBI) helps achieve tax-rate parity between C corporations and eligible pass-through business entities. However, some service businesses may be hit with a QBI deduction disallowance rule if their owners' taxable income is above certain levels. Proposed IRS regulations clarify how the disallowance rule works.
Gen Z May Change How You Manage Employees
Generation Z is beginning to infiltrate the workforce. Are you prepared? While distinctive generational characteristics are often exaggerated possibly even stereotyped an overview may help you anticipate what's to come. Here's a look at the attitudes and behaviors that some observers attribute to members of Gen Z. You might be surprised.
How Aggregating Businesses Can Boost Your QBI Deduction
High-income individuals with multiple business interests may be eligible to take advantage of aggregation rules that could increase their deductions for qualified business income (QBI). The IRS recently issued proposed regulations that explain how and when aggregating works for purposes of computing the QBI deduction and the deduction limitations based on W-2 wages and the basis of qualified property.
IRS Issues Proposed Guidance on Controversial SALT Limitation
The Tax Cuts and Jobs Act limits itemized deductions for state and local taxes (SALT). To bypass this limitation, some states have approved charitable contribution "workaround" legislation. Recently, the IRS issued proposed regulations that block these workarounds by generally allowing taxpayers to deduct contributions only after subtracting the value of any state tax credits. Here are the details.
IRS Issues Proposed Guidance on Complicated QBI Deduction Rules
How much do you know about computing the new qualified business income deduction or who qualifies for it? The IRS has published detailed guidance to help owners of sole proprietorships and pass-through entities understand how this deduction works. Here are some key definitions and limitations that will be critical for many business owners to understand as they plan for the rest of the 2018 tax year.
Whats Next for State Tax Nexus?
Internet commerce has become increasingly common over the last 25 years. But until recently, the legal standard for establishing economic "nexus" for state tax purposes was based on a case from 1992. On June 21, the U.S. Supreme Court published its decision in Wayfair. This landmark case opens the door for states to impose sales and use tax on remote sellers.
QBI Deduction Provides Tax Break to Pass-Through Entity Owners
Most U.S. businesses operate as pass-through entities, such as sole proprietorships, partnerships, LLCs and S corporations, that won't benefit from the reduced federal income tax rate for C corporations. But a new tax deduction for qualified business income from pass-through entities might offer temporary relief. Here are the basics and some information about recently proposed IRS regulations.