Should You Switch Your Business to C Corporation Status?
Based on prior tax law, many businesses chose to operate as sole proprietorships and pass-through entities, including partnerships, LLCs and S corporations, to help lower their taxes. Now some business owners are rethinking their business structures under the current tax law. But before you switch, it's important to learn about the potential pitfalls of operating as a C corporation.
2018 Income Tax Withholdings: Too Much, Too Little or Just Right?
Many individuals still aren't familiar with all the changes under the Tax Cuts and Jobs Act. So, they don't know whether their 2018 withholding and estimated quarterly payments will be sufficient. Here's an overview of the provisions that might affect your tax situation, along with recent queries to the IRS about possible penalty relief for those who didn't pay enough to the IRS for the 2018 tax year.
Important Tax Figures for 2019
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 2019, compared with 2018, including the estate tax exemption, Social Security wage base, qualified retirement plan and IRA contribution limits, driving deductions, allowable business write-off amounts and more.
Ideas to Strengthen Your Business in 2019 and Beyond
Start the New Year with some strategic planning. Before diving headfirst into 2019, business owners should take time to learn from last year's achievement and mistakes, as well as set goals and monitor trends for the future. Here are ten items to add to your to-do list this January.
Dealing with Child Support Withholding Orders
If you handle payroll or human resources long enough, chances are you'll encounter an income withholding order for delinquent child support. Perhaps you're already familiar with the process. If not, you'll need some guidance on how to address the issue and what your reporting requirements are. Here's a quick briefing.
Balance Your Right to Monitor Communications with Employees Privacy Rights
Employers try to respect their employees' privacy rights but they also don't want to be taken advantage of or risk losing sensitive data. That's why a growing number of companies are implementing policies to monitor employees' communications at work, including their emails and Internet activity on company-owned computers. Here are some ideas to help you implement a policy that's fair but effective.
Revenue Recognition: Private Companies Prepare for New Rules
At this time of year, many companies are concerned about tax-saving strategies. But there's more to consider this year end. New accounting rules for recognizing revenue go into effect in 2019 for private companies. Be aware, however, that updating your systems and personnel will likely take more time and effort than you expect.
Gender-Based Pay Discrimination Allegations: Is Your Business Vulnerable?
It's long been illegal to pay men and women different amounts for "substantially" equal work. But many employers are unsure about what constitutes pay discrimination in the eyes of courts and the EEOC or how they can rectify pay disparities. Here are some answers to frequently asked questions about gender-based pay discrimination.
Overview of Real Estate Depreciation Changes
Real estate investors have reason to celebrate in the upcoming tax season: The Tax Cuts and Jobs Act significantly expanded the first-year tax breaks for bonus depreciation and Section 179 deductions. But Congress may need to fix one intended change before it can benefit investors. And there are some pitfalls to consider before taking advantage of first-year depreciation breaks for real estate.
DOL Pitches Auto-Portability Program to Preserve Retirement Savings
The U.S. Department of Labor (DOL) is seeking comments on a proposed "auto-portability" program. Under the proposal, an employee's 401(k) savings would be moved to an IRA if employment (or the plan) is terminated. Those funds would then automatically transfer to a new employer's 401(k) plan when the employee finds a new job. Here are the details.