Save or Shred? Follow These Recordkeeping Guidelines
When tax season ends, many individuals and businesses are unsure which records they should retain and which ones can be thrown in the shredder. Here are some best practices to prevent your paper and digital records from mounting up, while retaining them long enough to prove your tax return information in the event of an audit or to file an amended return if you overlook tax breaks.
Mandatory E-Verify May Be Coming, Are You Ready?
Illegal immigration is a Trump administration priority and in its ongoing efforts to clamp down on it, the White House is seeking to expand employer usage of E-Verify. That is the federal government's free electronic service that checks immigration status for employers. Here's the latest on what you need to know about the E-Verify program.
Go Green, Save Green: Tax Breaks for Saving Energy
Earth Day (April 22) is a good time to brainstorm about ways to reduce your carbon footprint. Maybe you want to install solar panels on your home, upgrade to a geothermal heating system or trade in your old gas guzzling SUV for a new plug-in electric vehicle. "Going green" is a priority for many people and the IRS offers breaks if you install qualifying energy-efficient equipment in your home or purchase a new plug-in electric vehicle.
The Outlook for Internships is Looking Up
Thinking about bringing some interns on board this summer? If so, here's some good news: The U.S. Department of Labor recently made its criteria much more flexible when it comes to determining whether an intern working in the private sector is subject to the Fair Labor Standards Act. For many employers, that could tip the scales in favor of sponsoring an internship program. Here's what's new.
Last Chance to Claim the Domestic Production Activities Deduction
Do you know which activities qualify for the so-called "domestic production activities deduction" (DPAD)? Some business taxpayers overlook this valuable tax break because they don't understand the rules. The DPAD has been repealed for tax years beginning after December 31, 2017, so it may be worth revisiting one last time. Here's an overview of the basics.
Good Reasons to File Extensions for 2017 Returns
Need more time to have your personal tax return filed? Tax Day is almost here. But many people haven't gathered all the information or completed all the necessary transactions to complete their 2017 federal tax returns. Filing for an automatic six-month extension can give you extra breathing room. Here are some situations where an extension might help you, along with some potential pitfalls to avoid.
Reverse Mentoring: Moving Seasoned, Younger Workers into High Gear
Wisdom may come with age, but a lot of new and practical insights belong to the young. Your middle-aged and older employees might just become more effective if they take some lessons from the junior members of your staff in a "reverse-mentoring" program. Here's some practical guidance on how to take advantage of the skills of younger workers.
Last-Minute Tax Planning Tips for 2017
Tax Day for individuals, sole proprietors and C corporations is April 17, 2018, this year. Have you filed (or extended) your tax return for 2017 yet? For many people, filing tax returns is a dreaded chore they want to avoid for as long as possible. Although we can't change the tax due date, there are some last-minute strategies to potentially lower your tax liability.
Got Bitcoin? Virtual Currency Complicates Tax Reporting
Bitcoin and other forms of virtual currency are rapidly gaining popularity. But businesses, consumers, employees and investors have many questions about how Bitcoin works and how to report transactions for federal income tax purposes. If you're a Bitcoin investor or user, here are some answers to help you comply with the latest tax rules.
Congress Raises 401(k) Hardship Withdrawal Limits
Restrictions on employee 401(k) hardship withdrawals will be eased next year, thanks to new legislation enacted by Congress in February 2018. While that could be good news for plan participants, it could also give them an opportunity for a self-inflicted financial setback. As the employer, you might need to step up your guidance to minimize the chances of that from happening.
Survey: Employers Adapt Quickly to Withholding Tax Changes
A recent survey found that employers, for the most part, had few problems meeting the February 15 deadline for using new 2018 income tax withholding tables, which reflect changes made by the Tax Cuts and Jobs Act. However, employees had many questions about how the law will affect their paychecks and their tax returns. This article reviews the survey results.
Are Roth IRAs Still Beneficial under the New Tax Law?
Roth IRAs can be a smart way for you to save for retirement. And temporary tax rate cuts for 2018 through 2025 under the new tax law could persuade some people to convert traditional IRAs into Roth IRAs sooner rather than later. But the new law also contains a potential pitfall if an account's value unexpectedly falls after it's converted. Here's what you need to know before jumping headfirst into a Roth IRA or a Roth conversion.