Equity-based compensation can be a great way to reward and retain valued employees, especially for companies with limited cash on hand. And the Tax Cuts and Jobs Act (TCJA) makes it even more advantageous by offering a new tax-favored alternative to employees who receive these awards. Read more
Under current tax law, employees aren’t allowed to claim miscellaneous itemized deductions — including unreimbursed business expenses — on their personal tax returns for 2018 through 2025. So, it may be more important than ever for employers to set up expense reimbursement plans for business-related travel costs. Read more
Did you know that the Tax Cuts and Jobs Act (TCJA) eliminated itemized deductions for employees who incur unreimbursed expenses for company business for 2018 through 2025?
Fortunately, you can set up a so-called “accountable plan” to minimize the adverse effects of this TCJA provision. Here’s how the accountable plan deal works. Read more
By Meredith Pilaro and Jeff Bilsky
Government contractors provide many different types of services across many different industries, such as IT, R&D, operations and professional services. In the past, many of these contractors may have used the term “consultant” or “consulting” to describe the wide range of services they provide. Yet this 2018 tax season, it may be time for contractors to revisit this terminology, particularly if they are structured as a flow‑through entity for tax purposes (i.e., an S corporation, a partnership, or an LLC taxed as a partnership). Read more
TREASURY ISSUES PROPOSED REGULATIONS FOR GLOBAL INTANGIBLE LOW-TAXED INCOME, SECTION 951A
On September 13, Department of the Treasury and the Internal Revenue Service (collectively, Treasury) issued proposed regulations (REG-104390-18, hereinafter, the Proposed Regulations) implementing Section 951A. Read more
The Tax Cuts and Jobs Act (TCJA) establishes a new federal income tax credit for employers that provide qualifying paid family and medical leave benefits to their employees. This credit is only available for two employer tax years — those beginning between January 1, 2018 and December 31, 2019 — unless Congress extends the deal. Here are some FAQs about this tax break. Read more
On December 22, 2017, the enactment of tax reform (also known as the Tax Cuts and Jobs Act) brought about widespread changes to includable and excludable items, with moving expenses being one of the most notable. Read more
Telemedicine continues to change the way that medical professionals and patients interact.
In a survey by the Mercer consulting firm, nearly three-quarters of employers with at least 500 workers said they make telemedicine services available. Yet employers with programs in place reported that only 7% of eligible employees used telemedicine at least once. And despite its wide availability, many employees who have access to telemedicine aren’t even aware that it’s an option for them. Read more
The Tax Cuts and Jobs Act (TCJA) includes a bevy of important tax changes for individuals and businesses. However, it’s sometimes hard to keep track of which changes are permanent and which are scheduled to expire at the end of 2025 — unless Congress extends them.
Here’s a scorecard to help you keep track of the permanent vs. temporary changes as the tax law currently stands. Read more
Recently proposed IRS regulation on the new deduction for qualified business income (QBI) provide guidance on how to compute limitations on the deduction based on W-2 wages. As you’ve probably heard, the QBI deduction is complicated, and numerous rules and restrictions apply.
Important note: While new QBI deduction regulation are in proposed form, taxpayers can rely on them until final regulations are issued. Read more