The U.S. Department of Labor’s (DOL) Wage and Hour Division (WHD) has issued a new Opinion Letter on whether employers must compensate employees for travel time. These letters are issued to help the public better understand compliance with certain federal laws. They’re based exclusively on the facts provided by an employer that asks the agency for a formal, written opinion. The letter described in this article provides an employer with details of when it had to pay its traveling staff members in three different scenarios. Read more
Are you confused about the federal income tax rates on capital gains and dividends under the Tax Cuts and Jobs Act (TCJA)? If so, you’re not alone. Here’s what you should know if you plan to sell long-term investments or expect to receive dividend payments from your investments. Read more
Are you a recordkeeping pack rat? Many individuals and businesses hold onto paper and digital records indefinitely — just in case. But securely storing years of financial records can become burdensome. Here’s some guidance to help minimize recordkeeping overload. Read more
E-Verify is about to play a critical role under the Trump administration.
The electronic service, launched in 1996, is primarily a voluntary web-based system, though it could soon become mandatory. E-Verify enables employers to quickly determine whether information supplied by job applicants on their I-9 forms is consistent with data held by the Social Security Administration and the Department of Homeland Security. Read more
CHANGES IN SECTION 965 SPECIFIED FOREIGN CORPORATIONS’ TAX YEARS
On February 13, 2018, the Department of the Treasury and the Internal Revenue Service (collectively, “Treasury”) issued Rev. Proc. 2018-17 (the “Rev. Proc.”). The Rev. Proc. provides additional guidance under Section 965, Treatment of deferred foreign income upon transition to participation exemption system of taxation, as amended by the “Tax Cut and Jobs Act,” which was enacted on December 22, 2017. In particular, the Rev. Proc. provides guidance regarding certain changes in Section 965 specified foreign corporations’ tax years. Read more
By Bethany Bouw
There are a variety of ways one may be considered ‘out of the country’ on the due date of individual income tax returns (April 17, 2018). In regards to filing the automatic two-month extension, the IRS has a slightly complicated definition of ‘out of the country’. You will want to make sure that you fully understand their definition in order to know when your due date is and how best to extend. Read more
By Bethany Bouw
The due date for individual income tax returns (April 17, 2018) is nearly upon us. Some of you may be wondering if you qualify for the automatic two-month extension. Ryan & Wetmore is here to help you with your extension concerns. Read more
By Justin Gipp and Jason Dudas, CPA
In December 2017, Congress signed the Tax Cuts and Jobs Act. There are many changes in the new tax bill that will cause varying effects on businesses and individuals. As the dust starts to settle on the new tax bill, most businesses expect their income tax expense to decrease. However, a general understanding of the new tax law is necessary to effectively make tax planning decisions for your business. Business owners can start strategizing their plan by reviewing the five most significant changes that are expected to affect construction contractors. Read more
The Tax Cuts and Jobs Act (TCJA) imposes new limits on home mortgage interest deductions. Here’s how the changes could affect your tax situation.
For the 2018 through 2025 tax years, the new law generally allows you to deduct interest on only up to $750,000 of mortgage debt incurred to buy or improve a first or second residence. This type of debt is called “home acquisition indebtedness” in tax lingo. (For married individuals who file separately, the home acquisition indebtedness limit is $375,000 for 2018 through 2025.) Under prior law, you could deduct interest on up to $1 million of home acquisition indebtedness (or $500,000 for those who use married filing separate status). Read more
Earth Day is April 22. This occasion reminds us to consider implementing changes to help reduce the amount of energy we consume. But “going green” isn’t just good for the Earth — certain energy-saving expenditures also may qualify for generous tax breaks that are good for your pocketbook, too.
Here are some tax credits for buying and installing certain types of energy-efficient residential equipment. Read more