Month: January 2016

Estate Tax Round-Up: An Overview of Recent Developments

In 2016, the federal gift and estate tax exemption increases to $5.45 million (up from $5.43 million for 2015). But that’s not all that’s changed. In recent months, there have been several significant developments on the estate tax front. Here are some tips to help you stay atop the changes. New Basis Consistency Rules for Inherited […]

Posted In: Tax Advisor, Tax Deductions, Tax Filing, WSRP

Changes to the Utah Annual Withholding

This article is to inform our clients of changes to the Utah annual withholding reconciliation requirements as a result the 2015 Utah Legislature passing SB 250. This bill, effective January 1, 2016, was passed to help prevent identity theft and fraud from happening in the state of Utah. The new requirements allow the Tax Commission to […]

Posted In: Tax Advisor, Tax Deductions, Tax Filing, WSRP

IRS Notice 2016-4: Reporting of Health Insurance Coverage-filing Extensions

This notice extends the due dates for the 2015 information reporting requirements (both furnishing to individuals and filing with the Internal Revenue Service (Service)) for insurers, self-insuring employers, and certain other providers of minimum essential coverage under section 6055 of the Internal Revenue Code (Code), and the information reporting requirements for applicable large employers under section 6056 of the […]

Posted In: IRS, IRS Notice

Nurture Understanding Between Generations for a Peaceful Workplace

Is there frustration building in your organization due to clashing generational attitudes about work? If so, you are not alone. The good news is it doesn’t need to trigger an explosion. In many workplaces, Baby Boomer and Gen X supervisors are exasperated with younger workers — typically those in the Millennial generation, who were born between […]

Posted In: Business

Create Your Own Business Forms in QuickBooks!

Each business form that is used in QuickBooks has a predefined layout. The headings, columns and fields for entering information are already set up within the Intuit Standard Forms. These documents can be printed on preprinted forms, letterhead or plain paper. If the layout of a particular form doesn’t meet your needs, you can create, download […]

Posted In: Quickbooks

Good News in the New Year: IRS Extends ACA Filing Deadlines

Employers and other organizations got some good news from the IRS for the start of the new year. The tax agency announced that it’s extending the due dates for filing 2015 Affordable Care Act (ACA) information returns. This gives employers extra time to complete two tasks: 1. Provide the forms to the recipients and 2. File the forms […]

Posted In: ACA, ACA Mandate, IRS

Important Tax Figures for 2016

The following table provides some important federal tax information for 2016, as compared with 2015. Many of the dollar amounts are unchanged or have changed only slightly due to low inflation. Other amounts are changing due to legislation. Social Security/ Medicare 2016  2015 Social Security Tax Wage Base  $118,500 $118,500 Medicare Tax Wage Base  No limit […]

Posted In: Tax Advisor, Tax Deductions, Tax Filing

Plan Ahead for Changes to Overtime Pay Rules

It’s been about five months since the Department of Labor’s (DOL’s) Wage and Hour Division issued its proposed update on overtime rules. Specifically, the agency has suggested revisions to the definition of which employees are exempt from overtime pay requirements and which are not (referred to as the “white collar exemption”). The proposal elicited 264,093 responses […]

Posted In: Business

The New PATH Act Contains Four Payroll Tax Changes

The tax law passed by Congress and signed by President Obama on December 18 contains some payroll tax provisions that are of interest to employers. Here are four changes in the Protecting Americans from Tax Hikes Act of 2015 (PATH Act). 1. There’s now parity between employer-provided mass transit and parking benefits. The new law permanently extends […]

Posted In: Tax Advisor, Tax Deductions, Tax Filing