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Exclusion Gifts: Your Opportunity is here, don’t wait!

Exclusion Gifts: Your Opportunity is here, don’t wait!   Exclusion gifts: Recently, the IRS released the 2016 annually adjusted amount for the unified exclusion gift and estate tax exemption and the generation-skipping transfer (GST) tax exemption: $5.45 million (up from $5.43 million in 2015). But even with the rising exemptions, annual exclusion gifts offer a valuable tax-saving opportunity.     . The 2015 gift tax annual exclusion allows you to … Read more

PTO contribution arrangements can help prevent the year-end vacation-time scramble

PTO contribution arrangements can help prevent the year-end vacation-time scramble From the Thanksgiving kick-off of the holiday season through December 31, many businesses find themselves short-staffed as employees take time off to spend with family and friends. But if you limit how many vacation days employees can roll over to the new year, you might find your workplace to be nearly a ghost town as employees scramble to use their … Read more

The 529 savings plan: A tax-smart way to fund college expenses

The 529 savings plan: A tax-smart way to fund college expenses If you’re saving for college, consider a Section 529 plan. Although contributions aren’t deductible for federal purposes, plan assets can grow tax-deferred. (Some states do offer tax incentives for contributing.) Distributions used to pay qualified expenses (such as tuition, mandatory fees, books, equipment, supplies and, generally, room and board) are income-tax-free for federal purposes and typically for state purposes … Read more

Your exec comp could be subject to the 0.9% additional Medicare tax or the 3.8% NIIT

Your exec comp could be subject to the 0.9% additional Medicare tax or the 3.8% NIIT The additional Medicare tax and net investment income tax (NIIT) apply when certain income exceeds the applicable threshold: $250,000 for married filing jointly, $125,000 for married filing separately, and $200,000 for other taxpayers. The following types of executive compensation could be subject to the 0.9% additional Medicare tax if your earned income exceeds the … Read more

The California New Mandatory Paid Sick Leave Law Effective July 1, 2015

The California New Mandatory Paid Sick Leave Law Effective July 1, 2015 California New Mandatory Paid Sick Leave: The implementation of the new rules regarding California Sick Leave. As of July 1, 2015, will apply to all employees, whether part-time or full-time. Essentially, there are two (2) different methodologies: (i) the “accrual method”; and (ii) the “allotment method”. The accrual method basically allows each employee to earn one (1) hour … Read more

IRA One-Rollover-Per-Year Rule

IRA One-Rollover-Per-Year Rule Due to the IRA One-Rollover-Per-Year Rule, beginning January 1, 2015, you can make only one rollover from an IRA to another (or the same) IRA in any 12-month period, regardless of the number of IRAs you own (Announcement 2014-15). You can, however, continue to make as many trustee-to-trustee transfers between IRAs as you want. You can also make as many rollovers from traditional IRAs to Roth IRAs … Read more

Concluding Employer Mandate Regulations Include Transition Relief for Mid-size Employers

Concluding Employer Mandate Regulations Include Transition Relief for Mid-size Employers Due to Employer Mandate Regulations, mid-size employers may be eligible for recently announced transition relief from the Patient Protection and Affordable Care Act’s employer shared responsibility requirements. Final regulations issued by the IRS in late January include transition relief for mid-size employers for 2015. Mid-size employers for this relief are defined generally as businesses employing at least 50 but fewer … Read more