The IRS has again extended the deadline for employers subject to the ACA information reporting requirements to meet their obligations to employees, but only by 30 days, from January 31, 2017, to March 2, 2017. And the deadline for filing the required information reporting forms with the IRS has not been extended. This article explains the ACA’s information reporting requirements and the deadline extension, as well as some penalty relief that’s available.
Can you pay bonuses in 2017 but deduct them this year? Maybe, if the bonuses were earned in 2016 and are paid within the first 2½ months of 2017 (assuming you’re a calendar-year company). Learn more about the requirements for bonus deductions in this blog post.
Planning on claiming year-end donations on your tax return? To ensure charitable donations will be deductible on your 2016 return, you must make them by Dec. 31. Learn more about conditions and rules that apply to deducting charitable donations in our latest blog post.
Section 179 expensing allows businesses an immediate deduction for the cost of eligible asset purchases, rather than depreciating them over a number of years. If you want to benefit on your 2016 taxes, there's still time to do so by purchasing business assets. Learn more in this blog post.
Accrual-basis taxpayer? One way to save tax is to properly record and recognize expenses that were incurred this year but won’t be paid until 2017 so you can deduct them on your 2016 tax return. Common examples include commissions, salaries, wages, payroll taxes, advertising, interest, utilities, insurance and property taxes. Learn more in our latest blog post.
Smart timing of deductible expenses can reduce your tax liability, and poor timing can unnecessarily increase it. One deductible expense you may be able to time to your tax advantage is your 2016 property tax payment that’s due in 2017. Learn more about the pros and cons of accelerating your property tax deduction in this blog post.
What do the election results mean for your personal tax outlook? Which proposals will make it into legislation and signed into law is uncertain, but major changes are likely. Learn more about the President-Elect's proposed tax reform plan in this blog post.
What do the election results mean for businesses’ tax outlook? President-elect Donald Trump’s proposed tax law changes released earlier this year generally would reduce tax rates for corporations and flow-through entities to 15% but eliminate many tax breaks. Learn more in this blog post.
Saving for retirement can be tough if you’re putting most of your money and time into operating a small business. If you don't already have a tax-advantaged retirement plan, there’s still time for setting up a retirement plan this year. Our latest blog post identifies some options for a retirement plan that can help you.
If you have a nonqualified deferred compensation (NQDC) plan, it’s critical to be aware of the tax rules. For example, you must make the deferral election before the year you’ll perform the services for which the compensation is earned. Learn more about important tax rules to be aware of in our latest blog post.