The dollar amounts allowed for various federal tax benefits are subject to change every year based on legislation and inflation adjustments. Here are some important tax figures for 2017, compared with 2016, including Social Security wage base, qualified retirement plan and IRA contribution limits, the estate tax exemption, driving deductions, and allowable business write-off amounts  Continue Reading »

Recently, the IRS announced that it is extending one of the deadlines for providing 2016 Affordable Care Act (ACA) information statements to recipients. Specifically, the due date for furnishing to individuals the 2016 Form 1095-B (Health Coverage) and the 2016 Form 1095-C, (Employer-Provided Health Insurance Offer and Coverage) is extended from January 31, 2017, to March  Continue Reading »

If you are an employee, a partner, a partner who doesn’t know it, or a combination of these classifications, there may be serious tax implications. Here are some recent developments that you need to know if you participate in a business that’s operated as a partnership or a limited liability company. IRS Position on Dual Status  Continue Reading »

The 21st Century Cures Act was signed into law by President Obama on December 13, 2016. In addition to funding medical research, accelerating cutting-edge treatments for rare diseases and adding significant reforms to the mental health system, the new legislation allows small employers to provide standalone Health Reimbursement Arrangements (HRAs) to employees without paying penalties  Continue Reading »

The Joint Committee on Taxation (JCT) is a nonpartisan Congressional committee that, among other things, assists in the analysis and drafting of proposed federal tax legislation and prepares reports that interpret newly enacted federal tax legislation. The JCT recently issued the Overview of the Federal Tax System as in Effect for 2016. Here are some interesting trends  Continue Reading »

The holidays can be a joyous time of year, but also very chaotic. It’s easy to forget to spend any remaining funds in your Flexible Spending Accounts (FSAs) before New Year’s Day while you’re juggling shopping for gifts, decorating your home and planning get-togethers with friends and family. However, if you fail to observe the “use-it-or-lose-it  Continue Reading »

Giving Tuesday, known on social media as #GivingTuesday, was on November 29, 2016. Never heard of it? The Tuesday after Thanksgiving has grown into one of the biggest fundraising drives for the not-for-profit industry. Similar to Cyber Monday, it’s a day when charities encourage people to make year-end donations using their computers and mobile devices. Blackbaud,  Continue Reading »

Thanks to recent legislation, the due dates have been changed for some information returns and related statements and for some business tax returns. Here’s what you need to know. Earlier Due Dates for Forms 1099-MISC and W-2 A business must file a Form 1099-MISC to report payments to the IRS when a business pays non-employee compensation  Continue Reading »

It’s not too late for small Maine businesses to take steps to significantly reduce 2016 business income tax bill and lay the groundwork for tax savings in future years. Here’s a summary of some of the most effective year-end tax-saving moves for small businesses under the existing Internal Revenue Code. The tax laws could change after  Continue Reading »

GOP tax reform appears likely in 2017 with Donald Trump as the president elect and Republicans holding a majority in the U.S. House and Senate. Mr. Trump promised big tax changes while campaigning. According to his website, here is a digest of his proposals. Changes for Business Tax Major changes to the taxes paid by businesses  Continue Reading »