On Sept. 24, 2019, the Department of Labor (DOL) issued the final rule on overtime pay, providing guidelines to employers across the country on who should and should not be eligible for overtime pay. This ruling sets new earning thresholds for salaried employees in professional positions within an organization, making...
By: Jackie Emert, CPA, MST, and Melissa Ballantine Partnership tax basis and a taxpayer’s ability to use passed-through deductions has always been a hot issue for the Internal Revenue Service (IRS). However, enforcement has been difficult, due to the multiple basis methods that are reported on partners’ Schedule K-1s. That was, of...
As the first tax return filing season under the newly minted Tax Cut and Jobs Act (TCJA) has passed, one thing has become clear, there is nothing clear about the qualified business income deduction (QBID). The QBID is seen as the small business equivalent to the tax rate decrease provided to...
Effective for tax returns filed for tax years beginning in 2018, the Centralized Partnership Audit Regime (CPAR) takes effect for IRS audits. What does this mean for your partnership, or LLC treated as a partnership, for tax purposes? Adjustments to a partnership’s tax liability as the result of an IRS audit...
The Internal Revenue Service is now enforcing the Form 1098-T reporting changes, first introduced in 2016. The significant change requires educational institutions to report payments received for qualified tuition and related expenses (QTRE), rather than the amounts billed to students. Prior to this year, educational institutions were able to provide an...
By Kelly Brennan On December 22, 2017, President Trump signed the Tax Cuts and Jobs Act. The Act is the largest overhaul of the Internal Revenue Code in over 30 years, affecting every taxpayer. It includes reductions in the tax rates for both individual and businesses, the elimination or reduction of...
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President Donald Trump and Republican leaders in Congress unveiled a framework for tax reform on September 27, 2017. This framework includes many significant changes for both individual and corporate income taxpayers. Here are some of the larger proposed changes that may impact you. Individuals: The proposed framework would reduce the number of...