by Kelly Brennan Does your institution offer scholarships or grants to students? How are they awarded? Are students awarded scholarships to your institution that are sponsored or paid for by third parties? You may be required to report the amounts awarded and paid to students in Box 5 of Form 1098-T. Do...
By Traci Rutter Landlords may offer incentives to prospective or current tenants when initiating or continuing a lease. One of the most highly sought of these incentives is the “Tenant Improvement Allowance” or sometimes called a “Tenant Construction Allowance.” The tenant improvement allowance is any amount of cash, or reduction in...
By Kelly A. Brennen If your business has both employees and independent contractors, it can be very difficult to distinguish between the two categories. On July 15, 2015, the U.S. Department of Labor (DOL) issued a 15-page administrator’s interpretation memo regarding application of the misclassification of workers as independent contractors for...
By Steven T. Feldbauer, JD Many businesses are not aware of the Tangible Property Regulations (a.k.a. “Repair Regulations”) that were finalized by the IRS that are applicable to tax years starting on or after January 1, 2014. These now-final regulations, which are known mostly only by tax professionals/accountants, do have significant...
By Traci M. Rutter If your business has both employees and independent contractors, it can be very difficult to distinguish between the two categories. Not only has this been a hot-button issue for the IRS recently, but there are new considerations at stake as well with the passage of the Affordable...
By Chad Dinco, CPA Many companies are still trying to keep up with all the details and new regulations that the government has passed in regards to the Affordable Care Act. As with many new laws, there are often new regulations issued to help clarify and give guidance on how to...
By Steven T. Feldbauer, J.D. Many employers are already aware that the Affordable Care Act (“ACA”) contains “Employer Mandate” or “Play or Pay” provisions that will impose penalties for failing to provide affordable minimum essential health insurance coverage to full-time employees. However, with respect to determining full-time employee status especially for...
The Internal Revenue Service requires educational institutions to submit Forms 1098-T each year to report payments received or billed for qualified tuition and related expenses. The Form 1098-T is required to be provided to every student-taxpayer and copies of all Forms 1098-T must be submitted to the IRS to assist...