IRS Extends Due Dates for Providing Forms 1095-B and C for 2016 to Individuals
UncategorizedThe due dates for providing the forms to the IRS (including the transmittal forms) has not been changed. The filing date for 2016 Forms 1094-B, 1095-B, 1094-C, or 1095-C with the IRS remains February 28, 2017, for those with 250 or...
Recordkeeping Requirements under the Fair Labor Standards Act (FLSA)
UncategorizedWith the new overtime rules coming into effect on December 1 now is a good time to review the general employer record keeping requirements.The following is a listing of the basic records that an employer must maintain: Employee’s full na...
Reminder: New Overtime Rules Go into Effect on December 1, 2016
UncategorizedThe FLSA ensures minimum wage and overtime pay protections for most employees covered by the Act. Some workers, including bona fide executive, administrative, and professional employees, are exempt from those protections. There are tests...
Social Security Administration Announces Increase in 2017 Wage Base and Small Increase in Benefits
UncategorizedCost-of-Living Adjustment (COLA): Based on the increase in the Consumer Price Index (CPI-W) from the third quarter of 2014 through the third quarter of 2016, Social Security and Supplemental Security Income (SSI) beneficiaries will recei...
401k and IRA Contribution Limits are Unchanged for 2017
UncategorizedContribution Limits <p “=””>401K $18,000 for 2016 and 2017. The addition catch up amounts for individuals who are 50 or older before the end of the tax year is $6,000 for 2016 and 2017.<p “=””>IRA $5,500 for 2016 and 2017. The addition c...
The IRS Has Announced Next Years Tax Rates and Benefits Amounts
UncategorizedRevenue Procedure 2016-55 provides details about these annual adjustments. The tax year 2017 adjustments generally are used on tax returns filed in 2018. The standard deduction for married filing jointly rises to $12,700 for tax year 20...
Don’t Forget the Deadline for Individual Taxes on Extension
UncategorizedAlthough Oct. 17 is the last day for most people, some still have more time, including members of the military and others serving in Afghanistan or other combat zone localities who typically have until at least 180 days after they...
IRS Gives Tax Relief to Victims of Hurricane Matthew; Many Extension Filers in North Carolina
UncategorizedNorth Carolina storm victims will have until March 15, 2017, to file certain individual and business tax returns and make certain tax payments, with similar relief expected soon for Hurricane Matthew victims in other states, the Internal...
IRS Now Accepting ITIN Renewal Applications
UncategorizedUnder the Protecting Americans from Tax Hikes (PATH) Act of 2015 passed by Congress and signed into law last year, any ITIN not used on a federal tax return at least once in the last three years will no longer be valid for use on a tax r...
IRS to Begin New Private Debt Collection Program Next Spring
Uncategorized<p “=””>The IRS will give each taxpayer and their representative written notice that their account is being transferred to a private collection agency. The agency will then send a second, separate letter to the taxpayer and their repres...