To a criminal exploring ways to steal from a business, the accounts payable department often looks like the equivalent of a poorly guarded cashbox. Any time money exits a business, it flows through accounts payable. At most companies, that makes this function the most vulnerable and attractive opportunity for thieves both inside and outside the…
Certain Employers Must Submit Report The U.S. Equal Employment Opportunity Commission (EEOC) has pushed back the deadline for required entities to submit their 2017 EEO-1 report to June 1, 2018. Previously, the deadline was March 31, 2018. As a reminder, private employers with 100 or more employees and federal government contractors or first-tier subcontractors with…
The Internal Revenue Service has released FAQs on the Paid Family and Medical Leave Tax Credit, which certain employers can soon claim based on wages paid to employees on family and medical leave. The tax credit is effective for tax years 2018 and 2019. Among other questions, the FAQs answer: Which employers can claim the…
It’s a matter of work vs. fun, right? No, the difference, at least from a tax perspective, is that you can fully deduct business expenses from income. Under the new tax law you can’t deduct any hobby expenses. No single factor is determinative, but you’re probably operating a business if: You have a profit motive.…
IRS.gov Offers Many Easy-to-Use Online Tools With the April 17 federal income tax deadline fast approaching, the Internal Revenue Service (IRS) is reminding taxpayers that they can find most answers to their tax questions by taking advantage of the wide variety of easy-to-use online tools available on IRS.gov. The IRS’s many online tools allow taxpayers…
The Internal Revenue Service released the updated withholding calculator and Form W-4 that it had promised for the new tax law to help taxpayers make sure they have the proper amount of taxes taken out of their paychecks. The IRS is urging taxpayers to use both tools to check on their withholding. “Following the major…
H.R. 1, known as the Tax Cuts and Jobs Act, has changed the deductibility of certain meals and entertainment expenses. Prior to 2018, a taxpayer could deduct 50% of business meals and entertainment and 100% of meals provided on the employer’s premises and for the convenience of the employer. Under the act, taxpayers are still…
Tables to be Used No Later Than Feb. 15 The Internal Revenue Service (IRS) has released Notice 1036, Early Release Copies of the 2018 Percentage Method Tables for Income Tax Withholding. The notice updates the income-tax withholding tables for 2018, reflecting changes made by the Tax Cuts and Jobs Act. Highlights of the notice include…
Congress is enacting the biggest tax reform law in thirty years, one that will make fundamental changes in the way you, your family and your business calculate your federal income tax bill, and the amount of federal tax you will pay. Since most of the changes will go into effect next year, there’s still a…
