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Choosing the Best Business Entity Structure Post-TCJA

Posted by HomeWork Solutions on Sep 20, 2018 10:00:00 AM

For tax years beginning in 2018 and beyond, the Tax Cuts and Jobs Act (TCJA) created a flat 21% federal income tax rate for C corporations. Under prior law, C corporations were taxed at rates as high as 35%. The TCJA also reduced individual income tax rates, which apply to sole proprietorships and pass-through entities, including partnerships, S corporations, and, typically, limited liability companies (LLCs). The top rate, however, dropped only slightly, from 39.6% to 37%.

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Topics: agency, CPA

Consider the Tax Advantages of Investing in Qualified Small Business Stock

Posted by HomeWork Solutions on Sep 13, 2018 10:00:00 AM

While the Tax Cuts and Jobs Act (TCJA) reduced most ordinary-income tax rates for individuals, it didn’t change long-term capital gains rates. They remain at 0%, 15% and 20%.

The 0% rate generally applies to taxpayers in the bottom two ordinary-income tax brackets (now 10% and 12%), but you no longer have to be in the top ordinary-income tax bracket (now 37%) to be subject to the top long-term capital gains rate of 20%. Many taxpayers in the 35% tax bracket also will be subject to the 20% rate.

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Topics: CPA

New York 13 Hour Rule Still in Judicial Limbo

Posted by HomeWork Solutions on Sep 12, 2018 1:47:37 PM

Imagine the frustration you would feel after working a stressful 24 hours straight, only to realize that you’re only being paid for 13 hours of that time. Home health aides in the state of New York have said ‘enough is enough’ and in May 2018, several of them as well as two nonprofit advocacy groups, sued the state’s Labor Department and the commissioner Roberta Reardon with the intention of throwing out the state’s emergency regulations that allow for this to happen. Their end goal: to be paid for every hour of a 24-hour work day.

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Topics: agency, senior, CPA

Improving a Struggling Employee’s Performance is a Two-Way Street

Posted by HomeWork Solutions on Sep 6, 2018 10:00:00 AM

It’s easy to get frustrated when an employee is failing to produce the volume or quality of work you expect. A business owner, department manager, or even household employer may give in to the temptation to play the blame game, pointing a finger at the struggling worker and only exacerbating the situation.

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Topics: nanny, agency, CPA

Document to Improve: Mapping Workflows to Streamline Accounting Processes

Posted by TechnologyAdvice on Aug 16, 2018 10:00:00 AM

This is a community post provided by TechnologyAdvice

Unproductive procedures and practices slow us all down in the workplace. You’re not alone. Office demands in this day and age are higher than ever, and only continue to escalate. We often move quickly, forsaking quality for timeliness. Unfortunately, out-of-date office technology and unnecessarily arduous procedures are often the causes of costly inaccuracies and overly-manual processes. Rework your usual methods and meet quality standards with a few simple solutions to workflow problems.

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Topics: CPA

Factor in State and Local Taxes when Deciding Where to Live in Retirement

Posted by HomeWork Solutions on Aug 9, 2018 10:00:00 AM

Many Americans relocate to another state when they retire. If you’re thinking about such a move, state and local taxes should factor into your decision.

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Topics: CPA

Qualified Small Employer Health Reimbursement Arrangements (QSEHRA) vs. SHOP Plans. Which is right for the Household Employer?

Posted by HomeWork Solutions on Aug 7, 2018 3:50:00 PM

Prior to the enactment of Obamacare ( Patient Protection and Affordable Care Act), household employers gave little thought to cost and regulation when it came to subsidizing a household employee's health insurance costs. The employee and employer simply negotiated a tax free reimbursement contribution, the employee purchased insurance, and the entire transaction took place under the government radar, perfectly legally.

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Topics: nanny, agency, senior, CPA

What Businesses Need to Know About the Tax Treatment of Bitcoin and Other Virtual Currencies

Posted by HomeWork Solutions on Aug 2, 2018 10:00:00 AM

While this is not related to employment at all, we still wanted to include this post as it is an interesting topic to consider. Over the last several years, virtual currency has become increasingly popular. Bitcoin is the most widely recognized form of virtual currency, also commonly referred to as digital, electronic or crypto currency.

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Topics: CPA

Nanny Tax Compliance on the IRS Radar

Posted by HomeWork Solutions on Jul 31, 2018 3:52:00 PM

Households that employ domestic help, such as nannies or senior caregivers, are required to file and remit federal and state employment taxes for their employee, but surprisingly, many do not. Failure to pay the so-called “Nanny Tax” results  in a tax gap that totals billions of dollars. In fact, unpaid nanny taxes are estimated to be $3.3 billion to $5.7 billion per year, according to a new study discussed at the June 2018 presentation at the IRS/Tax Policy Center Joint Research Conference on Tax Administration. It is estimated that only 5.3% of the estimated 3.6 million household employers complied with this requirement in 2015. (1)

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Topics: nanny, agency, senior, CPA

IRS Audit Techniques Guides Provide Clues to What May Come up if Your Business is Audited

Posted by HomeWork Solutions on Jul 26, 2018 10:00:00 AM

IRS examiners use Audit Techniques Guides (ATGs) to prepare for audits — and so can small business owners. Many ATGs target specific industries, such as construction. Others address issues that frequently arise in audits, such as executive compensation and fringe benefits. These publications can provide valuable insights into issues that might surface if your business is audited.

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Topics: CPA

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