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Parking Tax Repealed for Non-Profits
On December 20, 2019, Congress repealed Section 512(a)(7), commonly referred to as the “parking tax”, imposed on fringe benefits of non-profit organizations pursuant to the 2017 Tax Act. The provision required tax-exempt employers to increase their unrelated business...
Finally, a New W-4
The Tax Cuts and Jobs Act (TCJA) made significant changes in the way an individual’s tax liability would be computed, from changing the tax rates to eliminating the deduction for dependents. Many taxpayers were surprised at the disconnect between their withholding for...
Can an SOC Report Help your Service Organization?
System and Organization Controls (SOC) are actually a suite of different service offerings CPAs provide in connection with either system-level controls of a service organization or entity-level controls of other organizations. SOC reports are designed to help Service...
Planning for Medicare Taxes, Premiums and Surcharges
Recently, Francis C. Thomas, CPA, PFS published an article on Medicare Planning in the Journal of Accountancy, published by the American Institute of Certified Public Accountants. We are happy to share the link to that article with you here. In this article, Frank...
Private Equity Investors in Medical/Dental Practices
For over a decade, private equity groups have been investing capital in dental practices. Many national dentistry groups have expanded or evolved from some of the largest investments of private equity funds. Often there are a series of such investments and, because...
The Tax Cuts & Jobs Act: What you need to know for 2019 taxes
The Tax Cuts and Jobs Act was the most significant set of changes to the U.S. tax code in several decades. Most changes went into effect with the 2018 tax year. Here is what you need to know for the 2019 tax year filing: Standard deduction is as follows: Single...
Don’t be the victim of a tax scam
Earlier this month the best bit of tax scamming I’ve seen in my career crossed my desk. While there are many red flags on the document below, at first blush it’s the real deal, a balance due notice from the IRS. And not an outrageous bill; something you might consider...
This is not a scam!
The IRS has announced that it will conduct special “compliance efforts” for businesses and individuals in various communities. The purpose is to meet face-to-face with taxpayers with ongoing tax issues. These meetings will take place in areas where the Service’s...
Household Employees
How do you determine if an individual who is hired to do household work is considered a household employee or an independent contractor? Per the IRS guidelines, an individual who works around your home is considered a household employee if you can control the type of...