Mandatory E-Verify May Be Coming, Are You Ready?
E-Verify is about to play a critical role under the Trump administration. The electronic service, launched in 1996, is primarily a voluntary web-based system, though it could soon become mandatory. E-Verify enables employers to quickly determine whether information supplied by job applicants on their I-9 forms is consistent with data held by the Social Security…
Save or Shred? Follow These Recordkeeping Guidelines
Are you a recordkeeping pack rat? Many individuals and businesses hold ontopaper and digital records indefinitely — just in case. But securely storing years of financial records can become burdensome. Here’s some guidance to help minimize recordkeeping overload. Secure Disposal of Sensitive DataThink twice about keeping certain financial records indefinitely. The more records you store,…
Navigating the Social Media Minefield
Social media sites such as Twitter, Facebook, LinkedIn, YouTube and blogs can be powerful business tools. But they also carry risks, including inadvertently disclosing corporate trade secrets or engaging in behavior that can harm your company’s reputation. Careful What You Say When it comes to social networking, unexpected situations may come up for employers. For example:…
Limit the Impact of E-Mail in Court
You just finished typing a draft of an aggressive e-mail message explaining why you think your company’s strategic plan can — and will — destroy the competition. Later, you think the memo was too bold, particularly the attachment that showed how much market share you could steal from the competitors in your hometown. You decide…
Build Security Into Telecommuting
Telecommuting has become commonplace in many industries, as increasing numbers of employees find they are more productive if they don’t have to deal with the daily hassles of commuting and the distractions of a busy office. Telecommuting PitfallsDon’t lose a fortune by insisting on outsourcing or insourcing. Some services are cheaper to farm out, while some gear…
Tax Law Ends Alimony Deductions after 2018
In divorce situations, an ex-spouse may be legally obligated to make payments to the other party. Since payments are often substantial, locking in tax deductions for the payer has often been important and involved a substantial amount of money.Before the Tax Cuts and Jobs Act (TCJA) was enacted, payments that met the tax-law definition of…
How the Tax Law Hits Charitable Giving
For charitable donors, the Tax Cuts and Jobs Act (TCJA) giveth and it taketh away. Here’s what charity-minded individuals need to know. Increased Charitable Deduction Limit Under prior law, deductions for cash contributions to public charities and certain private foundations were limited to 50% of your adjusted gross income (AGI). The TCJA increases the deductible…
Good Reasons to File Extensions for 2017 Returns
The countdown to Tax Day has begun! The deadline for filing your 2017 individual income tax return this year is Tuesday, April 17, 2018. Drawbacks to a Filing Extension Before you file for an extension, be aware of three potential pitfalls: 1. Underpayment penalties. You still must pay your estimated tax liability for 2017 by…
Last Chance to Claim the Domestic Production Activities Deduction
The U.S. corporate tax rate has historically been among the highest in the world. Years ago, Congress created the domestic production activities deduction (DPAD) primarily to help level the playing field between American manufacturers and foreign competitors that operate in countries with lower tax rates. Prior to the Tax Jobs and Cuts Act (TCJA), C…
Relief from Student Loan Debt: What Are the Tax Implications?
Today’s college students often leave school with an overwhelming amount of debt. In some cases, student loans are discharged (also known as being cancelled or forgiven). In other cases, these loans are paid off by an employer. Both actions have tax consequences for the student loan borrowers. We’ll explain the tax implications, but first, let’s…