New Law Revamps the Kiddie Tax
Congress enacted the so-called “kiddie tax” rules to prevent parents and grandparents in high tax brackets from shifting income (especially from investments) to children in lower tax brackets. Congress recently revamped this tax under the Tax Cuts and Jobs Act (TCJA). Trust and Estate Tax Rates for 2018 Use the following tax rates to compute…
Workers’ Comp Fraud Leads to Hot Water for Employers
Workers’ compensation is an important part of the employer-employee compact in all 50 states. Naturally the company’s owner is in business to make a profit after all expenses are paid. One of those expenses is the cost of workers’ compensation insurance to protect employees and to treat those employees who have job-related injuries or illnesses….
A Way to Increase Donor Confidence
Does your organization have “A Donor Bill of Rights?” This set of standards was created by the American Association of Fund-Raising Counsel (AAFRC), along with other philanthropic associations.* Many not-for-profit groups endorse these standards and state in their literature that they will adhere to them. The purpose of the 10-point “Donor Bill of Rights” is…
Could a Vehicle Donation Program Still Work for Your Organization?
Thinking about starting a vehicle donation program for your not-for-profit organization, but don’t know where to begin? Or wondering if it’s still worth it? The American Jobs Creation Act, which passed in 2004, makes vehicle donation programs more difficult for not-for profit organizations to operate. Charities with vehicle donation programs expect the number of cars…
Handle with Care: The Nanny Tax Rules
When you hire a nanny, housekeeper or other domestic worker, pay close attention to the tax rules. The laws related to domestic workers are confusing and poorly understood, but ignoring them can land you in hot water — even decades from now. Over the years, there have been news stories about political appointees and others who…
How to Set Up an IRS-Approved Family Loan
Today’s relatively low-interest-rate environment makes it easy to loan money to family members on favorable terms with full IRS approval. Here’s a rundown of what the law covers and why now might be a good time to set up loans. Nothing in the tax law prevents you from making loans to family members (or unrelated people…
Important Changes for Individuals in the New Tax Law
For individual taxpayers, the new tax law — commonly known as the Tax Cuts and Jobs Act (TCJA) — includes many expected changes, some unexpected ones and some that didn’t make the final cut. Here are the most important things that individual taxpayers need to know about the TCJA, which was signed into law on December 22,…
Reduce the Threat of Identity Theft from Payroll Records at Your Business
Since companies have to maintain payrolls, collecting and maintaining personal information about their employees is unavoidable. In addition to their current staff members, employers also must retain records on former employees for a period of time. If you’ve been in business for a long time, you could have boxes of old personnel files in storage somewhere….
IP Centrex Appeal Grows
IP Centrex is yet another way for your organization to get the full flavor of IP telephony without investing in a private branch exchange (PBX) or going crazy with softswitches. This is an ideal approach if your organization wants the features of the PBX but none of the complexities. IP Centrex Advantages It’s a real Centrex…
Are You an Unwitting Software Pirate?
In a modern dictionary, under the word “software pirate” you might find this definition: “A person or company who makes illegal copies of software for personal or commercial use, including college students sharing music and videos on the Internet and businesses that may not even be aware they are doing something illegal.” Be Cautious To help…