Reading Time: < 1 minute If you neglect to include reinvested dividends in your basis, you’ll end up paying tax twice: first on the dividends when they’re reported to you on Form 1099-DIV, and again when you sell the shares and the reinvested dividends are included in the proceeds.
Reading Time: < 1 minute Under the ACA, the shared-responsibility provision (commonly referred to as “play-or-pay”) applies to “large” employers — those with the equivalent of 50 or more full-time employees. Play-or-pay had been scheduled to go into effect in 2014 but last year the IRS pushed that out to 2015. Now, under the final regs, eligible midsize employers that otherwise would be considered large employers under the ACA won’t be subject to the provision until 2016.
Reading Time: < 1 minute To support a charitable deduction, you need to comply with IRS substantiation requirements.This generally includes obtaining a contemporaneous written acknowledgment from the charity stating the amount of the donation, whether you received any goods or services in consideration for the donation, and the value of any such goods or services.
Reading Time: < 1 minute If your use of a home office is for your employer’s benefit or because you’re self employed, you may be able to deduct a portion of your mortgage interest, property taxes, insurance, utilities and certain other expenses, as well as the depreciation allocable to the office space. Or you may be able to take the new, simpler, “safe harbor” deduction.
Reading Time: < 1 minute Unlike regular Medicare taxes, the additional Medicare tax doesn’t include a corresponding employer portion. But employers are obligated to withhold the additional tax to the extent that an employee’s wages exceed $200,000 in a calendar year.
Reading Time: < 1 minute How to manage employee vacation time? Avoid the year-end vacation-time scramble! Is your team scrambling-up to use up vacation time because of restrictions on what can be rolled over to the new year? Or do you allow rollovers and have veteran employees who have been accumulating large vacation balances that could create a significant.
Reading Time: 3 minutes Personal vs Enterprise Goodwill Since the value of personal goodwill is generally not marital property in Maryland, it is important to understand the amount, if any, of personal goodwill included in the value of a professional practice or, in many cases, other types of businesses. I would suggest that there is an element of personal.