IRS Updates Rules for Personal Use of Employer-Provided Vehicles

The IRS recently announced the inflation-adjusted maximum value of an employer-provided vehicle under the vehicle cents-per-mile rule and the fleet-average value rule. Employers can use the rules to value an employee’s personal use of such a vehicle for income and employment tax purposes.

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First Quarter 2019 Market Perspective

What is Market Volatility?

Market volatility is a statistical measure of the tendency of a market or security to rise or fall sharply within a short period of time. It is typically measured by the standard deviation of the return of an investment. Standard deviation is a statistical concept that denotes the amount of variation or deviation that might be expected.

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TCJA Glitches and the Extenders: Uncertainty Looms Over Some Federal Income Tax Provisions

Congress has yet to tackle several outstanding uncertainties frustrating both businesses and individual taxpayers. The Tax Cuts and Jobs Act (TCJA), for example, contains several “glitches” requiring legislative fixes. Congress also has neglected to pass the traditional “extenders” legislation that retroactively extend certain tax relief provisions that expired at the end of an earlier year, in this case 2017.

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The Department of Labor Proposes Updated Overtime Rule

The Trump administration has released its long-awaited proposed rule to update the overtime exemptions for so-called white-collar workers under the Fair Labor Standards Act. The rule increases the minimum weekly standard salary level for both regular workers and highly compensated employees (HCEs). It also increases the total annual compensation requirement for HCEs that’s required to qualify them as exempt. In addition, it retains the often confusing "duties test."

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Beware the Ides of March — If You Own a Pass-Through Entity

Shakespeare’s words don’t apply just to Julius Caesar; they also apply to calendar-year partnerships, S corporations and limited liability companies (LLCs) treated as partnerships or S corporations for tax purposes. Why? The Ides of March, more commonly known as March 15, is the federal income tax filing deadline for these "pass-through" entities.

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Are Your Employee Benefits Going to Last Through Retirement?

Your 401(k) or social security may not be enough to provide you sufficient retirement. You may want to explore other retirement options such as a Roth IRA, HSA, or brokerage account.

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Millennials: Here’s Your Guide to Retirement Essentials

If you are a millennial, you’re in a perfect position to start planning for your retirement. The sooner you start, the more opportunity you have to build wealth and position yourself for a comfortable (and possibly early) retirement. You’ll also be among the 72% of your generation who have already begun saving. The key to creating a secure retirement is maximizing your return on investment (ROI) over time.

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2018 Tax Returns Will Break New Ground

On December 22, 2017, Congress passed, and the President signed, the Tax Cuts and Jobs Act (TCJA). The bill had numerous provisions that lowered tax rates, eliminated deductions and implemented new tax concepts into the tax law. The lowering of rates and elimination of deductions are fairly straightforward to incorporate into our planning, compliance work, and the advice we give to you. For many questions regarding deductions, the answer is now NO, and different tax rates are a one-time change to computer formulas.

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IRS Provides Additional QBI Deduction Guidance

When President Trump signed into law the Tax Cuts and Jobs Act (TCJA) in December 2017, much was made of the dramatic cut in corporate tax rates. But the TCJA also includes a generous deduction for smaller businesses that operate as pass-through entities, with income that is "passed through" to owners and taxed as individual income.

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