From category archives: Boulay

Business Tax

Taxpayer Frequently Asked Questions for Individuals and Business Owners

Find answers to frequently asked questions of both individual and business owner taxpayers.

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The SECURE Act Changes the Rules for Employers on Retirement Plans

The Setting Every Community Up for Retirement Enhancement (SECURE) Act is the first significant retirement-related legislation in more than a dozen years. It brings many changes that affect employers of all sizes, including some that could be particularly beneficial for smaller employers that sponsor retirement plans. Some of the changes, however, may increase the burden on employers. Here are some of the most important developments for employers, many of which took effect for plan years beginning after December 31, 2019.

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2020 Tax Calendar

To help you make sure you don’t miss any important 2020 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. Please review the calendar and let us know if you have any questions about the deadlines or would like assistance in meeting them. Contact us at 952.893.9320 or learnmore@BoulayGroup.com.

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Tax Withholding and Reporting of Payments to Foreign Contractors

Today more and more U.S. companies are hiring foreign contractors. This leads to questions about whether they need to withhold any tax and if any type of reporting related to these payments is required.

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Congress Takes Action on Taxes in Year-End Budget Bill

Congress added a number of tax extenders and changes to retirement plan rules to a must-sign budget bill that was passed and signed into law right before the holiday break.  

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New Form W-4 Changes How Withholding is Calculated

The Internal Revenue Service has revised Form W-4 – Employee’s Withholding Certificate – changing the way that employees communicate to their employers how much they want withheld from their pay for Federal income taxes. The new form is required to be used by any new employee who is first paid after 2019, or any employee who wishes to change his or her withholding after 2019.

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Are You Required to File an FBAR?

United States persons, including citizens, residents, corporations, partnerships, limited liability companies, trusts, and estates are required to report foreign bank and financial accounts annually to the U.S. government using FinCen Form 114, Report of Foreign Banks and Financial Accounts, (often referred to as the FBAR) and are required to pay U.S. tax on the income of those foreign accounts as appropriate.

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IRS Updates Rules for Using Per Diem Rates

The IRS recently issued guidance on how businesses, self-employed individuals and qualified employees can use the per diem rules to substantiate their business travel expenses for tax purposes. The guidance in Revenue Procedure 2019-48 modifies 2011 guidance to reflect changes made by the Tax Cuts and Jobs Act (TCJA).

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IRS Updates Rules for Mileage-Related Deductions

The IRS has issued new guidance updating the rules for using optional standard mileage rates when calculating "above-the-line" deductions for the costs of operating an automobile for certain purposes. IRS Revenue Procedure 2019-46 also lays out rules for establishing the amount of an employee’s transportation expenses that are reimbursed using the optional standard mileage rates.

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Business year-end Tax Planning in a TCJA world

The first tax-filing season under the Tax Cuts and Jobs Act (TCJA) was a time of uncertainty for many businesses as they struggled with the implications of the law’s sweeping changes for their bottom lines. With the next filing season on the horizon, you can incorporate the lessons learned into your year-end tax planning. Several areas in particular are ripe with opportunities to reduce your 2019 federal tax liability.

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