Tax Consulting & Compliance

All Fringe Benefits Aren’t Created Equal for Tax Purposes

Fringe Benefits

According to IRS Publication 5137, Fringe Benefit Guide, a fringe benefit is “a form of pay (including property, services, cash or cash equivalent), in addition to stated pay, for the performance of services.” But the tax treatment of fringe benefits can vary dramatically based on the type of benefit.

Sir-Tax is Back with Tales of Real American Heroes

-By David H. Lichtenstein, CPA, MST In the spirit of Fourth of July Week, let's talk about Real American Heroes. We have celebrated them throughout the course of our American history. Those brave souls. In the face of injustice and inequality, they fought for what was right. Yet, they were...

3 Lesser Known Breaks for Business Charitable Donations

Donation

Donating to charity is more than good business citizenship; it can also save tax. Here are three lesser-known federal income tax breaks for charitable donations by businesses. Food donations Charitable write-offs for donated food (such as by restaurants and grocery stores) are normally limited to the lower of the...

Is it Compensation, a Distribution or a Loan?

Loan

Dot the “i’s” and cross the “t’s” on loans between your business and its owners It’s common for closely held businesses to transfer money into and out of the company, often in the form of a loan. However, the IRS looks closely at such transactions: Are they truly loans, or...

Summer Child Care Tax Credit 2017

Child Care Tax Credit

-by Sue Sears, Senior Tax Manager Are your kids attending camp this summer? If so, you may qualify for a federal child care tax credit that could lower your overall taxes. Of course there are guidelines as to what qualifies for the credit. Here are some of the more important...

You Can Save Taxes by Hiring Your Kids

Hiring Your Kids

Own your own business? With summer approaching, it’s a great time to consider hiring your working-age kids, and not just because they’re family. You could save taxes in the process too! Shifting Income By shifting some of your business earnings to a child as wages for services performed by him...

AHCA’s Potential Impact

By Cody Lange, Senior Assistant Tax Specialist Recently, The House of Representatives passed the American Health Care Act ("AHCA"), which is designed to repeal and replace the Affordable Care Act ("ACA"). The Bill now sits with the Senate for its consideration. If passed in its current form, the AHCA would...

Summary of Trump’s Most Recent Tax Proposal

By Michael DeCataldo, CPA,/PFS, CFP®, MST, Managing Partner Recently President Donald Trump outlined his vision for 2017/2018 tax reform.  The major points are highlighted below in this summary of his tax proposal.  It is important to remember that this is just a first draft with very little supporting...