Happy New Year! It’s been a whirlwind these past few months – and with all of the potential tax changes weighing in the balance, you may be wondering what information you need to know. For your convenience, we’ve put together some highlights of what has happened on the tax front, and a sneak preview of […]
Looking Back, Looking Ahead Read More »
By Michael D. Koppel, CPA, PFS, CITP, MBARetired Partner at Gray, Gray & GrayDecember 1, 2016 A personal service corporation is a C corporation that performs services in the professions listed in Sec. 448(d)(2)(A) and substantially all of the stock of which (by value) is held directly or indirectly by employees of the corporation and
Why Personal Service Corporations Should Care About the Amount Paid to Shareholders Read More »
As President-elect Donald Trump continues to fill cabinet positions, more and more information is emerging regarding policies and plans. Among the most eagerly anticipated are the details on the plans the Trump administration has for tax reform. While nothing is set in stone, and many changes may not go into effect until 2018 or later,
How to Plan for Potential Tax Changes Read More »
Happy holidays! If your company hires temporary help during the busy weeks leading up to holidays, or if you hire seasonal workers at other times during the year, you may find yourself subject to the rules of the Affordable Care Act (ACA) that govern “applicable large employers.” But there is an escape for many employers.
Seasonal Workers and Health Care Read More »
The unexpected victory of Donald Trump in the 2016 Presidential election has experts scrambling to review his proposed changes to the federal tax laws. While nobody can predict with complete accuracy what adjustments Trump will attempt to make as President, or what Congress will agree to consider, a look at some of the ideas he
What Tax Changes Can We Expect from President Trump? Read More »
With the holiday season rapidly approaching, now is the time many employers are addressing any seasonal gifts or bonuses they will be giving employees. You should be aware that the type and size of gift you give can affect both the company’s ability to deduct the cost, and the employee’s compensation liability for taxes. Let’s
Before You Hand Out Those Holiday Turkeys… Read More »
Have you started your holiday shopping yet? If you are a business that promotes itself by giving holiday gifts to clients or vendors, the tax law has some very Grinch-like rules about deducting the cost of the gifts you give during the holidays, or at any other time of year. The IRS publication 463 explains
Ho, Ho, Hold it! Be Careful How You Deduct those Holiday Gifts Read More »
The Department of Labor’s (DOL) new overtime rules that more than doubles the salary threshold to determine who is eligible for overtime pay is being challenged in federal court by 21 states. The new regulations are scheduled to take effect nationwide in December 1, 2016. According to the Wall Street Journal, the Attorneys General in
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Why a nonqualified deferred comp plan may be right for youWhat if a nonqualified deferred compensation plan (NQDCP) enabled your senior managers to replace a higher proportion of their current income when they retire? While NQDCPs often are perceived as only for top executives, they may also be right for your upper-level staff. Some considerationsThe
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Watch out for these common M&A deal obstaclesEverything may be going according to plan in an M&A negotiation, until something suddenly puts the entire deal in doubt. Perhaps the buyer gets cold feet after conducting a round of due diligence or the selling owner feels insulted by what he considers a lowball offer. Whatever the
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