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Welcome to the MSL Blog! A resource that offers guidance and thought leadership on issues to help your organization navigate the financial landscape in an ever-changing environment
The use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. This benefit results in tax deductions for the employer as well as tax breaks for the owners and employees using the cars…
Read MoreOperating a business as an S corporation may provide many advantages, including limited liability for owners and no double taxation (at least at the federal level). Self-employed people may also be able to lower their exposure to Social Security and Medicare taxes if they structure their businesses…
Read MoreBitcoin and other forms of virtual currency are gaining popularity. But many businesses, consumers, employees and investors are still confused about how they work and how to report transactions on their federal tax returns. And the IRS just announced…
Read MoreIn the past few months, many businesses and employers nationwide have received “no-match” letters from the Social Security Administration (SSA). The purpose of these letters is to alert employers if there’s a discrepancy between the agency’s files…
Read MoreWorking from home has its perks. Not only can you skip the commute, but you also might be eligible to deduct home office expenses on your tax return. Deductions for these expenses can save you a bundle, if you meet the tax law qualifications…
Read MoreThe IRS uses Audit Techniques Guides (ATGs) to help IRS examiners get ready for audits. Your business can use the same guides to gain insight into what the IRS is looking for in terms of compliance with tax laws…
Read MoreHere are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2019. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines…
Read MoreThe Tax Cuts and Jobs Act (TCJA) has changed the landscape for business taxpayers. That’s because the law introduced a flat 21% federal income tax rate for C corporations. Under prior law….
Read MoreIs your business hiring this summer? If the employees come from certain “targeted groups,” you may be eligible for the Work Opportunity Tax Credit (WOTC). This includes youth whom you bring in this summer for two or three months. The maximum credit employers…
Read MoreIf federal income tax and employment taxes (including Social Security) are withheld from employees’ paychecks and not handed over to the IRS, a harsh penalty can be imposed. To make matters worse, the penalty can be assessed personally against a “responsible individual…
Read MorePBGC Missing Participant Program is Open for Defined Contribution Plans that Terminate in 2018 or Later
The Pension Benefit Guaranty Corporation (“PBGC”) has opened its missing participant program to permit defined contribution plans that terminate on or after January 1, 2018 to elect to transfer the benefit…
Read MoreSecurities and Exchange Commission and Public Company Accounting Oversight Board Developments
1. ASU 2018-01 Leases (topic 842): Land Easement Practical Expedient for Transition to Topic 842
Read MoreIssued: November 10, 2017
Summary:
This brief highlights certain observations from 2016 inspections of auditors of public companies and other issuers, including three recurring areas where audit deficiencies were most frequently identified
Photo Credit: Susan Maxwell
As you may be aware, major tax reform legislation may be passed this year and could mean sweeping changes to the tax code for the first time in about 30 years. Although the bills have only recently been proposed and the timing of their passage is uncertain, businesses should be aware of the bills that have been released...
Read MorePhoto Credit: WikiImages
If you are an employer and had to close your trade or business during Hurricane Irma and you kept your employees on the payroll during the close down period, you may get a credit against your federal income tax.
Consequent to the recent natural disasters, Congress enacted the Disaster Tax Relief and Airport and Airway Extension Act of 2017, Public Law 115-63, which provides a tax relief for victims of Hurricanes Harvey, Irma, and Maria...
This downloadable resource spreadsheet compares and contrasts the key tax reform provisions of the House and Senate plans.
As an update to our previous Tax Alert, the IRS issued IR-2017-155 on September 15, 2017, to expand the Hurricane Irma Tax Relief to taxpayers located in any area designated by FEMA as qualifying for either individual assistance or public assistance in Florida....
Read More(Bloomberg) Corporate America and money managers are hugely divided on the prospects of changing the U.S. tax code.
Businesses are "still optimistic on fundamental U.S. tax reform" while "investors have given up," Bank of America Merrill Lynch strategists Athanasios Vamvakidis and Ronald Man wrote in a note Friday, citing surveys conducted by the bank...
Read MoreLast week the Executive Office released an overview of its proposed 2017 tax reform. The plan provided a summary of the goals of the tax reform for individuals and businesses. The key points of the plan are outlined below.
Every year, the IRS adjusts more than 40 tax provisions for inflation. This is done to prevent what is called “bracket creep.” This is the phenomenon by which people are pushed into higher income tax brackets or have reduced value from credits or deductions due to inflation, instead of any increase in real income.
The IRS uses the Consumer Price Index (CPI) to calculate the past year’s inflation and adjusts...
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