Tax Connections Newsletter – Spring 2014
The Tax Ins and Outs of Employee Fringe Benefits So-called “fringe” benefits can actually be a significant component of compensation and a tool for attracting, motivating and retaining talented employees. But the tax treatment of fringe benefits is complex and often misunderstood. To avoid unpleasant tax surprises, it is important for employers and employees alike […]
Tax Connections Newsletter – Winter 2013
From a tax perspective, pass-through structures — such as limited liability companies (LLCs), S corporations and partnerships — have been the preferred business entity choice in recent years. But increases in individual income tax rates have made the decision a closer call.
Tax Connections Newsletter – Fall 2013
Beginning on Jan. 1, 2015, the health care act requires "large" employers to either: 1) provide "minimum essential" health care coverage to full-time employees that is "affordable" and of at least "minimum value," or 2) risk substantial penalties. This article offers an overview of the play-or-pay rules, noting who qualifies as a "large" employer and the financial penalties for those that choose not to provide such coverage. A sidebar explains how the act defines "affordable" and "minimum value."
Tax Connections Newsletter – Summer 2013
Cook County Use Tax Suspended On July 24, 2013, the Cook County Circuit Court issued a preliminary injunction preventing the County from enforcing the Cook County Non-Titled Personal Property Use Tax. In Judge Lopez Cepero’s closing comments, he noted that the County faces a steep uphill battle in seeking to dissolve the injunction. While this […]
Tax Connections Newsletter – Spring 2013
It’s Time for Mid-Year Tax Planning ROB SWENSON Early this year, the American Taxpayer Relief Act (ATRA) triggered a flurry of activity as taxpayers scrambled to assess the new law’s impact on their 2012 tax bills. Now that the dust has settled, it’s a good time to embark on some mid-year tax planning. Businesses, in […]
Tax Connections Newsletter – Winter 2012
Restricted Stock and Restricted Stock Units: How are they Taxed? ROB SWENSON Over the last seven years, restricted stock and restricted stock units (RSUs) have grown in popularity as incentive compensation tools, while the use of stock options has declined. So it’s important — for employers and employees alike — to understand their tax implications. […]
Tax Connections Newsletter – Special End-of-Year Edition
It is never too early to start planning your New Year’s Eve celebration. More importantly, with various tax incentives scheduled to expire once the ball drops on 2012, it’s also never too early to consider year-end tax planning. Currently, there are many expired and expiring tax provisions. We will take a look at three of them as they relate to your year-end hiring and purchasing decisions.
Tax Connections Newsletter – Fall 2012
Make Sure Your Tax Payments Are on Track The IRS doesn’t wait until returns are filed to collect income taxes from taxpayers. Most people are required to pay tax during the year by making quarterly estimated tax payments to the IRS or having their employers withhold income taxes from their paychecks. It’s important to pay […]
Tax Connections Newsletter – Summer 2012
Renting Out a Vacation Home? Do Some Planning Renting out a second home can help defray the cost of owning and maintaining the property. And there may be valuable tax benefits from the rental arrangement as well. Here are some things to think about if you are going to rent out a vacation property. Two […]
Tax Connections Newsletter – Spring 2012
The Alternative Minimum Tax Trap When the alternative minimum tax (AMT) system was introduced in the early 1980s, it was intended to prevent a small number of taxpayers with substantial economic income from completely avoiding federal income taxes through the use of exclusions, deductions and credits. The idea was to have those taxpayers do a […]