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Client Alerts
05.21.18
Watch Out for Tax-Related Identity Theft Scams Throughout the Year
With the filing date for 2017 in the rearview mirror for most businesses and individuals, the last thing you want to think about is income taxes. Unfortunately, criminals who commit tax-related identity theft do not work seasonally — they are constantly devising identity theft schemes.
04.24.18
IRS Sheds Light On New Limit On Business Interest Expense Deductions
The new tax law imposes a limit on deductions for business interest for taxable years beginning in 2018. The limit, like other aspects of the law, has raised some questions for taxpayers. In response, the IRS has issued temporary guidance in Notice 2018-28 that taxpayers can rely on until it releases regulations. While the guidance provides some valuable information, it also leaves some questions unanswered.
03.20.18
New Pass-Through Tax Provisions: The Devil is in the Details
The new tax law has been touted for cutting the corporate tax rate, but the law also contains some valuable benefits for businesses that operate as pass-through entities or PTE. Pass-through entities include partnerships, limited liability companies, S corporations and sole proprietorships. The potential benefits for owners of PTE are significant, but determining just how much they will benefit can be complicated.
07.01.15
Chicago Minimum Wage Increases as of July 1, 2015
As of July 1, 2015, the minimum wage in Chicago increases to $10.00 per hour. The minimum wage for tipped workers in the city also increases to $5.45 per hour. These increases are part of an ordinance that will see the minimum wage increase gradually to $13.00 per hour by July 1, 2019. All employers […]
12.04.14
2015 Employee Benefit Plan and Transportation Limits
The below presents the Internal Revenue Service (“IRS”) announced 2015 cost-of-living adjustments for retirement and health & welfare plans, and transportation programs. Retirement Plan Limits Although several limitations are changing in 2015, one key limit will not change. The IRA contribution limitation remains the same. Notable 2015 annual limitations as compared to 2014 are as […]
02.11.14
Affordable Care Act Delayed Until 2016 for Mid-Size Businesses
CHICAGO -- On February 10, the U.S. Department of the Treasury and the Internal Revenue Service (IRS) issued final regulations implementing the employer responsibility provisions under the Affordable Care Act (ACA) that take effect in 2015.
09.16.13
Deadline to Provide Notice of Health Insurance Marketplace Coverage is Due October 1
The Patient Protection and Affordable Care Act (PPACA) requires many employers to notify their employees of the availability of health care coverage under the new health care exchanges that are required to be operational by January 1, 2014. All employers subject to the Fair Labor Standards Act (FLSA) must provide this notice. In general, employers […]
07.15.13
PCORI Fee Deadline Approaching for Health Insurance Policy Issuers and Sponsors of Self-Funded Health Plans
The Patient Protection and Affordable Care Act (“PPACA”) requires certain issuers of health insurance policies and employers sponsoring self-funded health plans to pay a fee to fund the Patient-Centered Outcomes Research Institute that was established under PPACA (“PCORI Fee”). For plans and policies with years that ended between October 1, 2012 and December 31, 2012, […]