October 2018 E-Newsletter |
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FIRM NEWS |
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Whose Taxes Will Go Up Next Year?
By Anthony J. Viola, CPA
In December 2017, Congress passed legislation signed by President Trump that provided changes to the IRS tax code under the "Tax Cuts and Jobs Act" ("TCJA") effective for the 2018 tax year.
Under the 2017 tax laws, common deductions such as real estate taxes, state income taxes, and "2% deductions" (unreimbursed employee business expenses, tax preparation fees, financial investment fees, etc.) were generally allowable. With the passage of the TCJA, the aforementioned deductions have either been limited or eliminated altogether.
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CPA NEWS |
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New York State Issues Draft Guidance on Required Sexual Harassment Prevention Policies and Training
By Lori D. Bauer, Richard I. Greenberg, Samia M. Kirmani, Jonathan L. Bing, and Daniel J. Jacobs of Jackson Lewis P.C.
The State of New York has issued draft guidance for employers on the mandatory sexual harassment prevention policies and annual employee training required by legislation passed earlier this year.
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Minimum Standards For Sexual Harassment Prevention Policies
Every employer in the State of New York is required to adopt a sexual harassment prevention policy pursuant to Section 201-g of the Labor Law. An employer that does not adopt the model policy must ensure that the policy that they adopt meets or exceeds the following minimum standards.
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Paid Family Leave Update
The National Conference of CPA Practitioners
New York State has released the 2019 policy year information for Paid Family Leave coverage. Please note the following changes to maximum benefit, maximum covered wages, premium rate and maximum employee contribution for PFL for 2019.
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Tax Harvesting
No one likes to lose money, but the good news is that certain investment losses may be tax-deductible, so this is a good time of year to get an idea about how your investments are performing.
KNOW THE DIFFERENCE
Not all investment losses qualify for a federal tax deduction.
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A Balanced Approach to Retirement
If you're like many business owners, you may wonder how to leverage your business to maximize your retirement savings efforts. A cash balance plan may be one option, especially for highly paid principals and key executives of small corporations, partnerships and LLCs.
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Hot New Employee Benefit
This is the time of year when businesses roll out new employee benefits and fine-tune existing ones as part of open enrollment. One of the most popular benefits involves student loan repayment for employees. Here's what you need to know about it.
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Additional Updated Information
September 2018 E-Newsletter
August 2018 E-Newsletter
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October 2018 Q & A
Q: Can I get a tax deduction for making my manufacturing plant accessible to our disabled employees?
A: Better yet, your business may get a tax credit and possibly a deduction for the cost of certain expenses you incur accommodating disabled persons. If your business had under $1 million in gross receipts in 2017, the Architectural Barrier Removal tax deduction lets you deduct up to $15,000 a year and the Disabled Access Credit gives you a tax credit of up to $5,000, with the credit reducing the deduction in the same year. Talk to your accounting professional to learn more.
Q: My daughter is paying private high school tuition for my two grandchildren. Is it true that I can take tax-free distributions from a 529 plan to help pay these costs?
A: New federal tax laws allow tax-free distributions of up to $10,000 per student per year to pay tuition for elementary and secondary private and parochial schools. However, a few states still tax these distributions, and the limit may not even cover half of a high-priced school's tuition. Take advantage of the new tax law, but also look into giving up to $15,000 annually tax-free to each grandchild (or $30,000 a year, if you and your spouse make gifts).
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SHORT BITS |
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VACATION DAYS
The Bureau of Labor Statistics reports that private industry workers received an average of 15 paid vacation days after five years of service in 2017. The number of vacation days rises slowly with time, with workers receiving an average of 17 days after 10 years and 20 days after 20 years.
INFLATION INFLATING
If you think the dollar doesn't stretch as far as it used to, you may be right. Inflation is up 2.9% or 2.3%, depending on which economic indicator you want to use. The rate of the annual increase in the cost of living in June 2018 hit 2.9%, according to the consumer price index (CPI). Alternatively, you can gauge inflation by the increase in the core CPI (which doesn't count food or energy costs) of 2.3%
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BUSINESS CONFIDENCE SOARS
If you're the typical small business owner, you're feeling pretty good about your prospects these days. The National Federation of Independent Business' Small Business Optimism Index posted its sixth-highest reading in survey history in June 2018 at 107.2. This was strong compared to the 45-year average of 98, but 0.6% lower than May's reading.
TAXING PROBLEM
The Supreme Court ruled this summer that South Dakota could levy a 4.5% Internet sales tax on companies with more than $100,000 in sales or 200 individual transactions in the state, even when the companies don't have a physical presence in the state. This could pose problems for companies with significant Internet sales if they have to comply with similar regulations throughout the country.
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