The IRS has issued some useful pointers regarding the treatment of taxable and non-taxable gifts. These tips may apply to your situation since many gifts are not subject to the gift tax. You can read the complete article here. If you would like to discuss these or any tax issues further, please contact one of
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Close to one year after cell phones were removed from the “listed property” category of Code Sec. 280F, IRS has issued an audit memorandum which explains the practical consequences of the change. In sum, where an employer provides employees with cell phones primarily for noncompensatory business reasons, neither the business nor personal use of the phone results in income to the employee, and no recordkeeping of usage is required.
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The Kentucky Legislature has not adopted the federal income tax treatment of the extended healthcare insurance coverage for adult children under age 27. This means that Kentucky employees who have adult children who qualify for health insurance under the new federal law will not receive the same treatment for Kentucky income tax purposes as they will under the federal tax laws. In general, employers must treat the amounts paid for adult children as being paid with post-tax dollars for the Kentucky income taxes if those adult children are not eligible for the gross income exclusion.
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As a result of changes made by the Affordable Care Act (the “Act”), if a parent’s employer-sponsored health plan covers children, medical expenses incurred by a child under age 27 can be paid or reimbursed as a tax-free fringe benefit even if the child is not the parent’s dependent for tax purposes. The expanded benefit, effective March 30, 2010, applies to both workplace and retiree health plans, as well as to self-employed individuals who qualify for the self-employed health insurance deduction on their federal income tax return. A child includes a son, daughter, stepchild, adopted child, or eligible foster child.
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Congress has adopted the 2010 Tax Relief Act. The Act contains a two-year extension of the Bush-Era tax cuts that was negotiated by the President and Republicans, and significant estate tax relief, as well as a trove of other tax breaks for businesses and individuals.
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Your company and its employees may be subject to local occupational license fees and payroll taxes assessed by the counties and municipalities in which your company operates, even if it is not in the jurisdiction where your main office is located.
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If you own or operate a business in Kentucky, make sure you have filed your Kentucky Annual Report. In a recent press release, the Kentucky Secretary of State’s office warns that tens of thousands of companies face dissolution if they don’t file their annual report by the deadline of October 31.
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Business gurus often advise entrepreneurs that they should not be afraid to make mistakes. But, when it comes to the legal aspects of your business, not being afraid of making mistakes can lead to disastrous consequences. What are the common legal mistakes business owners make? Here are my top five.
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Now that summer has arrived, many college and high school students and graduates are searching for seasonal or full-time jobs. In today’s tough market, a family business may be the only place for some children to find work. If you run a family-owned business, employing your child may generate tax savings regardless of whether the
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If you own a business with one or more co-owners, or are in the process of forming such a business, you should strongly consider adopting a buy-sell agreement.
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