February 13, 2017/Tax, Press Release
Smith Leonard Welcomes New Tax Senior Managers
Smith Leonard PLLC announces that Adrienne McKinney, CPA, and Maria Williamson, CPA, have joined their team as a Tax Senior Managers.
IRS Alert: W-2 Phishing Scam Growing
The Internal Revenue Service is warning about the growth of a W-2 email phishing scam in which fraudulent emails are sent to human resources departments seeking information about employees’ tax data. The scam is now targeting schools and other organizations in addition to for-profit companies, according to the IRS.
New Due Date for W-2, W-3, and 1099 Tax Forms
File Required Tax Forms on Time to Avoid Penalties: There is a new due date of January 31, 2017 for W-2s, W-3s, and Forms 1099-MISC which are being filed to report non-employee compensation in box 7. All other Forms 1099-MISC are due by February 28, 2017.
November 28, 2016/Tax, Family Wealth
Are Gifts a Good Idea?
With the election of Donald Trump as President, and the Republicans maintaining majorities in both houses of Congress, many clients are beginning to ask if the estate tax is going away. Furthermore, they are wondering if they should continue to make gifts given this possible change.
Overtime Rule Effective December 1 On Hold
The US Department of Labor rule that raised the threshold on employees exempt from overtime has been blocked via an emergency injunction. Set to take effect on December 1, this rule and its widespread impact are currently on hold. Employers who had been ready to provide overtime to employees making up to $47,476 (instead of the previous $23,660 threshold) as of December are now given a break. Appeals are expected, but for now, the current rules apply.
2016 Individual Year-End Planning
It’s that time of year again. Time to focus on year-end planning strategies. Year-end planning for individuals is particularly important this year given the large number of recent tax law changes that offer new tax savings opportunities, in addition to the many “time-tested” tax savings techniques that continue to apply.
2016 Business Year-End Planning
Year-end planning for businesses is particularly important this year given the large number of recent tax law changes that offer new tax savings opportunities and increased certainty about breaks that have been set to expire in recent years. It seems every year we are faced with a long list of business tax breaks that have either recently expired, or are scheduled to expire in the near future. Fortunately, the Protecting Americans From Tax Hikes Act Of 2015 (the PATH Act) has made many (but not all) of these business tax breaks permanent.
September 7, 2016/Tax, Family Wealth
Private Client Services Proposed Regulation Change
Gift or estate taxes (and possibly generation skipping taxes) are imposed on the value of all property transferred during life and at death. New proposed regulations regarding estate planning and valuation discounts were released on August 2, 2016, and if they become final, would significantly impact the availability of minority interest and lack of control discounts for transfers of privately held business interests among family members. In general, the effective date of these new regulations will be the date the regulations are published as final (which is expected to occur in the spring of 2017). It is imperative that clients wishing to transfer interests in closely held businesses to family members complete the transactions this year to avoid the application of the potential new rules.
June 24, 2016/Tax, Not-For-Profit
11 Risks Hidden In Your Form 990
As watchdog groups and other stakeholders continue to expect increased transparency from nonprofits, it’s become all the more important for organizations to prepare Form 990 as accurately and completely as possible. These publicly available forms can expose organizations to public scrutiny, but they can also leave the door open for preventable penalties from the IRS and state and local taxing authorities. Read the list below to learn about some of the hidden pitfalls in your Form 990 that you may never have noticed, but need to address.
Year-End Tax Planning for Businesses
It’s that time of year when businesses should consider year‐end planning strategies. This task is particularly challenging for 2015 due to the long list of popular, temporary business tax breaks that expired at the end of 2014. In the past, Congress has retroactively extended the vast majority of these tax breaks after they expired. However, as we complete this letter, Congress has not passed legislation to extend the expired provisions.
