Employers are wise to take note of recent changes to tax implications of paid family and medical leave. The Internal Revenue Service (IRS) recently published a notice stating changes to the tax code have led to the creation of business credit for the provision of this type of leave.
The loss of a loved one is often a difficult and emotional time. The last thing anyone wants to think about when going through this time in life is tax obligations. Unfortunately, in some cases, these are considerations that must be taken into account.
The Tax Cuts and Jobs Act (TCJA) led to major tax reform. One specific example: the TCJA led to the elimination of the previously allowed business deduction for meals and entertainment.
Many towns across the state have high property tax rates. Limits to the state and local tax (SALT) deductions incorporated in the Tax Cuts and Jobs Act of 2017 may hit these residents and communities hard in 2019.
Taxation of online transactions is notoriously difficult. What does it take for a state to claim enough interaction to require a tax obligation? This question has led to many legal battles, the most recent of which made it to the highest court in the country.
It is no surprise that the Internal Revenue Service (IRS) will impose penalties if you do not pay your tax bill. The agency is clear about its ability to fine taxpayers' various penalties and fees and, in some cases, potential for imprisonment for failure to meet our tax obligations.
The Internal Revenue Service (IRS) continues its efforts to crackdown on tax evasion. The latest focus involves increased communication with state agencies.