The Latest News
How the ‘Kiddie Tax’ Change May Impact Clients
How Long Should Clients Keep Their Tax Records?
I regularly remind clients to hold onto their tax records in case their returns are questioned by the Internal Revenue Service. Understandably, clients ask just how long they need to save those old records that clutter their closets and desk...
IRS expands list of preventive care for HSA participants to include certain care for chronic conditions
The Internal Revenue Service today added care for a range of chronic conditions to the list of preventive care benefits that may be provided by a high deductible health plan (HDHP). Notice 2019-45 (PDF), posted today on IRS.gov, lists the new...
Employers Should Review EEO-1 Guidance Before Pay-Data Reporting Deadline
The Equal Employment Opportunity Commission (EEOC) released a sample form, instructions and FAQs to help employers submit employee pay data—due to the agency by Sept. 30—sorted by job category, race, ethnicity and sex.
AICPA Issues Auditing Standards for Employee Benefit Plans and Annual Reports
The American Institute of CPAs’ Auditing Standards Board has released a pair of auditing standards related to the financial statements of employment benefit plans and transparency in annual reports.
National Taxpayer Advocate Nina Olson releases comprehensive report intended to improve EITC administration; publishes "subway map" of taxpayer’s journey through the tax system
National Taxpayer Advocate Nina E. Olson today released a special report on the Earned Income Tax Credit (EITC), which makes recommendations designed to increase the participation rate of eligible taxpayers and reduce overclaims by ineligible...
GASB Proposes Guidance on Internal Revenue Code Section 457 Deferred Compensation Plans
The Governmental Accounting Standards Board (GASB) has proposed new accounting and financial reporting guidance on Internal Revenue Code Section 457 deferred compensation plans (Section 457 plans). The Exposure Draft, Internal Revenue Code...
The father of the 401(k) on how his invention has reshaped retirement
In 1980, Ted Benna, owner of Pennsylvania benefits consulting company The Johnson Companies, developed the 401(k) savings plan, forever changing the way Americans save for retirement. In this podcast, Benna, now the owner of Benna401(k), a...
Why the TCJA Packs Even More Depreciation Punch
The Tax Cuts and Jobs Act (TCJA) combines powerful enhancements for the Section 179 “expensing” and “bonus” depreciation deductions. That’s an effective 1-2 punch that’s hard to beat. Given the TCJA's impact on deductions, there’s a good...
When the IRS is Lenient on Early Plan Distribution
Generally, distributions from qualified retirement plans like 401(k) plans and IRAs are subject to a 10 percent penalty for early withdrawals, but certain exceptions may apply. The IRS usually sticks to the strict letter of the law on these...
The Shifting Deduction Landscape Under the TCJA
Before the Tax Cuts and Jobs Act (TCJA), most moderate-to-high-income taxpayers itemized deductions on Schedule A, rather than claiming the standard deduction on their personal returns. Due to a few sizeable deductions, the amount often exceeded...
Before You Dismiss Mindfulness...
What comes to mind when you think of mindfulness? For many it’s an image of a yogi, a Buddha, or a wellness influencer. Maybe it’s a phone app or a fitness outlet. For me, it’s science. Mindfulness has become a buzzword synonymous with...

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Continuing Professional Development

Surgent's Federal Tax Camp (Livestream) - 12/9/2019 -
In this course, tax advisors will be fully updated on the most important legislative and regulatory developments of the season as well as major trends and...
Surgent's Federal Tax Camp - 12/9/2019 - Rocky Hill
In this course, tax advisors will be fully updated on the most important legislative and regulatory developments of the season as well as major trends and...
The Best Federal Tax Update Course by Surgent (Livestream) - 1/6/2020 -
In this course, tax advisors will be fully updated on the most important aspects of tax reform as well as major trends on the horizon with a view toward...
The Best Federal Tax Update Course by Surgent - 1/6/2020 - Rocky Hill
In this course, tax advisors will be fully updated on the most important aspects of tax reform as well as major trends on the horizon with a view toward...
How to Settle a Client's Estate (Livestream) - 1/7/2020 -
Federal estate and gift taxes currently affect few clients, but there are many other issues involved in settling an estate or administering a trust. Clients...
How to Settle a Client's Estate - 1/7/2020 - Rocky Hill
Federal estate and gift taxes currently affect few clients, but there are many other issues involved in settling an estate or administering a trust. Clients...

 

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