Archive for the ‘LSWG FYI’ Category
Maryland Tax Update: Retirement Income of Law Enforcement, Fire, Rescue and Emergency Personnel
– by Jon C. Holmes, CPA, Principal House Bill 100 and Senate Bill 597, effective with the 2017 tax year, create a Maryland subtraction for certain retirement income attributable to… [more]
Do you own or manage a business that utilizes independent contractors?
– by Jennifer Clingan, CPA, Principal If you are concerned that the individuals you are treating as individual contractors might actually be employees, then the Voluntary Classification Settlement Program (VCSP)… [more]
Filing Date Information for 2017 Individual Income Tax Returns
IRS has issued a news release stating that they will begin accepting electronic and paper individual income tax returns on January 29, 2018. IRS also states that although they will… [more]
What is in the Tax Cuts and Jobs Act of 2017?
The new tax law has dominated political discussion for months and will likely continue to do so well into 2018. Consequences, both intended and otherwise, are still unclear. But for… [more]
Are you responsible for payroll and/or 1099s?
The IRS is drawing a hard line on 2018 filing deadlines. Last year the IRS changed the filing deadline for all Federal W-2s and 1099s which report nonemployee compensation. The… [more]
Practice the fine art of inclusion at your holiday gatherings
It’s that time of year, business owners — a time when you’re not only trying to wind down the calendar in profitable fashion, but also preparing year-end financials and contemplating… [more]
Corrected 2018 Social Security Wage Base
The Social Security Administration (SSA) has announced a correction to its previously issued wage base for computing Social Security tax in 2018. The CORRECTED amount is $128,400. (SSA had previously… [more]
Maryland Tax Update
– by Jon C. Holmes, CPA, Principal Qualified Farms – Food Donation Pilot Program House Bill 472, effective July 1, 2017, permits a qualified farm to claim a credit against… [more]
IRS Releases Various Indexed Amounts for 2018
– by Brian Rippeon, CPA, Principal IRS has released the following indexed amounts effective January 1, 2018: Employee deferrals to retirement plans: Elective deferrals to 401(k) plans, 403(b) plans, and… [more]
Receiving a SCAM phone call from a pretend IRS agent can be scary!
Receiving a threatening phone call from someone claiming to represent the Internal Revenue Service can be scary. Here’s what the IRS says about these SCAM calls: https://www.irs.gov/newsroom/irs-urges-public-to-stay-alert-for-scam-phone-calls Remember, do not… [more]