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2016 Year-End Tax Planning for Businesses

The time to consider tax-saving opportunities for your business is before its tax year-end. Some of these opportunities may apply regardless of whether your business is conducted as a sole proprietorship, partnership, limited liability company, S corporation, or regular corporation. Other opportunities may apply only to a particular type of business organization. This Tax Letter is organized into sections discussing year-end, and year-round, tax-saving opportunities for:

Read full post  |  Posted by on 12.16.16


A Comparison of Trump and House GOP Tax Reform Proposals

Comparing the House GOP plan to the Trump Plan: while there are many differences in the extent of tax relief promoted by each plan (with Trump's being by far the more generous), there are many similarities on key issues, including significant cuts in both individual and business tax rates, repeal of the estate tax and efforts to position U.S. businesses to compete on a more level playing field internationally. 

Click here for a comparison of the House GOP plan and the Trump plan by Holland & Knight: www.hklway.com

Read full post  |  Posted by on 12.07.16


2016 YEAR-END TAX PLANNING

2016 Year-End Strategies: StraddlingTwo Years Of Significant Change

Implementing tax strategies at year-end always presents unique challenges and opportunities. The impact of recent tax legislation and significant IRS rule changes during 2016 raises the stakes. The Protecting Americans from Tax Hikes Act (PATH Act), passed in late 2015, changed —both dramatically and through some nuanced revisions— the dynamics of planning for the expiration of various tax breaks …and the permanence of others. The IRS for its part has been busy creating safe-harbor benefits under the “repair regulations,” clarifying the definition of marriage for tax purposes, fine-tuning Affordable Care Act requirements, and more, all of which immediately impact the 2016 tax year.

Read full post  |  Posted by on 10.07.16


ACA and Employers: How Seasonal Workers Affect Your ALE Status

When determining if your organization is an applicable large employer, you must measure your workforce by counting all your employees.  However, there is an exception for seasonal workers.

Read full post  |  Posted by on 07.21.16


Form 5500 Due Date Is Approaching

August 1, 2016, is the deadline for filing Form 5500 for retirement or employee benefit plans on a calendar year. (The usual due date of July 31, 2016, is a Sunday.) 

Read full post  |  Posted by Steven M. Weber on 07.06.16


Make Time For Midyear Tax Planning

One benefit of midyear tax planning is that you have a solid foundation for making decisions and enough time to implement them.

Read full post  |  Posted by Steven M. Weber on 06.20.16


HSA Contribution Limits Barely Budge for 2017

The IRS recently announced the inflation-adjusted contribution limits for health savings accounts (HSAs) for 2017. HSAs combine high-deductible health insurance plans with a medical savings account.

Read full post  |  Posted by Steven M. Weber on 06.15.16


Plan for Next Year’s Taxes

You may be tempted to forget about your taxes once you’ve filed but some tax planning done now may benefit you later. Now is a good time to set up a system so you can keep your tax records safe and easy to find.  Here are some tips to give you a leg up on next year’s taxes:

Read full post  |  Posted by on 04.26.16


IRS interest rates rise for the second quarter of 2016

The interest rates the IRS charges on underpaid taxes and pays on tax overpayments have gone up for the second quarter of 2016 (April 1 through June 30). Here are the new rates for individuals and corporations.

Read full post  |  Posted by Steven M. Weber on 04.22.16


Domestic Production Deduction

Builders have available to them a little known deduction called the Domestic Manufacturing Deduction or called by its code section “The 199 Deduction”. The deduction is available to builders who have profits and payroll.

The 199 deduction is allowed to all taxpayers—individuals (shown on Form 1040 line 35), and C corporations (shown on Form 1120 line 25). The 199 deduction for partnerships and S corporations (reported on Form K-1 in box 13) flows through to the owner’s individual tax return.

Read full post  |  Posted by James F. Weber on 04.13.16


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