This document summarizes key changes to payroll and human resources provisions under the Tax Cuts and Jobs Act of 2017. It discusses changes to individual tax rates and deductions, fringe benefits, performance-based compensation, stock options/RSUs, and a new family and medical leave tax credit. Specifically, it outlines reductions in individual tax rates and increases to standard deductions, limitations on certain fringe benefits and state and local tax deductions, changes to executive compensation rules, and options for deferring income from stock.
How the Tax Reform Bill Affects Human Resources & PayrollNet at Work
The document provides an overview of the key implications of the 2017 Tax Act for payroll and compensation. It discusses changes to fringe benefits such as transportation benefits and moving expenses. It also covers modifications to excessive employee compensation rules and when meals and entertainment are deductible. The document reviews other payroll considerations like new withholding tables and outlines steps employers should take in response to tax reform.
Payroll Webinar: The A to Z of Garnishments Part 2Ascentis
Tax levies and creditor garnishments can be some of the most complex tasks required of any payroll department. If garnishments are not handled correctly, you may find yourself facing situations that become extremely costly both financially and emotionally. Courts, federal and state regulations, bureaucracies, lawyers and a multitude of other factors can complicate even the most basic procedures. Add in the emotional turmoil that often accompanies garnishment orders and even small errors can become major disasters.
The reality is that all of the people and entities involved tax levies and other types of creditor garnishments expect action from the payroll department. Payroll must understand all the laws that apply towards processing these types of garnishments backwards and forwards. It is sometimes even up to the payroll department to catch and correct any errors that have been made by anyone else along the way! Precise and accurate compliance with garnishment regulation can help to reduce or eliminate the emotional and financial toll that can result from these unfortunate situations as well stave off any penalties that may result if processed incorrectly
WORK OPPORTUNITY TAX CREDIT: HOW EMPLOYERS CAN MAXIMIZE HIRING INVESTMENTCost Management Services
Brian Kelly hosts an interactive online workshop on the Work Opportunity Tax Credits “WOTC” for CPA Academy. The 1 hour session will focused on How Employers Can Maximize Hiring Investment. The webinar, was targeted at the accounting community, CPAs, CEOs and CFOs, and CPE Credits were available for attending.
Attendees learn how to add value to CPA service and take advantage of the billions dollars that are available today through the WOTC Tax Credit program. #WOTC
Visit our website www.cmswotc.com to learn more.
Payroll Webinar: Tax Levies and Creditor Garnishments: What Payroll Must Know...Ascentis
This webinar concentrates on processing garnishments in the payroll department other than child support. It covers the federal rules for creditor garnishments, the IRS rules for federal tax levies, the various aspects of state tax levies, the key points for processing state creditor garnishments, how to handle voluntary wage assignments such as payday loans and student loans. It includes best practices for reconciling and processing the garnishments in the payroll department. Sample memos for communicating with the employee concerning garnishments are included. The IRS Form 668-W is reviewed.
Join Jim Paille as he talks about payroll tax compliance going into the new year. In this session, you will understand the latest tax reform items that affect payroll. He will cover new IRS initiatives to be mindful of entering 2021. Then, Jim will discuss topics related to the 2020-2021 W-4’s impact at both the federal and state levels. Finally, he will cover some tips you can leverage to make your year-end processing more efficient and effective.
The document provides an overview of corporate taxes. It defines a corporation as a separate legal entity that can be incorporated through legislation or registration. Corporations have legal personhood and can be responsible for crimes. They provide benefits like liability protection and raising funds through stock sales. The document then discusses taxes in general and how they are imposed by governments. It outlines different types of taxes including corporate taxes. Corporate tax rates vary globally from around 15-35% in different countries. The document provides details on India's corporate tax rates and regulations. It concludes with discussing tax planning strategies that corporations can use like accounting methods, inventory valuation, equipment purchases and benefits plans.
This document summarizes Canada's tax system and provides strategies for tax planning. It discusses key concepts like marginal tax rates, deductions, credits, and preparing a tax return. It also outlines tax-deferred plans, tax-friendly investments, and eligible deductions. Recent tax changes and how an advisor can help with tax planning are briefly mentioned.
How the Tax Reform Bill Affects Human Resources & PayrollNet at Work
The document provides an overview of the key implications of the 2017 Tax Act for payroll and compensation. It discusses changes to fringe benefits such as transportation benefits and moving expenses. It also covers modifications to excessive employee compensation rules and when meals and entertainment are deductible. The document reviews other payroll considerations like new withholding tables and outlines steps employers should take in response to tax reform.
Payroll Webinar: The A to Z of Garnishments Part 2Ascentis
Tax levies and creditor garnishments can be some of the most complex tasks required of any payroll department. If garnishments are not handled correctly, you may find yourself facing situations that become extremely costly both financially and emotionally. Courts, federal and state regulations, bureaucracies, lawyers and a multitude of other factors can complicate even the most basic procedures. Add in the emotional turmoil that often accompanies garnishment orders and even small errors can become major disasters.
The reality is that all of the people and entities involved tax levies and other types of creditor garnishments expect action from the payroll department. Payroll must understand all the laws that apply towards processing these types of garnishments backwards and forwards. It is sometimes even up to the payroll department to catch and correct any errors that have been made by anyone else along the way! Precise and accurate compliance with garnishment regulation can help to reduce or eliminate the emotional and financial toll that can result from these unfortunate situations as well stave off any penalties that may result if processed incorrectly
WORK OPPORTUNITY TAX CREDIT: HOW EMPLOYERS CAN MAXIMIZE HIRING INVESTMENTCost Management Services
Brian Kelly hosts an interactive online workshop on the Work Opportunity Tax Credits “WOTC” for CPA Academy. The 1 hour session will focused on How Employers Can Maximize Hiring Investment. The webinar, was targeted at the accounting community, CPAs, CEOs and CFOs, and CPE Credits were available for attending.
Attendees learn how to add value to CPA service and take advantage of the billions dollars that are available today through the WOTC Tax Credit program. #WOTC
Visit our website www.cmswotc.com to learn more.
Payroll Webinar: Tax Levies and Creditor Garnishments: What Payroll Must Know...Ascentis
This webinar concentrates on processing garnishments in the payroll department other than child support. It covers the federal rules for creditor garnishments, the IRS rules for federal tax levies, the various aspects of state tax levies, the key points for processing state creditor garnishments, how to handle voluntary wage assignments such as payday loans and student loans. It includes best practices for reconciling and processing the garnishments in the payroll department. Sample memos for communicating with the employee concerning garnishments are included. The IRS Form 668-W is reviewed.
Join Jim Paille as he talks about payroll tax compliance going into the new year. In this session, you will understand the latest tax reform items that affect payroll. He will cover new IRS initiatives to be mindful of entering 2021. Then, Jim will discuss topics related to the 2020-2021 W-4’s impact at both the federal and state levels. Finally, he will cover some tips you can leverage to make your year-end processing more efficient and effective.
The document provides an overview of corporate taxes. It defines a corporation as a separate legal entity that can be incorporated through legislation or registration. Corporations have legal personhood and can be responsible for crimes. They provide benefits like liability protection and raising funds through stock sales. The document then discusses taxes in general and how they are imposed by governments. It outlines different types of taxes including corporate taxes. Corporate tax rates vary globally from around 15-35% in different countries. The document provides details on India's corporate tax rates and regulations. It concludes with discussing tax planning strategies that corporations can use like accounting methods, inventory valuation, equipment purchases and benefits plans.
This document summarizes Canada's tax system and provides strategies for tax planning. It discusses key concepts like marginal tax rates, deductions, credits, and preparing a tax return. It also outlines tax-deferred plans, tax-friendly investments, and eligible deductions. Recent tax changes and how an advisor can help with tax planning are briefly mentioned.
Payroll Webinar: W-2’s vs. 1099’s: Understanding Who Should be an Independent...Ascentis
This webinar examines how the common law rule is used to determine worker status and which three requirements are used to correctly classify a worker as an independent contractor along with the requirements for when a worker must be classified as an employee. Misclassifying employees and independent contractors are getting more costly by the day. With federal and state agencies joining forces to combat misclassification, fines and penalties have skyrocketed. And every day the misclassification continues the penalties mount up and up until this ticking time bomb finally explodes! Find out how to defuse that ticking bomb by joining renowned payroll expert Vicki M. Lambert, CPP for this information packed webinar!
This document provides an overview of tax planning, tax avoidance, tax evasion, and tax management in India. It defines each concept and outlines the key differences between them. Tax planning is legal and involves arranging one's financial affairs to minimize tax liability. Tax avoidance uses loopholes in tax laws to reduce taxes without breaking the law. Tax evasion is illegal and involves dishonest means like concealing income or falsifying accounts to avoid paying taxes owed. The document also discusses objectives of tax planning like reducing liability and promoting economic growth. It provides examples of factors and decisions involved in effective tax planning for individuals and businesses.
The decision to exercise ISOs can be very important to technology and other professionals. Understanding the AMT and other tax implications of exercising these options is not always a straight-forward exercise.
This presentation covers the basics of taxes and tax strategies related to these instruments. The objective is to give participants a framework for deciding if and when to exercise ISOs and if so, when to sell the underlying shares.
Payroll Webinar: Form 941 for 2020: What you Need to KnowAscentis
This webinar covers the IRS Form 941 and its accompanying Form Schedule B for 2020. It discusses what is new for the form in 2020 and covers the requirements for completing each form line by line. It includes the filing requirements and tips on reconciling and balancing the two forms.
Form 941 is the link between your payroll records and the IRS tax records. Proper administration of this vital form is critical if you want to avoid IRS Notices and the penalties and interest that accompany them. The Schedule B is also a crucial form for many employers. The IRS demands that the Form 941 and the Schedule B match to the penny…every single time…without fail!
It has always been a requirement that the Forms 941 be reconciled with the Forms W-2 prior to submitting each form. If the employer fails in this reconciliation, the IRS and Social Security Administration can both assess penalties! This reconciliation has become even more critical these past few years.
Payroll Webinar: The A to Z of Payroll Garnishments Part 2Ascentis
Tax levies and creditor garnishments can be some of the most complex tasks required of any payroll department. Payroll must understand all the laws that apply towards processing these types of garnishments backwards and forwards. It is sometimes even up to the payroll department to catch and correct any errors that have been made by anyone else along the way!
Precise and accurate compliance with garnishment regulation can help to reduce or eliminate the emotional and financial toll that can result from these unfortunate situations as well stave off any penalties that may result if processed incorrectly.
This webinar concentrates on processing garnishments, other than child support, in the payroll department. We’ll cover the federal rules for creditor garnishments, the IRS rules for federal tax levies, the various aspects of state tax levies, the key points for processing state creditor garnishments, how to handle voluntary wage assignments like payday loans and student loans. And that’s not all – we’ll also review the IRS Form 668-W.
The Affordable Care Act introduces several new taxes and tax credits related to health insurance. It requires most individuals to have health insurance through state-run exchanges or pay a penalty. It also requires employers with 50 or more employees to offer affordable coverage or pay penalties. New taxes include a 0.9% Medicare surtax on wages over $200,000 and a 3.8% tax on investment income over $200,000. Individuals between 100-400% of the poverty level qualify for premium tax credits. Small businesses with under 25 employees averaging less than $50,000 in wages can receive up to a 50% tax credit for contributing to employee health insurance.
The document provides information about understanding corporate tax in India. It discusses key aspects like direct and indirect taxes, computation of taxable income, deductions and exemptions allowed, tax rates for individuals and companies, advance tax payment due dates and examples of corporate tax calculations for different scenarios involving profits, losses and deductions.
The document provides information about filing taxes in Ireland, including deadlines, penalties, and tips to reduce tax bills. Some key points:
- The deadline for paper tax returns is October 31st and the deadline for online returns is November 15th. Filing late can result in penalties of 5-10% of the total tax liability.
- Individuals must file if they are self-employed, have rental income, investment income, shares/options, or other non-PAYE income.
- Taxpayers can reduce their bills by claiming all eligible tax credits, contributing to a pension, splitting income with a spouse, carrying losses forward, and considering setting up a limited company.
- Tax
1. Income tax in Australia is imposed on individual and business income and revenue at progressive rates. The Australian Taxation Office regulates taxation and provides information to taxpayers.
2. Joe's employment income including salary, overtime pay, and bonuses are taxable. Mining Matters can deduct business expenses and Joe's allowance for tools is not taxable. Rental income minus expenses like repairs is taxable for Joe.
3. Capital gains made from the sale of assets acquired after 1985 are generally subject to capital gains tax, but the painting Donna purchased in 1984 is exempt since it was bought before the capital gains tax regime began.
Minimum alternate tax ( mat ) U/S 115JB-YASH JAINYash Jain
MAT (Minimum Alternate Tax) was introduced to tax companies that reported book profits but paid little or no income tax under normal tax provisions. MAT is calculated as a percentage of a company's book profits and the company must pay the higher of MAT or the tax calculated under normal provisions. Key points of MAT include: it applies only to companies, the MAT rate has changed over time and is now 18%, MAT credit can be carried forward for up to 10 years to offset future tax liability.
Tax planning involves legally arranging one's financial affairs to minimize tax liability and takes advantage of deductions and exemptions allowed by law. It is different from tax avoidance and tax evasion which are not legitimate ways to reduce taxes. Tax planning works within the legal framework while tax avoidance uses loopholes and may be illegitimate. Tax evasion involves illegally underreporting income or overreporting expenses. The objectives of tax planning are to reduce liability, minimize litigation and support economic growth. It is important for taxpayers to understand tax laws and plan accordingly to maximize benefits.
HR Webinar: Ho, Ho, Ho My Goodness: Compliance Review for Year-End 2019Ascentis
The document provides an overview of changes to minimum wage rates across multiple states and localities effective in 2020. Key points include:
- Over 20 states are increasing their minimum wage rates in 2020, with rates ranging from $8.56 to $15 per hour.
- Many cities and counties within California are increasing their minimum wages, some exceeding the new state minimum of $13 per hour.
- Other localities increasing minimum wages include Denver, Chicago, and Cook County, Illinois.
- Several jurisdictions have set future increases to reach rates of $15 per hour or more by 2022-2026.
- Tipped minimum wages are also increasing in some states but remain lower than regular minimum
This document provides information about auto-enrolment duties for employers. It discusses the different categories of workers (eligible jobholders, non-eligible jobholders, and entitled workers) and the duties employers have for each. It outlines that employers must automatically enroll eligible jobholders into a pension scheme and arrange membership for other workers. It also discusses options for employers to be compliant, such as the NEST pension scheme, and ways employers can manage costs like salary sacrifice. Finally, it emphasizes the importance of communication and preparing an action plan well in advance of an employer's staging date.
Tax Foundation University 2017, Part 3: Modeling Tax Changes — Which Help, Wh...Tax Foundation
This lecture explores how the consequences of policy options can be determined and why they should guide the reform effort. The Tax Foundation's Taxes and Growth Dynamic Tax Model will be demonstrated.
Also discussed: the benefits and limitations of dynamic vs. static analysis and scoring of tax changes, which tax features harm growth the most, which potential reforms help the most, and which revenue offsets hurt the least. Differing views of how to predict the effects of tax changes on economic growth, how different models view the effect of the federal budget deficit and the Federal Reserve on the outcomes, and the proper role of monetary policy.
Register for Tax Foundation University Online here: https://taxfoundation.org/tax-foundation-university-remote/#enroll
- When starting a limited company, you must register it with Companies House by providing information such as the company name and directors, and creating documents like a memorandum of association.
- As a limited company, it is important to understand the legal status and maintain proper accounts, which includes filing corporate tax returns. You must report pay and dividends as well as the statement of comprehensive income.
- The taxable profits of the limited company are subject to corporation tax, which involves filing a corporate tax return with HMRC by certain deadlines. It is important to comply with all filing requirements for limited companies.
MAT stands for Minimum Alternate Tax and was introduced in 1988 to tax large corporate groups that were paying zero income tax despite making profits. MAT is currently levied at a rate of 18.5% and applies to companies that are profitable according to their books but pay no tax under normal tax provisions. Companies can claim MAT credit for any MAT paid above the tax amount calculated under normal provisions, which can be used to offset future tax payments not covered by MAT.
Learn what you can do in the last few weeks of the year to save on your taxes. Topics discussed will include:
Business Tax Changes
Repair Regulations For Business Owners
Personal Tax Changes
Affordable Care Act Tax Provisions
Tax Return Refund Fraud
State and Local Tax Updates
How to Successfully Navigate the Latest Changes to the Affordable Care ActNationalUnderwriter
From ALM's National Underwriter comes a timely and necessary ACA presentation covering:
Employer Mandate Penalties
• Reporting Requirements
• Small Business Health Options (SHOP) Changes
• Cadillac Tax Delay
• Delay of Menu Labeling Rule
• Other Affordable Care Act Changes
• Changes to IRS Forms
• Statistics
Payroll Webinar: W-2’s vs. 1099’s: Understanding Who Should be an Independent...Ascentis
This webinar examines how the common law rule is used to determine worker status and which three requirements are used to correctly classify a worker as an independent contractor along with the requirements for when a worker must be classified as an employee. Misclassifying employees and independent contractors are getting more costly by the day. With federal and state agencies joining forces to combat misclassification, fines and penalties have skyrocketed. And every day the misclassification continues the penalties mount up and up until this ticking time bomb finally explodes! Find out how to defuse that ticking bomb by joining renowned payroll expert Vicki M. Lambert, CPP for this information packed webinar!
This document provides an overview of tax planning, tax avoidance, tax evasion, and tax management in India. It defines each concept and outlines the key differences between them. Tax planning is legal and involves arranging one's financial affairs to minimize tax liability. Tax avoidance uses loopholes in tax laws to reduce taxes without breaking the law. Tax evasion is illegal and involves dishonest means like concealing income or falsifying accounts to avoid paying taxes owed. The document also discusses objectives of tax planning like reducing liability and promoting economic growth. It provides examples of factors and decisions involved in effective tax planning for individuals and businesses.
The decision to exercise ISOs can be very important to technology and other professionals. Understanding the AMT and other tax implications of exercising these options is not always a straight-forward exercise.
This presentation covers the basics of taxes and tax strategies related to these instruments. The objective is to give participants a framework for deciding if and when to exercise ISOs and if so, when to sell the underlying shares.
Payroll Webinar: Form 941 for 2020: What you Need to KnowAscentis
This webinar covers the IRS Form 941 and its accompanying Form Schedule B for 2020. It discusses what is new for the form in 2020 and covers the requirements for completing each form line by line. It includes the filing requirements and tips on reconciling and balancing the two forms.
Form 941 is the link between your payroll records and the IRS tax records. Proper administration of this vital form is critical if you want to avoid IRS Notices and the penalties and interest that accompany them. The Schedule B is also a crucial form for many employers. The IRS demands that the Form 941 and the Schedule B match to the penny…every single time…without fail!
It has always been a requirement that the Forms 941 be reconciled with the Forms W-2 prior to submitting each form. If the employer fails in this reconciliation, the IRS and Social Security Administration can both assess penalties! This reconciliation has become even more critical these past few years.
Payroll Webinar: The A to Z of Payroll Garnishments Part 2Ascentis
Tax levies and creditor garnishments can be some of the most complex tasks required of any payroll department. Payroll must understand all the laws that apply towards processing these types of garnishments backwards and forwards. It is sometimes even up to the payroll department to catch and correct any errors that have been made by anyone else along the way!
Precise and accurate compliance with garnishment regulation can help to reduce or eliminate the emotional and financial toll that can result from these unfortunate situations as well stave off any penalties that may result if processed incorrectly.
This webinar concentrates on processing garnishments, other than child support, in the payroll department. We’ll cover the federal rules for creditor garnishments, the IRS rules for federal tax levies, the various aspects of state tax levies, the key points for processing state creditor garnishments, how to handle voluntary wage assignments like payday loans and student loans. And that’s not all – we’ll also review the IRS Form 668-W.
The Affordable Care Act introduces several new taxes and tax credits related to health insurance. It requires most individuals to have health insurance through state-run exchanges or pay a penalty. It also requires employers with 50 or more employees to offer affordable coverage or pay penalties. New taxes include a 0.9% Medicare surtax on wages over $200,000 and a 3.8% tax on investment income over $200,000. Individuals between 100-400% of the poverty level qualify for premium tax credits. Small businesses with under 25 employees averaging less than $50,000 in wages can receive up to a 50% tax credit for contributing to employee health insurance.
The document provides information about understanding corporate tax in India. It discusses key aspects like direct and indirect taxes, computation of taxable income, deductions and exemptions allowed, tax rates for individuals and companies, advance tax payment due dates and examples of corporate tax calculations for different scenarios involving profits, losses and deductions.
The document provides information about filing taxes in Ireland, including deadlines, penalties, and tips to reduce tax bills. Some key points:
- The deadline for paper tax returns is October 31st and the deadline for online returns is November 15th. Filing late can result in penalties of 5-10% of the total tax liability.
- Individuals must file if they are self-employed, have rental income, investment income, shares/options, or other non-PAYE income.
- Taxpayers can reduce their bills by claiming all eligible tax credits, contributing to a pension, splitting income with a spouse, carrying losses forward, and considering setting up a limited company.
- Tax
1. Income tax in Australia is imposed on individual and business income and revenue at progressive rates. The Australian Taxation Office regulates taxation and provides information to taxpayers.
2. Joe's employment income including salary, overtime pay, and bonuses are taxable. Mining Matters can deduct business expenses and Joe's allowance for tools is not taxable. Rental income minus expenses like repairs is taxable for Joe.
3. Capital gains made from the sale of assets acquired after 1985 are generally subject to capital gains tax, but the painting Donna purchased in 1984 is exempt since it was bought before the capital gains tax regime began.
Minimum alternate tax ( mat ) U/S 115JB-YASH JAINYash Jain
MAT (Minimum Alternate Tax) was introduced to tax companies that reported book profits but paid little or no income tax under normal tax provisions. MAT is calculated as a percentage of a company's book profits and the company must pay the higher of MAT or the tax calculated under normal provisions. Key points of MAT include: it applies only to companies, the MAT rate has changed over time and is now 18%, MAT credit can be carried forward for up to 10 years to offset future tax liability.
Tax planning involves legally arranging one's financial affairs to minimize tax liability and takes advantage of deductions and exemptions allowed by law. It is different from tax avoidance and tax evasion which are not legitimate ways to reduce taxes. Tax planning works within the legal framework while tax avoidance uses loopholes and may be illegitimate. Tax evasion involves illegally underreporting income or overreporting expenses. The objectives of tax planning are to reduce liability, minimize litigation and support economic growth. It is important for taxpayers to understand tax laws and plan accordingly to maximize benefits.
HR Webinar: Ho, Ho, Ho My Goodness: Compliance Review for Year-End 2019Ascentis
The document provides an overview of changes to minimum wage rates across multiple states and localities effective in 2020. Key points include:
- Over 20 states are increasing their minimum wage rates in 2020, with rates ranging from $8.56 to $15 per hour.
- Many cities and counties within California are increasing their minimum wages, some exceeding the new state minimum of $13 per hour.
- Other localities increasing minimum wages include Denver, Chicago, and Cook County, Illinois.
- Several jurisdictions have set future increases to reach rates of $15 per hour or more by 2022-2026.
- Tipped minimum wages are also increasing in some states but remain lower than regular minimum
This document provides information about auto-enrolment duties for employers. It discusses the different categories of workers (eligible jobholders, non-eligible jobholders, and entitled workers) and the duties employers have for each. It outlines that employers must automatically enroll eligible jobholders into a pension scheme and arrange membership for other workers. It also discusses options for employers to be compliant, such as the NEST pension scheme, and ways employers can manage costs like salary sacrifice. Finally, it emphasizes the importance of communication and preparing an action plan well in advance of an employer's staging date.
Tax Foundation University 2017, Part 3: Modeling Tax Changes — Which Help, Wh...Tax Foundation
This lecture explores how the consequences of policy options can be determined and why they should guide the reform effort. The Tax Foundation's Taxes and Growth Dynamic Tax Model will be demonstrated.
Also discussed: the benefits and limitations of dynamic vs. static analysis and scoring of tax changes, which tax features harm growth the most, which potential reforms help the most, and which revenue offsets hurt the least. Differing views of how to predict the effects of tax changes on economic growth, how different models view the effect of the federal budget deficit and the Federal Reserve on the outcomes, and the proper role of monetary policy.
Register for Tax Foundation University Online here: https://taxfoundation.org/tax-foundation-university-remote/#enroll
- When starting a limited company, you must register it with Companies House by providing information such as the company name and directors, and creating documents like a memorandum of association.
- As a limited company, it is important to understand the legal status and maintain proper accounts, which includes filing corporate tax returns. You must report pay and dividends as well as the statement of comprehensive income.
- The taxable profits of the limited company are subject to corporation tax, which involves filing a corporate tax return with HMRC by certain deadlines. It is important to comply with all filing requirements for limited companies.
MAT stands for Minimum Alternate Tax and was introduced in 1988 to tax large corporate groups that were paying zero income tax despite making profits. MAT is currently levied at a rate of 18.5% and applies to companies that are profitable according to their books but pay no tax under normal tax provisions. Companies can claim MAT credit for any MAT paid above the tax amount calculated under normal provisions, which can be used to offset future tax payments not covered by MAT.
Learn what you can do in the last few weeks of the year to save on your taxes. Topics discussed will include:
Business Tax Changes
Repair Regulations For Business Owners
Personal Tax Changes
Affordable Care Act Tax Provisions
Tax Return Refund Fraud
State and Local Tax Updates
How to Successfully Navigate the Latest Changes to the Affordable Care ActNationalUnderwriter
From ALM's National Underwriter comes a timely and necessary ACA presentation covering:
Employer Mandate Penalties
• Reporting Requirements
• Small Business Health Options (SHOP) Changes
• Cadillac Tax Delay
• Delay of Menu Labeling Rule
• Other Affordable Care Act Changes
• Changes to IRS Forms
• Statistics
This document summarizes the 2014 tax update and hot topics presented by Drew Rogers, CPA. It discusses the impact of 2013 tax law changes such as rate increases and limitations on deductions. For businesses, it covers expiring tax provisions, deductions, and credits. It also discusses entity choice, multistate planning, and exit planning strategies. For individuals, it summarizes rate schedules and provides planning tips for items like the Net Investment Income Tax, deductions, charitable giving, and the Alternative Minimum Tax. The presentation concludes with an overview of South Carolina tax credits that may provide benefits.
Join us to learn more about how tax reform impacts nonprofits across the industry. By Congress approving the H.R. 1 Tax Cuts and Jobs Act, it significantly alters the U.S. tax code.
Does your company have a section 79 plan Walter Hines
This document discusses Section 79 plans, which allow business owners to deduct the premiums paid for group life insurance plans from their taxes with no deduction limits. It provides an overview of what Section 79 plans are, the key advantages for business owners, and an example of how a Section 79 plan could benefit a medical practice and its owners. The example shows how the practice's owners and employees could receive life insurance coverage worth 2.5 times their salary while the business receives tax deductions for the premiums paid. This reduces the practice's total tax liability by over $60,000 for the first year alone.
The document summarizes key proposed changes in the Income Tax Act 2023 in Bangladesh. Some of the major changes include:
- Reducing the number of tax return statements from 29 to 12 to simplify the return filing process.
- Providing a comprehensive list of deductible business expenses with new structures for general and specific deductions.
- Widening the caps on expense limits and including new areas for tax deductions to make the tax system more investment and business friendly.
- Introducing provisions to better align the tax laws with international financial reporting standards (IFRS) and address differences between IFRS and tax laws.
The document summarizes key tax law provisions for individuals and small businesses from the Tax Increase Prevention Act of 2014. It outlines changes to income tax rates, capital gains taxes, the additional net investment tax, alternative minimum tax exemptions, itemized deductions limits, estate tax exemptions, education credits, and the small business health care tax credit. It provides examples to illustrate how the new laws may impact taxpayers.
Demystifying SRED and Other Tax Tips for Entrepreneurs - MaRS Best PracticesMaRS Discovery District
It’s tax time again, but MaRS Best Practices series has great news for startups and entrepreneurs! There is a wide range of business incentives available to offset various expenses incurred by entrepreneurial companies, from startups to established companies exporting products or services.
In this session, Welch’s Business Incentives leader, Terry Lavineway, will describe the process that entrepreneurs should employ when identifying and leveraging these incentives and an approach that can maximize access to this source of capital. He will provide detailed information on some of the more significant incentives available, including scientific research and experimental development (SRED) and digital media refundable credits.
Additionally, Bryan Haralovich, Welch’s Technology Service Sector leader, will provide an overview of the income tax compliance requirements imposed on entrepreneurs. This includes what must be filed, the timing of filings and the information required to complete the filings. He will address tax tips such as corporate structure, shareholder planning, international tax considerations and exit planning.
The document summarizes important direct tax proposals in India. Some key points include:
- No changes proposed to individual tax slabs, thresholds, or surcharges but a new 4% health and education cess is introduced.
- Standard deduction of Rs. 40,000 for salaried individuals and increased deductions for senior citizens for health insurance and medical treatments.
- Changes to capital gains tax provisions including the removal of long-term capital gains tax exemption and a new provision to calculate tax on long-term capital gains from listed shares.
- Corporate tax rate reduced to 25% for companies with turnover up to Rs. 250 crores.
This document discusses various types of taxes in Pakistan, including direct and indirect taxes. It provides definitions of key terms related to taxation such as tax year, resident and non-resident. It outlines income tax laws and regulations. It also summarizes tax rates and policies for salaries, non-residents, residents, income from property, tax deducted at source, and tax return filing requirements.
The document describes "The Found Money Program", which identifies and secures refunds and credits for prior year state unemployment insurance tax overpayments. It aims to reduce future tax rates for clients at no cost, paying fees only if refunds/credits are secured. It analyzes rate calculations and business variables to find savings averaging $300,000. The process requires little client time and information, performing vertical analyses to leave no potential savings unfound.
Key Takeaways:
- Payroll Taxes
- Transfer Pricing
- Global Intangible Low Taxed Income
- Controlled Foreign Corporation
- Base Erosion and Anti-Abuse Tax
- Covid Impact and Measures
During this webinar we will review the current status of the tax world for both business and personal tax. This webinar will dive into how we got to where we are at, what is going on now, and where we might be headed in 2017 and beyond. This presentation will also highlight new, proposed tax reform plans, how they differ from the current plans, and how they might impact both business and personal income tax.
Affordable Care Act: Overview of New Requirements for 2015Sikich LLP
2015 is the first year employers can be fined for not complying with the reporting requirements set out by the Affordable Care Act (Obamacare). Get an overview of these new requirements in this eBook
Skoda Minotti Speaker Series - Strategies to Save on Your 2013 TaxesSkoda Minotti
From the repeal of the Bush-era tax cuts to the implementation of the Affordable Care Act, there was a lot of change in United States tax law this year for both businesses and individuals. With so many new laws to parse through, it's easy to feel overwhelmed as you prepare your 2013 tax information. Unclear about your current tax bracket? Want to know how the Affordable Care Act affects your business?
This presentation will provide you with several easy-to-implement strategies for your personal and business taxes.
What you can expect to learn:
• Tax law changes for 2013
• Year-end tax planning strategies, for businesses and individuals
• How patient protection laws affect you
• The Affordable Care Act and how it will affect businesses
The document summarizes key changes to US tax law from the Tax Cuts and Jobs Act of 2017. It discusses reductions to individual and corporate tax rates. It also outlines changes to deductions and credits for individuals, as well as new tax rules for businesses, pass-through entities, and international income.
This document summarizes a presentation for barristers on running a business as a barrister. It covers topics like understanding business structures, accounting and invoicing, tax obligations, using debt, budgeting and cash flow management, asset protection, estate planning, retirement planning, and getting the right professional team. It provides an agenda and discusses concepts like understanding different entity structures, accounting on a cash basis, personal income tax rates, timing of tax obligations, using good versus bad debt, preparing budgets and cash flows, and leveraging structures like superannuation and trusts to protect assets and plan for retirement.
Payroll Webinar: The A to Z of Payroll Garnishments Part 3Ascentis
In parts two and three of the A to Z of Payroll Garnishments we discussed the legal aspects of garnishments, now in our third and final chapter we will turn our attention to the best practices for processing the garnishments within the payroll department.
We will apply our learnings and review examples of calculating all types of garnishments, including how to prorate when an employee has two or more child support withholding orders and not enough disposable income to cover both, the calculations for a federal tax levy, what to do if the employee has a creditor garnishment and a child support withholding order and more!
This document provides an overview and discussion of the new accounting standards for stock-based compensation that will take effect in 2018. It discusses the key changes including how excess tax benefits will be recognized, classification of cash flows, accounting for forfeitures, minimum statutory tax withholding, and practical expedients available for private companies. The presentation provides implementation considerations and transition methods for each change. It also includes examples of early adopter disclosures and a sample disclosure from Microsoft and Google.
Sage HRMS Configuration and Business Response and HR PlanningNet at Work
This webinar covered how businesses and HR can navigate the new normal brought about by the COVID-19 pandemic. It discussed key HR challenges like remote work, organizational culture and crisis response. A guest speaker provided strategies on improving culture and preparing for long term changes. The presenters also demonstrated features of the Sage HRMS/Abra software for tracking leave policies, absences and unemployment claims. Participants were encouraged to leverage the full capabilities of the system to manage workforce impacts of the crisis. Questions from attendees were addressed before concluding with information on connecting with the presenters.
Employer Update & Getting Business Back on Track Net at Work
This webinar provided information to help organizations and employers prepare for long-term impacts of the COVID-19 pandemic. The webinar discussed lessons learned from the crisis, ways to support employee communication and morale during extended remote work, and changes that may come after the pandemic, such as increased telework options and health screening protocols. The presentation also outlined steps organizations can take to update emergency plans and policies to facilitate long-term remote work and prepare for future crises.
Tips on the IRS & DOL Employer Tax Credits & LoansNet at Work
The document provides information about an upcoming webinar on the Work Opportunity Tax Credit (WOTC) and CARES Act SBA loans. It includes details on the webinar agenda, presenters and their backgrounds, an overview of WOTC target groups and eligibility, how WOTC is calculated and can benefit employers, and summaries of the Economic Injury Disaster Loan and Paycheck Protection Program provided by the CARES Act.
Sage 100: Enabling Your Team to Work Remotely with the Impact from COVID-19 &...Net at Work
This webinar covered planning and working remotely due to COVID-19. The presentation was about 1 hour long and covered security and separation of duties in Sage 100, automated processes, payroll changes for the new tax rules, business insights reporting, and cloud hosting options for Sage 100. Attendees were encouraged to type any questions into the questions box. Contact information was provided for follow up.
The New Remote Workforce & The Case for Hosting Your Sage Solution in the CloudNet at Work
The document is a presentation about hosting Sage solutions in the cloud. It discusses the benefits of cloud hosting such as increased security, reliability, and flexibility compared to on-premise systems. It also describes several cloud hosting options from Cloud at Work for Sage environments - Sage Secure Backup for backups, Sage Hybrid Secure for smaller environments, and Sage Virtual Private Cloud for companies that require high availability. Each option provides different levels of security, support, backups and pricing starting at $50-120 per user per month.
MIP Webinar: Working Remotely with the Impact of COVID-19 & Planning for FFCRANet at Work
This webinar discussed automated and paperless processes in MIP Fund Accounting like electronic payments and emailing forms. It also covered planning for the Families First Coronavirus Response Act and tracking paid leave. The presenters explained options for cloud hosting MIP for security, backups, and disaster recovery. Time was allotted at the end for questions.
This document contains a summary of a webinar on coping with COVID-19 and keeping the workplace moving. It discusses best practices for remote workforces including securing employees, communication, and productivity. It provides an overview of the FFCRA and its requirements for paid sick leave and expanded FMLA, including qualifications and leave reasons. Links to IRS and DOL FAQ pages on the FFCRA are also included.
Tax Compliance in the Wake of COVID-19 What’s ChangedNet at Work
This webinar provided information on tax compliance changes and relief efforts due to the COVID-19 pandemic at the federal, state, and international levels. Key points discussed included delayed federal and many state income tax deadlines to July 15, 2020 without penalties or interest, various tax payment deferrals and waived penalties for businesses in different states and countries, and temporary VAT rate cuts in some nations. The presenters encouraged attendees to check Avalara's blog for ongoing updates and resources on evolving tax relief policies.
Fixed Assets are Suddenly Mobile “At Home” AssetsNet at Work
This webinar discussed how Sage Fixed Assets software can help companies track their fixed assets remotely. The presenter explained the key modules of Depreciation, Tracking, Planning, and Reporting. She also addressed common challenges of working remotely such as technology needs, equipment ownership policies, and maintaining business continuity. Participants were invited to ask questions and informed of an upcoming webinar on optimizing remote workforces.
Sage 300 Webinar: Enabling Your Team to Work Remotely with the Impact from CO...Net at Work
This webinar provided information to help businesses cope with the COVID-19 pandemic. It discussed changes to I-9 review requirements, benefits for employees and employers under the FFCRA, setting up payroll to comply with the FFCRA, preparing for remote work, and communicating with employees during this time. Questions from participants were answered at the end.
Coping with Covid-19: Keeping the Workplace Moving Net at Work
This webinar discussed how employers can cope with the COVID-19 pandemic by keeping their workplaces operational. It covered requirement changes to I-9 reviews, benefits of the FFCRA for employees, setting up payroll codes for FFCRA compliance, preparing for remote work, and communicating with employees. Questions were taken at the end and resources were provided.
How Engaged Employees Affect the Bottom Line Net at Work
This webinar discusses how engaged employees affect the bottom line. It defines employee engagement as similar to customer loyalty for HR. Research shows that only 30% of employees are engaged, with millennials being the least engaged. The webinar covers how to improve engagement through building an employer brand across social media and digital experiences, focusing on referrals, onboarding, growth opportunities like coaching, and measuring engagement. It emphasizes that engaged employees are less likely to leave, work more effectively and help improve the organization.
This webinar discussed endpoint protection and managing risks for small and medium-sized businesses. It covered the essential elements of endpoint protection like perimeter security, email defense, and endpoint protection. Attendees learned about defining organizational standards, understanding their risk without protection, and assessing their current security practices. The presentation recommended regularly reviewing standards, selecting the right tools, and ensuring ongoing staff training to properly manage endpoints and security risks.
Transformative HR Technology For Nonprofits Net at Work
The document provides details about a webinar presented by Mark Boutilier and Julie Tibbs of Net@Work Employer Solutions. The webinar discusses how HR technology can help non-profits with challenges such as recruiting and retaining employees, managing benefits and payroll, and reducing technology costs. It provides examples of how features like social media integration, online forms, dashboards and analytics can help non-profits engage and empower employees while streamlining processes. The webinar also discusses Net@Work's philanthropic initiatives and eligibility for software donations to non-profits through the Sage Foundation.
Document Capture: Never Touch a Document AgainNet at Work
The webinar discussed document capture solutions from DocLink. DocLink allows users to capture documents from various sources like email, fax, scanning, barcodes, and OCR into searchable files. It integrates with ERP systems and provides options for automated workflow and delivery of documents. The webinar covered different capture methods available in DocLink like ScanLink, Import Manager, mobile capture, ERM Capture, and OCR to suit different document types, volumes, and processing needs. It emphasized how DocLink can eliminate manual data entry and filing to reduce costs and improve accuracy.
The webinar discusses the benefits of using Abila MIP Payroll software for non-profits. It allows allocating wages across grants, departments, and activities. It can also spread payroll tax and benefit expenses accordingly. The software manages leave accruals and balances. Payroll entries are seamlessly transferred to accounting. Tax reports pre-fill with payroll data for easy filing. The presenter takes questions at the end.
This document summarizes a webinar about Sage reporting and analytics tools. It introduces Sage Intelligence as a reporting tool that pulls data from Sage 100 and other databases into Microsoft Excel for easy customization and analysis. It then describes the key modules of Sage Intelligence, standard reports it includes, features like distribution of reports, and concludes with contact information for the presenters.
How the IRS 2019 Form W-4 Will Change PayrollNet at Work
This webinar discussed changes to the W-4 form that will take effect in 2020. The proposed 2019 W-4 was very complex with 11 pages of instructions, so it has been postponed. Modest decreases in federal income taxes are possible for some employees under the new tax law, so payroll departments should encourage employees to use the IRS payroll calculator to ensure accurate tax withholding. The presentation concluded by noting resources payroll professionals can use to stay up to date on the W-4 changes.
Cloud-based Payroll Outsourcing: Why The Shift?Net at Work
This webinar discusses the advantages of outsourcing payroll to cloud-based providers. Technology changes like increased internet access and APIs have made cloud payroll services more viable. There are also economic reasons like low unemployment increasing costs of errors, and social reasons like millennials expecting instant access. Outsourcing reduces costs and risks of maintaining an in-house system. The presenter discusses their company's full-featured cloud payroll and HCM solutions and takes questions at the end.
Team Building Activities for Introverts.pdfConfetti
Plan events that cater to all personality types! Activities that allow for quieter interaction and personal space can create a more inclusive and supportive atmosphere for all team members and help introverts feel more valued and understood.
Check out our blog for the full list 👉 https://share.withconfetti.com/4aV7kEz
HRMantra is a cutting-edge HR technology solution that harnesses artificial intelligence for digital transformation of HR operations. It streamlines processes like attendance management, performance evaluations, project progress tracking, employee database management, and payroll processing with automated income tax & benefit plans calculations. Unlock productivity, compliance automation, and data-driven insights with this innovative HR cloud platform for the future of work.
Why you need to recognize your employees? (15 reasons + tips)Vantage Circle
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Top 11 HR Trends for 2024 That Will Change Future of WorkVantage Circle
As an HR, it is critical to keep yourself updated with the newer developments to make a smooth transition in the workplace. So, here is a list of top HR trends that will impact the workplace in 2024.
Market Signals – Global Job Market Trends – May 2024 summarized!Career Angels
How did the job market change in May 2024? Selected aspects: Europe (38 countries): +1.23% = 17 European countries saw an increase.
What do the other market signals tell us? Here’s a preview of what we have analyzed so far:
- gathered 18 270 data points
- received over 500 insights from Executives & HR Directors
- published 107 monthly reports, 870 daily updates & 13 special reports
- tracked 80 countries around the world for 48 months!
Check out our post summarizing the changes across 80 countries worldwide for May 2024! It also includes tips for employers and employees – covering e.g. CV for ATS: https://blog.careerangels.eu/market-signals-global-job-market-trends-may-2024-summarized/
#Markets #Jobs #Europe #CareerAngels
2. WEALTH ADVISORY | OUTSOURCING | AUDIT, TAX, AND CONSULTING www.netatwork.com
Learning Objectives
At the end of this session, you will be able to:
– Understand those fringe benefits impacted by tax reform
– Identify the key modifications to excessive employee compensation
– Understand when meals and entertainment are deductible
– Identify other key payroll considerations in light of tax reform
4. WEALTH ADVISORY | OUTSOURCING | AUDIT, TAX, AND CONSULTING www.netatwork.com
Agenda
• Overview of key changes
to corporate and
individual tax rates
• Discussion of payroll-
related provisions
• Next steps
7. Comparison of MFJ Rates:
Prior 2018 Rates vs. 2017 Tax Act
CAUTIONS: Taxable income measures differ; child credit rather than
dependency exemption but with age differences.
Income range Scheduled 2018 rate TCJA
$1 to $19,050 10% 10%
$19,051 to $77,400 15% 12%
$77,401 to $156,150 25% 22%
$156,150 to $165,000 28% 22%
$165,001 to $237,950 28% 24%
$237,951 to $315,000 33% 24%
$315,001 to $400,000 33% 32%
$400,001 to $424,950 33% 35%
$424,950 to $480,050 35% 35%
$480,051 to $600,000 39.6% 35%
Over $600,000 39.6% 37%
8. 2017 Corporate Tax Rates (Graduated)
Tax Bracket Taxable Income
15% 50,000
25% 75,000
34% 100,000
39% 335,000
34% 10,000,000
35% 15,000000
38% 18,333,333
35% EXCESS
Corporate AMT Tax Rate = 20%
Corporate Tax Rate
Under 2017 Tax Act:
• Flat 21% Rate, effective for tax years
beginning after December 31, 2017*
• 20% Corporate AMT Repealed
(Prior Alternative Minimum Tax (AMT)
Credits refundable up to 50% of excess
AMT credits > regular tax liability for
2018 – 2020; Remaining AMT credit
refunded in 2021)
* Blended tax rate for corporations with fiscal years beginning before 12/31/2017
Corporate Rates
9. Tax Bracket Pre-2017 Tax Act Under 2017 Tax Act
Standard
Deduction
Single: 6,350
MFJ: 12,700
HoH: 9,350
Single: 12,000
MFJ: 24,000
HoH: 18,000
Personal
Exemption
$4,050 per Individual
*Subject to AGI Phase-out
Repealed
Mortgage
Interest
Debt Limit: $1.1M
2nd
Home Allowed: Yes
Home Equity Interest Allowed: Yes
Debt Limit: $750,000
2nd
Home Allowed: Yes
Home Equity Interest Allowed: No
Taxes
Itemized Deduction Allowed for:
• Real Estate Tax (U.S. Property Only)
• Personal Property Tax
• State/Local Income Tax (or sales tax)
*Subject to AGI Phase-out
Itemized Deduction Limited to
$10,000 for the Aggregate of State
& Local Property, Income Taxes, and
Sales Taxes
Charitable
Deductions
Limited to 50% AGI
Limited to 60% AGI
*80% Deduction for Athletic Tickets Repealed
Miscellaneous
Deductions
Itemized Deduction Subject to 2% AGI Floor
(includes employee business expense,
investment expenses, tax prep fees,
professional dues, etc.)
Repealed
Medical
Expenses
Subject to 10% AGI Floor Subject to 7.5% AGI Floor
*Retroactive to 2017
Individual Deductions
10. WEALTH ADVISORY | OUTSOURCING | AUDIT, TAX, AND CONSULTING www.netatwork.com
New Withholding Tables
• IRS Notice 1036 (1/11/18)
• Withholding tables can be found at www.irs.gov
– Begin using ASAP, but no later than February 15, 2018
• Designed to work with current W-4
• Reduced backup withholding rate
– 24% from 28%
• IRS to issue revised Publication 1494
– Wage levy exemption table
11. WEALTH ADVISORY | OUTSOURCING | AUDIT, TAX, AND CONSULTING www.netatwork.com
Fringe Benefits
• Qualified transportation fringe NOT deductible
– Any transit pass
– Qualified parking
– Includes - any transportation provided/reimbursed for
employee travel between residence and place
employment
◊ Exception for “as necessary for ensuring the safety of the
employee”
– Deductible if reported as wages to the employee
• Still excluded from employee’s income
• Employees may still use pretax dollars
12. WEALTH ADVISORY | OUTSOURCING | AUDIT, TAX, AND CONSULTING www.netatwork.com
Fringe Benefits
• Moving expenses
– No deduction and employer reimbursements are taxable
◊ If employer pays employee’s moving expenses or reimburses the
employee for such expenses, the employer can deduct the
payment/reimbursement as compensation; however, the
employee cannot deduct and must pick up as income on their
Form 1040
– Does not apply to members of the Armed Forces on active
duty who moved pursuant to military order
13. WEALTH ADVISORY | OUTSOURCING | AUDIT, TAX, AND CONSULTING www.netatwork.com
Performance Based Compensation
& Commissions
• Performance-based compensation and commissions are
taken into account in determining whether covered
employee’s compensation exceeds $1 million
• Applies to domestic and foreign publically traded
companies
• Covered employee includes, any of the following after
12/31/2016:
◊ CEO
◊ CFO
◊ 3 other most highly compensated officers
– Once a covered employee always a covered employee
14. WEALTH ADVISORY | OUTSOURCING | AUDIT, TAX, AND CONSULTING www.netatwork.com
Defer Income on Stock Option/RSUs –
Section 83(i) Election
• A qualified employee receiving qualified stock may be able to
elect deferral of income up to five years
– Qualified employee does not include CFO, CEO, 1% owners or one of
the four highest paid officers
• Qualified stock
– Stock received in connection with an exercise of an option or
settlement of an RSU; and
– Issued with respect to employee’s performance of services and issued
by an eligible corporation
– Does not include stock if the employee can sell the stock to the company
or receive cash in lieu of the shares.
• Eligible corporation
– Isn’t publically traded, and not less than 80% of qualified employees
were issued options or RSUs
15. WEALTH ADVISORY | OUTSOURCING | AUDIT, TAX, AND CONSULTING www.netatwork.com
Defer Income on Stock Option/RSUs –
Section 83(i) Election
Making the election
– Made in a manner similar to a Section 83(b) election
◊ The name, address, taxpayer identification number
◊ A description of the property to which the election is being made;
◊ The date or dates on which the property is transferred;
◊ The nature of the restriction or restrictions to which the property is subject;
◊ The fair market value at the time of transfer; and
◊ A statement to the effect that copies have been furnished to the person or
persons for whom the services were performed
– A copy of the Section 83(i) election must be furnished to the IRS and
employer
– The election must be made no later than 30 days after receipt or no
risk of substantial forfeiture
– A Section 83(i) election cannot be made if a Section 83(b) election has
been made
16. WEALTH ADVISORY | OUTSOURCING | AUDIT, TAX, AND CONSULTING www.netatwork.com
Defer Income on Stock Option/RSUs –
Section 83(i) Election
Employer’s notification to employee
– The employee may elect to defer income under Section 83(i);
– The income recognized at the end of the deferral period will be
based on the stock's value when the stock first vested, whether
or not the stock has declined in value during the deferral period;
– Income recognized at the end of the deferral period will be
subject to withholding at the highest individual income tax rate;
and
– The corporation must also notify the employee of the
employee's responsibilities with respect to the withholding
Penalty for failure to provide notification = $100/failure
up to $50K
17. WEALTH ADVISORY | OUTSOURCING | AUDIT, TAX, AND CONSULTING www.netatwork.com
Defer Income on Stock Option/RSUs –
Section 83(i) Election
W-2 reporting requirements
– Employer must report the amount of income covered by a
Section 83(i) election for
◊ The year of deferral, and
◊ The year the income's required to be included in income by the
employee
◊ Must withhold at the highest individual rate
– The employer must report the aggregate amount of
income covered by Section 83(i) elections, determined as
of the close of the calendar year
18. WEALTH ADVISORY | OUTSOURCING | AUDIT, TAX, AND CONSULTING www.netatwork.com
Family and Medical Leave Credit
12.5% to 25% credit
– Increase of .25% for every percent above 50%.
General business credit
– Form 3800
– Can reduce AMT
Eligible employer
– Provide minimum of 2 weeks of annual family/medical leave in written policy
◊ Cannot exceed 12 weeks for purposes of the credit
– Wages paid during leave cannot be less than 50% of normal wages
◊ Ratio for part-time employees
Qualifying employees
– Employed for at least a year
– In 2018, wages cannot exceed $72,000
19. WEALTH ADVISORY | OUTSOURCING | AUDIT, TAX, AND CONSULTING www.netatwork.com
Family and Medical Leave Credit
Example
Employer has a written policy that provides qualifying
employees will be paid 60% of the normal wages
during family/medical leave. The employer pays
$20,000 of qualifying wages.
Credit: $20,000 x 15%* = $3,000
*12.5%
+ 2.5% (10 x .25)
15%
20. WEALTH ADVISORY | OUTSOURCING | AUDIT, TAX, AND CONSULTING www.netatwork.com
Family and Medical Leave Credit
Credit, for each qualifying employee, cannot exceed
normal wages
– Example: Employee normally paid $20/hour and takes 40
hours of family/medical leave. Credit cannot exceed $800
◊ Calculated for each qualifying employee compared to percentage
limitation which is calculated on the aggregate
◊ Non-hourly wages are prorated on an hourly basis
Does not includes wages identified as vacation leave,
personal leave, or medical or sick leave
– Further clarification needed
21. WEALTH ADVISORY | OUTSOURCING | AUDIT, TAX, AND CONSULTING www.netatwork.com
Family and Medical Leave Credit
• Any leave which is paid by a state or local government or
required by state or local law isn't taken into account in
determining the amount of paid family and medical leave
provided by the employer
• Only applies to wages paid between January 1, 2018 and
December 31, 2019
• Can't take both a credit and a deduction for amounts for
which the paid family and medical leave credit is claimed
22. WEALTH ADVISORY | OUTSOURCING | AUDIT, TAX, AND CONSULTING www.netatwork.com
Meals and Entertainment
Entertainment Expense: Non-Deductible!
– Social, athletic and sporting clubs treated as entertainment
– Expenses for recreational, social, or similar activities
primarily for the benefit of employees remain deductible
Employer-provided eating facility limited to 50%
– Pre-TCJA: 100% Deductible
– Also repeals employer deduction for employer-provided on
premises meals and employer eating facilities after 2025
Meals consumed on work travel remain 50% deductible
23. WEALTH ADVISORY | OUTSOURCING | AUDIT, TAX, AND CONSULTING www.netatwork.com
Employee Achievement Awards
Employer can deduct costs associated with giving employee
achievement awards of tangible personal property
New law defines tangible personal property as not including:
– Cash or cash equivalents
– Gift cards, gift coupons or gift certificates
– Vacations, meals, or lodging
– Tickets to theater or sporting events,
– Stocks, bonds, other securities, and
– Other similar items
24. WEALTH ADVISORY | OUTSOURCING | AUDIT, TAX, AND CONSULTING www.netatwork.com
Employee loans from retirement plans
Extended rollover period for
plan loan offsets
– Employee may roll over the
deemed distribution to an
eligible retirement plan.
– Rollover can be made any time
up to the due date (including
extensions) of the employee's
tax return for the year of the
deemed distribution.
25. WEALTH ADVISORY | OUTSOURCING | AUDIT, TAX, AND CONSULTING www.netatwork.com
ACA Individual Mandate
No shared responsibility
payment required after 2018
– After 2018, no penalty
imposed for failing to maintain
minimum essential coverage
Employer mandate provisions
remain in place
26. WEALTH ADVISORY | OUTSOURCING | AUDIT, TAX, AND CONSULTING www.netatwork.com
Expanded 529 Plans
Qualified higher education expenses include tuition at
an elementary or secondary public, private, or religious
school, up to a $10,000 limit per tax year.
27. WEALTH ADVISORY | OUTSOURCING | AUDIT, TAX, AND CONSULTING www.netatwork.com
Next Steps
• Understand the implications of the 2017 Tax Act
• Monitor IRS and Treasury Department for guidance
– Notices and regulations
• Technical corrections bill
27
28. WEALTH ADVISORY | OUTSOURCING | AUDIT, TAX, AND CONSULTING www.netatwork.com
About CliftonLarsonAllen
• A professional services firm with three distinct
business lines
– Wealth Advisory
– Outsourcing
– Audit, Tax, and Consulting
• More than 5,000 employees
• Offices coast to coast
• Serving Higher Education institutions for more than
50 years
Investment advisory services are offered through CliftonLarsonAllen Wealth Advisors, LLC.
28
29. WEALTH ADVISORY | OUTSOURCING | AUDIT, TAX, AND CONSULTING www.netatwork.com
Founded: 1996
Offices: US & Canada
Employees: 200+
Clients: 6,500+
Top Technology Integrator in North America
30. WEALTH ADVISORY | OUTSOURCING | AUDIT, TAX, AND CONSULTING www.netatwork.com
Webinar Details
180+ Business
Technology Architects
and Consultants
IT Road
Mapping
& Strategic Planning
Business
Process Review
Ecosystem
BI, Analytics
& Reporting
Cloud & IT
Managed Services
ERP/
Accounting
Web Development
& e-Commerce
Sister Company
Payment
Processing
SWYPE
Sister Company
CRM &
Marketing
Automation
HRMS/
Employer Solutions
Document
Management
Nonprofit
Solutions
Managed Print
Services
Sister Company
31. WEALTH ADVISORY | OUTSOURCING | AUDIT, TAX, AND CONSULTING www.netatwork.com
is a Top IT Solutions Provider in North America
Recognized Leader Across all Areas of IT
Ranking of the top ERP Consultants
Placed #9 and the #1 SAGE PARTNER
Altec’s Sage
Partner of the
Year Award
Net@Work Recognized for
Excellence in Managed IT Services
Placed #8
Sage Recognizes
Net@Work as the Top Partner
Fastest Growing
Businesses in the Nation
Concur’s
Platinum
Partner of
the Year
32. WEALTH ADVISORY | OUTSOURCING | AUDIT, TAX, AND CONSULTING www.netatwork.com
• Largest Sage Employer Solutions practice in North America
• 1,000+ HRMS Customers
• Support On-Premise, Hosted and Cloud HRMS Solutions
• Nine Consultants and Six Account Managers
• Former accountants, HR Directors and payroll managers
• Average tenure over 12 Years
• Consultant certifications include:
• Sage Certified Trainers & Implementers
• CPA , CGMA, CITP
• SPHR, SHRM-SCP.
Who is the Employer Solutions Practice at Net@Work?
33. WEALTH ADVISORY | OUTSOURCING | AUDIT, TAX, AND CONSULTING www.netatwork.com
Strategic Business Advisors to guide
your company and staff throughout
the implementation process. • Defining your needs and business
process
• Designing the solution based on our
findings
• Develop an environment to test the
solution design
• Implement the solution upon
mutual acceptance
• End-User training
• On-going Support & Maintenance
Professional Services Provided:
Employer Solutions – How We Can Help