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For the last several years, taxpayers have been allowed to take an itemized deduction for state and local sales taxes in lieu of state and local income taxes. This break can be valuable to those residing in states with no or low income taxes or who purchase major items, such as a...

One thing about human resources — they need to eat. Just about every employer encounters situations in which it needs to provide meals to its employees. No matter how often you do so, be sure you’re aware of the tax rules for deducting these costs. Claim half or all Generally, a...

Tax-related fraud isn’t a new crime, but tax preparation software, e-filing and increased availability of personal data have made tax-related identity theft increasingly easy to perpetrate. The IRS is taking steps to reduce such fraud, but taxpayers must play their part, too. How...

There are two ways to look at employee handbooks: As a detailed document whose primary function is to set clear boundaries around employee behavior to provide legal support for any adverse action you might need to take some day, or As a means to make employees feel good about...

In 2016, the federal gift and estate tax exemption increases to $5.45 million (up from $5.43 million for 2015). But that’s not all that’s changed. In recent months, there have been several significant developments on the estate tax front. Here are some tips to help...

The Protecting Americans from Tax Hikes Act of 2015 (PATH Act) extended a wide variety of tax breaks, in some cases making them permanent. Extended breaks include many tax credits — which are particularly valuable because they reduce taxes dollar-for-dollar (compared to...

If you’ve accumulated many bank, investment and other financial accounts over the years, you might consider consolidating some of them. Having multiple accounts requires you to spend more time tracking and reconciling financial activities and can make it harder to keep a handle...

According to several employer surveys, projected average pay raises for 2016 will be about what they have been in the last few years. For many companies, the 3% average raise seems to have become standard operating procedure. Surveys by Mercer, for example, have shown no changes...

Employers and other organizations got some good news from the IRS for the start of the new year. The tax agency announced that it’s extending the due dates for filing 2015 Affordable Care Act (ACA) information returns. This gives employers extra time to complete two tasks:...

The following table provides some important federal tax figures for 2016, as compared with 2015. Many of the dollar amounts are unchanged or have changed only slightly due to low inflation. Other amounts are changing due to legislation. Social Security/ Medicare 2016 2015 Social...