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Tax and Employee Benefits

Overview of CARES Act Key Provisions

[vc_row][vc_column][vc_column_text]Following a unanimous Senate vote, U.S. House of Representatives’ voice vote, and President Trump’s final signing, the monumental Coronavirus Aid, Relief, and Economic Security (“CARES”) Act was signed into law on March 27, 2020.  The CARES Act’s unprecedented pric...

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IRS Guidance for Employers on Documentation Requirements for Paid Leave

Yesterday the IRS issued guidance to employers relating to emergency paid sick leave (EPSL) and emergency paid FMLA (FMLA+) under recently passed coronavirus legislation.  This guidance contain important information about the documentation employers need to collect from empl...

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Families First Coronavirus Response Act

UPDATED April 1, 2020, to reflect IRS expanded application of payroll tax credits for employers
UPDATED March 19, 2020, to reflect that President Trump signed H.R. 6201 int...

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Delinquent Penalties Wavier for Property Tax Payments

An Executive Order was signed Friday, March 19, 2020, by Indiana Governor Eric Holcomb in anticipation that the COVID-19 pandemic may negatively affect Hoosiers’ ability to timely pay their May property tax installment.  Although property taxes remain due by May 11, 2020, an...

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Federal and State Tax Filing and Payment Extensions

UPDATED March 23, 2020, to reflect Kentucky's adoption of income tax relief announced by IRS
Originally published March 20, 2020

In light of the COVID-19 pandemic, the IRS announced that individuals a...

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Image says The Secure Act and asks how does it impact your estate plan?

Secure Act’s New IRA and Retirement Plan Rules and the Effects on Estate Planning

The Setting Every Community Up for Retirement Enhancement Act of 2019 (commonly referred to as the “SECURE Act”) was signed into law in December 2019. The SECURE Act makes substantial changes to the taxation and distribution of IRAs and retirement benefits when the account ...

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SCOTUS Decision Opens Door for States to Collect Sales Tax on Internet Sales

On June 21, 2018, in a narrow 5 to 4 decision, the United States Supreme Court in South Dakota v. Wayfair, Inc. issued a decision which opens the door for states to require out-of-state merchants to collect and remit sales tax on internet sales.  The issue of sales tax on internet sales is ...

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Important Changes to IRS Audit Rules Requiring Immediate Action For Partnerships and Limited Liability Companies (“LLC”)

Recently enacted changes which may affect your business regarding IRS audits of partnerships and limited liability companies (LLCs) have gone into effect for tax years beginning on or after January 1, 2018.  Under the new Rules regarding partnership adjustments and audits, the IRS is no longer requi...

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Employee Options When Employer Fails to Issue W-2 Form

Employers have a legal obligation to provide employees a Form W-2 stating the employee’s wages and withholdings for the year by January 31 of the following year. This obligation remains even when an employer has closed its doors and ceased operating. Employees should confirm that their ...

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Employers and Coverage Providers Given More Time to Deliver 2017 Health Coverage Information Returns

The Internal Revenue Service (IRS) recently issued a notice (Notice 2018-6) that extends the due date for furnishing required Affordable Care Act (ACA) forms to individuals and employees until March 2, 2018.  Previously, the deadline to furnish individuals with their 2017 Form 1095-B (Health Coverag...

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