Insights
Capital Gains in the Construction Industry
By Bart Scott, CPA, CVA, MBA Tax Director and Construction Practice Member There has been so much discussion in the media about capital gains lately, we thought it would be good to revisit some of the basic concepts. Congress is currently in the process of drafting proposals for changes to the tax code. The most…
Read More
The tax score of winning
Studies have found that more people are engaging in online gambling and sports betting since the pandemic began. And there are still more traditional ways to gamble and play the lottery. If you’re lucky enough to win, be aware that lottery tax consequences go along with your good fortune. Review the tax rules Whether you…
Read More
OSHA Issues COVID-19 Workplace Vaccine and Testing Mandate Guidance
On November 6, 2021, a U.S. federal appeals court issued a stay temporarily blocking the president’s new COVID-19 vaccination-or-testing policy, citing “grave statutory and constitutional” issues with the rule. The Occupational Safety and Health Administration (OSHA) has issued an Emergency Temporary Standard (ETS) regarding the COVID-19 workplace vaccine mandate that is expected to be published…
Read More
Gift tax annual exclusion: plan ahead for year-end gifts
As we approach the holidays and the end of the year, many people may want to make gifts of cash or stock to their loved ones. By properly using the gift tax annual exclusion, gifts to family members and loved ones can reduce the size of your taxable estate, within generous limits, without triggering any…
Read More
Thinking about participating in your employer’s 401(k) plan? Here’s how it works
Employers offer 401(k) plans for many reasons, including attracting and retaining talent. These plans help an employee accumulate a retirement nest egg on a tax-advantaged basis. If you’re thinking about participating in a plan at work, here are some of the features. Under a 401(k) plan, you have the option of setting aside a certain…
Read More
Employers: The Social Security wage base is increasing in 2022
The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $147,000 for 2022 (up from $142,800 for 2021). Wages and self-employment income above this threshold aren’t subject to Social Security tax. Background information The Federal Insurance Contributions Act (FICA) imposes two taxes on employers, employees, and self-employed…
Read More
M&A transactions: Be careful when reporting to the IRS
Low interest rates and other factors have caused global merger and acquisition (M&A) activity to reach new highs in 2021, according to Refinitiv, a provider of financial data. It reports that 2021 is set to be the biggest in M&A history, with the United States accounting for $2.14 trillion worth of transactions already this year.…
Read More
There’s currently a “stepped-up basis” if you inherit property — but will it last?
If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. The current rules Under the current fair market value basis rules (also known as the “step-up and step-down” rules), an heir receives a basis in inherited property equal to its date-of-death value. So,…
Read More
Opening a new location calls for careful planning
The U.S. economy has been nothing short of a roller-coaster ride for the past year and a half. Some industries have had to overcome seemingly insurmountable challenges, while others have seen remarkable growth opportunities arise. If your business is doing well enough for you to consider adding a location, both congratulations and caution are in…
Read More
HR News You Can Use: Covid-19 Sick Leave
With the recent surge in COVID-19 cases, employers should refamiliarize themselves with the Emergency Paid Sick Leave benefits as extended in The American Rescue Plan Act originally passed in March 2021. While this program is VOLUNTARY for employers, credit is still allowed against applicable employer payroll taxes equal to 100 percent of the qualified sick…
Read MoreSUBSCRIBE TO OUR NEWSLETTER
Receive timely news and updates from our newsletter.