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Estate Tax Round-Up: An Overview of Recent Developments

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…

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EEOC Proposes Important Changes for Wellness Plans

The Equal Employment Opportunity Commission (EEOC) recently proposed some plan changes that could have significant value. Those changes would allow voluntary employer workplace wellness plans to mine health-related information, as well as some genetic data, from the spouses of participating…

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IRS Raises Tangible Property Expensing Threshold

Many businesses are uncertain how to account for costs to acquire, produce or improve property, plant and equipment. So, in 2013 the IRS issued regulations on capitalizing versus deducting the costs of tangible personal property. In 2014, the IRS added…

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Make the Most of Year-End Physical Inventory Counts

For retailers, manufacturers and many other businesses, a significant amount of working capital is tied up in inventory. But how accurate is the amount reported on the balance sheet? To best answer that question, a physical count of raw materials,…

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Could Buying a Heavy SUV, Pickup or Van Help Save Taxes?

Buying a gas-guzzling SUV, pickup or van may be frowned upon for environmental reasons. But these vehicles can be useful if your business needs to haul people, materials, inventory or equipment around. They also offer major tax advantages for businesses…

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Plan Ahead for Changes to Overtime Pay Rules

It’s been about five months since the Department of Labor’s (DOL’s) Wage and Hour Division issued its proposed update on overtime rules. Specifically, the agency has suggested revisions to the definition of which employees are exempt from overtime pay requirements…

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Tax Advice for Military Families and Veterans

Members of the U.S. Armed Forces and veterans are required to pay taxes on their income like everyone else. But special rules sometimes apply. Here’s an overview of key tax benefits that the IRS provides to military personnel to thank…

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