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Archive for December 14th, 2015

srusso

New York Transit Ordinance FAQs

New York Transit Ordinance FAQs What is the NYC Transit Ordinance? The NYC Transit Ordinance, Local Law 53 (Intro 295-A), is a transit benefit ordinance requiring New York City employers with 20 or more full-time employees to offer pre-tax transit benefits. The law was signed into law by Mayor De Blasio on October 20, 2014. […]

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apresti

December 2015 tax compliance calendar

December 2015 tax compliance calendar December 2 Employers. Semi-weekly depositors must deposit employment taxes for payroll dates November 25–27. December 4 Employers. Semi-weekly depositors must deposit employment taxes for payroll dates November 28–December 1. December 9 Employers. Semi-weekly depositors must deposit employment taxes for payroll dates December 2–4. December 10 Employees who work for tips. […]

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apresti

How Do I? Compute payroll taxes as an employer

How Do I? Compute payroll taxes as an employer A business that has employees must withhold income taxes on payments to each employee. Each employee must first fill out Form W-4, Employee’s Withholding Allowance Certificate, and provide it to the employer. On the form the employee can claim exemptions, such as the personal exemption or […]

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apresti

Private tax collection poised for possible return

Private tax collection poised for possible return Tucked into the pending highway and transportation spending bill is a provision authorizing the IRS to outsource some tax collection activities. If this sounds familiar, it is. Several times in the past 20 years, the IRS has contracted with private sector debt collection agencies for tax collection work. […]

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srusso

Budget Act raises revenue with new tax compliance measures for partnerships, other changes

Budget Act raises revenue with new tax compliance measures for partnerships, other changes The new Bipartisan Budget Act of 2015, signed into law by President Obama in November, makes some far-reaching changes to partnership audits along with repealing automatic enrollment in health plans under the Affordable Care Act (ACA). The new law is a good […]

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apresti

Last-minute tax planning strategies to consider as the 2015 tax year closes

Last-minute tax planning strategies to consider as the 2015 tax year closes In between preparing for the year-end holidays, school vacations, travel, work, and so on, tax planning should not be on the back burner. Although 2015 is quickly coming to a close, there is still time, with careful planning, to execute some last minute […]

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wnaegele

FAQ . . . Can an S corporation own an interest in another business entity?

FAQ … Can an S corporation own an interest in another business entity? An S corporation can own an interest in another business entity. It can also be a partner in a partnership or a member of a limited liability company (LLC). An S corporation can own 80 percent or more of the stock of […]

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