UPDATES&INSIGHTS:TAX is a HoganTaylor Tax practice publication designed to help you keep up with the latest tax issues impacting your organization.
In this issue, you will learn about the form 1040 postcard and the six additional schedules, household help tax obligations, the kiddie tax, ESOP benefits, retirement options for business owners and upcoming tax deadlines.
In This Issue:
As Promised: A Tax Return Filed on a Postcard
That title might not be entirely accurate. By removing 50 lines from the Form 1040, the draft of the form is half page, printed front and back. It is the size of a postcard, but there is more to it than that. Read this article to see drafts of the form and the six additional schedules added by the IRS. Read More
4 Questions to Ask Before Hiring Household Help
When someone hires household help—such as an in-home caregiver, gardener or personal chef—that individual may become an employer. With employer status comes a variety of specific tax obligations. This article explores four questions that everyone should ask before saying, “You’re hired.” Read More
Don’t Let the Kiddie Tax Play Costly Games with You
It’s not uncommon for parents, grandparents and others to make gifts to minors and college students. When considering this idea, taxpayers must beware of the kiddie tax. This tax trap could leave them liable for a substantial amount of tax dollars they may never see coming. Read More
ESOPs Offer Businesses Tax and Other Benefits
All business owners wish employees worked as if they owned the company. An employee stock ownership plan (ESOP) can make that a reality while offering tax breaks and a smoother path for succession planning. This article discusses how ESOPs work and their tax impact. Read More
Retirement Plan Options for Business Owners
Business owners often have most of their money tied up in their companies, making saving for retirement especially challenging. Those who haven’t already set up a tax-advantaged retirement plan should think about setting one up this year. This brief article offers up a few options to consider. Read More
Tax Calendar for the Third Quarter of 2018
This calendar notes important tax deadlines for the third quarter of 2018. Read More