General News

Important Tax Figures for 2018

The following table provides some important federal tax information for 2018, as compared with 2017. Many of the dollar amounts are unchanged and some changed only slightly due to inflation.   Social Security/ Medicare 2018 2017 Social Security Tax Wage Base $128,400 $127,200 Medicare Tax Wage Base No limit No limit Employee portion of Social Security…

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Pass-Through Businesses Receive Tax Break

New Law Gives Eligible Pass-Through Businesses a Special Tax Break Federal income tax rates for C corporations have been reduced to a flat 21%, starting in 2018 under the Tax Cuts and Jobs Act (TCJA). But what about pass-through businesses? Congress devised a special tax break for pass-through businesses to help achieve parity between the…

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New SALT Deduction Limits Affect Homeowners

How the New Limit on SALT Deductions Affects Homeowners The ability to deduct state and local taxes (SALT) has historically been a valuable tax break for taxpayers who itemize deductions on their federal income tax returns. Unfortunately, the Tax Cuts and Jobs Act (TCJA) limits SALT deductions for 2018 through 2025. Here’s important information that…

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Three Affordable Care Act Taxes Postponed by Congress

Congress Postpones Three Affordable Care Act Taxes On January 22, President Trump signed into law a short-term government funding bill. It ended the brief government shutdown by funding the federal government through February 8. It also suspends the following Affordable Care Act (ACA) taxes, which were designed to help fund health care coverage provided under…

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Large Employers: Deadlines for Forms 1094-C and 1095-C

Large Employers: What Are the Deadlines for Forms 1094-C and 1095-C? Question: Our company is an applicable large employer (ALE). We sponsor a fully insured group health plan. We have to file Forms 1094-C and 1095-C for the 2017 calendar year. When are these forms due this year? Answer: Applicable large employers must: Report to…

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