Under the tax law, retirement plan participants and IRA owners who have reached age 72 must take payments, called required minimum distributions (RMDs), out of their plan accounts each year. The first required distribution must be made by April 1... Read More
The $3.5 trillion infrastructure bill has cleared the House tax writing committee and now is the subject of intense negotiations to move it forward. Read More
The congressional tax-writing committees are considering bipartisan legislation that would provide an unprecedented boost in retirement savings. The far-reaching proposals are being billed as the “SECURE 2.0 package”, an extension to the 2019 SECURE Act, which increased the age for... Read More
The U.S. Department of Labor (DOL) has withdrawn a rule put in place by the Trump Administration that would have treated workers in the gig economy as independent contractors instead of employees under federal labor law. In early 2021, under... Read More
By: Eddie Bradford, Jr., CPA, CGMA The U.S. tax landscape is constantly changing and many entertainment professionals are trying to find creative ways to legally minimize their tax liability. While the average taxpayer has very modest unreimbursed business expenses, entertainers... Read More
Extended medical leave for employees and offsetting tax credits to pay for it are the focus of bipartisan legislation signed into law by President Trump on March 18, 2020. The “Families First Coronavirus Response Act” addresses the coronavirus outbreak by... Read More
One of the highlights of the $426 billion bill signed by the President in late 2019 was the SECURE Act, “Setting Every Community Up for Retirement Enhancement Act of 2019.” This bill was years in the making and includes comprehensive... Read More
Beginning January 1, 2020, the Department of Labor’s (DOL) New Salary Limits for Overtime Exemptions will take effect, making it possible for more employees, regardless of occupation, to be eligible for overtime pay. The DOL’s long awaited final rule, issued... Read More
Both Parties and Both Sides of Congress Agree on Retirement Savings Reform. What Now? After years of work, both the House and the Senate have developed comprehensive, bipartisan retirement bills that lift some of the long-standing restrictions on retirement plans.... Read More
Companies hoping to sidestep the new limits on the executive compensation deduction may be disappointed with new guidance from the IRS, which restricts the grandfather rules and confirms the expanded scope of covered executives. Notice 2018-68 narrowly construes whether pre-2018... Read More
