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As noted in a September 24 statement, the Department of Labor has updated "the earnings thresholds necessary to exempt executive, administrative or professional employees from the FLSA's minimum wage and overtime pay requirements, and allows employers to count a portion of certain bonuses (and commissions) towards meeting the salary level." Nondiscretionary bonuses and incentive payments (including commissions) may be able to satisfy up to 10% of the salary level.
Not all reverse mortgages are the same. The home equity conversion mortgage, insured by the federal government, is available only through a Federal Housing Authority-approved lender. For homeowners 62 years of age or older with significant equity in a home, an HECM may be an attractive idea. It's a way to supplement retirement income by allowing eligible homeowners to access a portion of the equity.
Box 1 of Form W-2 shows the employee's total compensation that is subject to taxation for the year. Per an article published by Forbes, "This tends to be the number most taxpayers care about the most." Consequently, there's no room for error.
The kiddie tax — around since 1986 — came about as an effort to close a tax loophole for the wealthy. The idea was that taxing children's passive income at the same rate as their parents would eliminate a sneaky reallocation of money just to avoid taxes.
There are many viable reasons for changing your 401(k) plan provider, including these:
The IRS has issued final regulations in September to finalize the proposed regulations issued in August 2018, which implement several provisions included in the Tax Cuts and Jobs Act (TCJA). The proposed regulations contain new provisions not addressed previously.
The IRS typically adjusts maximum amounts for retirement plans each year, although the changes are usually small. For 2019, you can squirrel $19,000 away in your 401(k), 403(b), most 457 plans, and the federal government's Thrift Savings Plan. The annual limit for IRAs is $6,000. The catch-up contribution limit for individuals aged 50 and over is $1,000 for IRAs and $6,000 for most employer plans.
The IRS has warned small businesses to be vigilant against the rising threat of identity theft and W-2 scams. By the time these scams come to light, it's too late to start implementing controls. Indeed, last tax season saw a surge in phishing emails targeting payroll direct deposit and wire transfers. Don't wait until they return next tax season to get yourself ready.
Few things are as traumatic as dealing with the death of a loved one. Just as we're experiencing pain, legal issues hit us: Insurance companies, reading the will, investments — suddenly it's overwhelming. And perhaps the most difficult issue is probate.
1099, you must provide your taxpayer identification number (often your Social Security number). For certain types of payments, you need to provide your taxpayer identification number in writing, certifying under penalties of perjury that it's correct.
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