Do you have employees who live in one state and work in another? You may run into this if:
You want your retirement plan to attract and retain key personnel, lower overall costs, and contain appropriate and competitive investments. When coming up with the lineup, you may choose a QDIA as a safe-harbor option. A QDIA is an investment fund or option designated as a default fund for investment contributions when employees fail to make an election.
Charitable contributions are deductible, says the IRS, only if you itemize deductions. And further, they are deductible only if you make contributions to qualified charitable organizations. The tax agency reminds us that contributions to individuals are never deductible.
There was much discussion about a completely new Form W-4 in the wake of the tax reform passed at the end of 2017. But after much discussion, the IRS has issued a form that is virtually identical to the 2018 version.
According to a statement from the IRS, starting in 2019, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
You're stuck in a tax audit. After an IRS examiner receives your documentation and makes a decision regarding proposed changes to your return, there are several options available as follows:
The right of inheritance applies to all property, including properties with mortgages attached to them. If you inherit a mortgaged property, a number of questions and concerns may pop up, including whether the mortgage can be assumed. You'll probably wonder how to record the deed and take title to the property.
The Personal Responsibility and Work Opportunity Reconciliation Act of 1996 (PRWORA) is a federal law that requires employers to report specific information on new hires and rehired employees to the state. Generally, all new employees and rehires who are required to complete a Form W-4 must be reported. This includes full-time, part-time, seasonal, temporary and rehired employees. For new hire reporting purposes, these employees are collectively referred to as "new hires."
You may have overpaid an employee because someone entered the wrong information into the system. Or maybe the employee or his or her supervisor submitted inaccurate data. Either way, this type of error is usually easily fixable. You do have to follow certain procedures, however.
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