With year end right around the corner, Congress passed the Protecting Americans from Tax Hikes Act of 2015 (the PATH Act). The act extended numerous tax breaks that had expired December 31, 2014, and the President signed it into law … Continue reading
On December 18, President Obama signed into law the bipartisan Protecting Americans from Tax Hikes Act of 2015 (the PATH Act). It makes many popular tax breaks — including some highly valued by businesses — permanent, while extending others through … Continue reading
On December 18, the Senate passed the Protecting Americans from Tax Hikes Act of 2015 (the PATH Act), which the House had passed on December 17. Many popular tax breaks had expired December 31, 2014, so for them to be … Continue reading
When employees travel for work, they expect to be reimbursed for the costs they incur. Developing a clearly stated travel policy that dovetails with IRS regulations can prevent misunderstandings and help ensure that expenses are reasonable and won’t result in … Continue reading
Although most tax planning focuses on adults — after all, they’re usually the ones with taxable income — minors also can be affected by taxes. Parents should become familiar with the “kiddie tax,” certain tax implications of hiring their children … Continue reading
The headlines generated from the Bipartisan Budget Act of 2015 generally focused on how the legislation raises the debt ceiling through 2017, sets federal spending through the 2016 and 2017 fiscal years, and eases strict caps on spending. But, importantly … Continue reading
With the holiday season upon us, be especially careful when using your credit cards in retail stores and online, to guard against identity theft. A few things to remember as you shop: Credit cards are safer than your debit card. … Continue reading
October marked our 40th anniversary of serving the Louisville area community. In addition to honoring the event with a DMLO Day of Service, we shared a wonderful evening of dinner, dancing and celebration at the Olmsted with many of the people that have poured their heart, soul and talents into creating the successful firm we have today. Here are a few highlights from the evening. Continue reading
Did you know that the Bipartisan Budget Act of 2015 contains a provision that can significantly affect the retirement planning of many Americans, likely costing them thousands of dollars in Social Security benefits? The provision eliminates two strategies that many … Continue reading
Year-end tax planning this year will be just as complicated as it was last year because of uncertainty surrounding many expired tax breaks for individuals and businesses. Tax legislation signed into law last December extended several expired breaks, but only … Continue reading
The IRS has issued its cost-of-living adjustments for 2016. Inflation remains low, so many amounts are the same as last year, and those that did increase did so only modestly. Nonetheless, it’s helpful to know the 2016 amounts as you … Continue reading
The rules for required minimum distributions (RMDs) can be confusing, frustrating and potentially expensive for retirement savers and their beneficiaries. Taking — or not taking — RMDs can have a substantial impact on your tax liability. Distributions generally are taxable … Continue reading
The Ky Small Business Tax Credit (KSBTC) program allows eligible small businesses to apply for a non-refundable Kentucky state income tax credit ranging from $3,500 to $25,000. Eligible small businesses include for-profit entities that have 50 or fewer full-time employees, and have created and sustained (for 12 months) at least one new full-time job (at $10.88/hr or more), and purchased at least $5,000 of qualifying equipment or technology.
If you apply by November 20, 2015, you can be approved in time to claim the credit on your 2015 taxes. Before applying, you should review the KSBTC Guidelines to confirm eligibility. Continue reading
Today represents a milestone for DMLO CPAs as we celebrate four decades as a Louisville original independent business. Forty years ago, the founders of Deming Malone Livesay & Ostroff chose to create a local, independent firm that would do business … Continue reading
In March 2014, the IRS released final regulations implementing the Affordable Care Act’s (ACA’s) information reporting provision for large employers. The new rules were optional for the 2014 calendar year but will be mandatory for the 2015 calendar year for … Continue reading
A recent U.S. Tax Court decision drives home the important point that current deductions aren’t allowed for most expenses incurred while a new business is still in the start-up phase. Other decisions have dealt with the same issue in recent … Continue reading
Choosing the right structure for your company affects more than just the title on your business card. It also impacts how much you pay in taxes, as well as your legal liability for debts incurred or business actions taken. Moreover, … Continue reading
If you’re looking for a way to benefit your loved ones, take a good look at charitable remainder trusts (CRTs) and charitable lead trusts (CLTs). Often referred to as split interest trusts because of their dual beneficial interests, they have … Continue reading
If your company has 50 to 99 full-time equivalent employees, you may want to start gearing up to meet some new IRS filing requirements next year. These requirements relate to the “shared responsibility” rules of the Affordable Care Act. In … Continue reading
Earlier this summer we invited students from area universities to join us for a day focused on enhancing leadership skills. The day began with a welcome breakfast and tour, group leadership activities, and mock interviews. Lunch included a Q & … Continue reading
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