Miami Bookkeeping

09/22/2017

Small Businesses Drop Healthcare Coverage with Cost, ACA Given as Reasons

Fewer small businesses are offering healthcare coverage to their employees than have in recent years, according to recent research. Only 50 percent of small businesses with between three and 49 employees offer healthcare coverage to employees. That’s down from 59 percent that offered coverage in 2012 and 66 percent more than 10 years ago.

Small business healthcare coverage trends show frustration with the costs associated with Obamacare and cutting back on what SMBs offer employees.

09/22/2017

IRS Issues Guidance for Allowance of Credit for Increasing Research Activities

Independently determining the correct amount of Research Credit claimed by LB&I taxpayers can be resource intensive for those taxpayers and LB&I examiners. The directive is intended to provide an efficient approach for determining the amount of qualified research expenses (“QREs”) for LB&I taxpayers while, at the same time, reducing the burden of doing so on LB&I taxpayers and examiners.

IR-2017-158, Sept. 22, 2017 — The IRS has issued guidance to Large Business & International Division examiners regarding the examination of the credit for increasing research activities under IRC Section 41 claimed by LB&I taxpayers.

09/21/2017

Side Hustlers Earning Billions In Extra Cash But Not Reporting It To IRS

From driving a Lyft to dog-walking, Americans are increasingly looking to pick up some extra cash with a side gig. According to a survey conducted by finder.com, more than 1 in 4 of Americans are earning cash on the side but not declaring it on their tax returns.

https://www.forbes.com/sites/kellyphillipserb/2017/09/21/side-hustlers-skipping-out-on-an-estimated-216-billion-in-taxes/

Americans are increasingly turning to the side hustle - but not necessarily reporting the extra cash to the Internal Revenue Service (IRS). Here's what you need to know.

09/21/2017

11 Percent of Americans Think Bitcoin is Illegal, But Business Use Growing

Bitcoins are legal, however, the perception that they’re not is slowing its use. From the $230 price in September 2015, Bitcoin has gone to the $4,000+ price of today. But even as the cryptocurrency is growing to new highs, the number of people using is still very low. In the survey, only 13.99 percent said they either owned or currently own Bitcoins, but a whopping 85.37 percent said they have never owned it.

Blame the cryptocurrency label, perhaps, but a surprising number of people in the US believe owning Bitcoin is illegal. Are bitcoins legal? Find out.

09/20/2017

Tentative U.S. budget deal on taxes gets nod from Corker, Toomey

Senators Bob Corker and Pat Toomey, two Republican members of the Senate Budget Committee, said they have agreed to a tentative deal to craft a budget that would allow “headroom” for a significant tax cut, though they didn’t specify the size of the reduction.

09/20/2017

Florida ranks second among the 50 states for having the best business climate according to a new survey of U.S. corporate executives released Monday at the International Economic Development Council annual conference. Texas ranked first and Georgia ranked third, followed by South Carolina and North Carolina, respectively.

The “Winning Strategies in Economic Development Marketing” survey, conducted by Development Counsellors International every three years, has tracked trends in economic development since its inception in 1996.

09/19/2017

2018 Tax Tables and Brackets: Deductions Go Up

With or without a tax reform package in Congress, tax experts are projecting significant savings for many Americans on next year's taxes. The projections include projection of tax items that are adjust for inflation, and give taxpayers early notice of the amount of tax savings that may be realized as a result of increases to standard deduction amounts, upward adjustments to tax brackets, and increases in hundreds of other key thresholds.

In 2018, Bloomberg BNA also forecasts the first increase in the annual gift tax exclusion in five years, from $14,000 to $15,000.

The ranges of the income brackets have been pushed upward and there are increases to the standard deduction and exemption amounts, the taxes due on the same income decrease from year to year. For example, suppose married taxpayers filing jointly ...

09/19/2017

IRS plans more safeguards against tax fraud by PEOs

The Internal Revenue Service will be taking steps to deter the risk of employment tax fraud by professional employer organizations beyond the certification process it established in recent years, according to a new report.

The report, from the Treasury Inspector General for Tax Administration, pointed out that Congress enacted legislation in 2014 to reduce the risk of employment tax fraud by third-party payers, especially professional employer organizations. PEOs act as third parties for their client companies, paying wages to their clients’ employees and filing employment tax returns for them. The IRS has been certifying PEOs in recent years, requiring them to notify the IRS of the specific employers that use their services. However, employers who continue to use the services of PEOs that choose not to participate in the certification program remain at risk of employment tax fraud, the report noted.

The Internal Revenue Service will be taking steps to deter the risk of employment tax fraud by professional employer organizations beyond the certification process it established in recent years, according to a new report.

09/18/2017

40 percent of small businesses never recover from a disaster

According to the Federal Emergency Management Agency (FEMA), almost 40 percent of small businesses never reopen their doors after a disaster.

Recent data from a CNBC/SurveyMonkey Small Business Survey also shows that most small business owners don't spend too much time thinking about the environment as a critical factor.

Near-40 percent of small businesses never reopen after a disaster. Disaster-planning can make a difference.

09/18/2017

Congress introduces bill to provide more tax relief to Hurricane Harvey and Irma victims

The bill would make sure that qualifying individuals and families in the Hurricane Harvey and Irma federal disaster areas receive the maximum amount of assistance from the Earned Income Tax Credit and the Child Tax Credit by giving them the option of using their prior-year, pre-hurricane income to calculate the credits.

09/15/2017

Americans favor debit over credit for their go-to card

More than 2 in 5 Americans (44 percent) say they primarily use debit cards for everyday purchases, like groceries and gas; 34 percent say they primarily use credit cards.

Here's when you should actually use each one.

09/15/2017

IRS Extends Deadlines for Hurricane-Area Victims

At least taxpayers in Florida and other areas affected by Hurricane Irma won’t have to worry about meeting tax return deadlines until next year.

The IRS has just announced that taxpayers who had obtained 2016 filing extensions to October 16, 2016 will now have until January 31, 2018 to meet their obligations (IR-2017-150, 9/12/17). The same holds true for businesses with return extensions due on September 15, 2016. This relief is comparable to the leniency granted to victims of Hurricane Harvey last month.

At least taxpayers in Florida and other areas affected by Hurricane Irma won’t have to worry about meeting tax return deadlines until next year.The