Recent college graduates are graduating with record-setting levels of debt from student loans, reaching a total of $1.5 trillion in 2019. Fortunately, there are ways to get some relief from this debt and take advantage of a few tax breaks at the same time. Here are four ways you can reduce the strain of repaying […]
When completing their income tax return, taxpayers can make certain choices or elections that can really impact the amount of tax that’s due. Here are a few common examples that can create tax savings opportunities if you elect the correct option. Tax filing status. Typically, filing a joint tax return instead of filing separately is beneficial […]
Earlier this month I was heading to South Africa on a business trip scheduled for five days with a couple of my colleagues to deliver a variety of events that were all aimed at promoting the Isle of Man and its finance sector. The events were held across the country in Johannesburg, Pretoria, Stellenbosch and […]
I have been traveling to South Africa from the Isle of Man on business for over 20 years and I always get a sense of excitement and anticipation of how I will find the mood of the local people. The South African Rugby Team won the World Cup in November and I was hoping when […]
The health care law contains tax provisions that affect employers. Two parts of the Affordable Care Act apply only to applicable large employers. These are the employer shared responsibility provisions and the employer information reporting provisions for offers of minimum essential coverage. The size and structure of a workforce determines which parts of the law […]
Form W-4, Employee’s Withholding Certificate, has been redesigned for 2020. Previously, income tax withholding was based on an employee’s marital status and withholding allowances or tied to the value of the personal exemption. With the revised Form W-4, however, income tax withholding is generally based on the worker’s expected filing status and standard deduction for the […]
The Further Consolidated Appropriations Act, 2020, signed into law on December 20, 2019, extended a number of expired tax provisions for business and individuals through 2020. It also included several retirement plan changes and repealed three health care taxes. Here’s what you need to know: INDIVIDUAL TAX EXTENDERS Mortgage Insurance Premiums. Homeowners with less than 20 […]
January 27, 2020, marked the start of this year’s tax filing season. Complicating matters is a newly revised Form 1040, U.S. Individual Income Tax Return. With more than 150 million individual tax returns expected to be filed for the 2019 tax year, here’s what individual taxpayers can expect: ANOTHER NEW DESIGN FOR FORM 1040 The new […]
Many are unclear as to how investing time and money in additional data privacy and GDPR compliance will benefit their organisation. However, GDPR should be seen as the starting point of a process in which you create a stronger foundation for your organisation’s strategy. A solid information governance programme can bring real benefit in both new […]
The Setting Every Community Up for Retirement Enhancement (SECURE) Act is the first significant retirement-related legislation in more than a dozen years. It brings many changes that affect employers of all sizes, including some that could be particularly beneficial for smaller employers that sponsor retirement plans. Some of the changes, however, may increase the burden […]
For ESOP companies, many believe that they cannot offer other retirement plans, however, that is not the case. You and other privately held companies have numerous options at your disposal, many of which can work in tandem with an ESOP. 401(k) Plans 401(k)s are employer-sponsored savings plans that allow employees to set aside a percentage of […]
The concept of like-kind exchanges originated almost a century ago, but the tax-deferred structure we know today was created in 1954. Section 1031 of the U.S. Tax Code allows taxpayers to exchange property for similar property without incurring a tax bill. Until recently, Section 1031 allowed for both real and personal property like-kind exchanges, but […]