Industry News

Protect Against Malware

Foreign malware attacks on U.S. routers have been discovered to be more widespread than initially thought. The FBI recommends owners of small offices and home office routers to take proactive measures.

Making Websites ADA Compliant

The American Disabilities Act (ADA) became law in 1990, ensuring that all Americans with disabilities would not be discriminated against in all "areas of public life." With the evolution of the world wide web, the Department of Justice (the enforcing body of the ADA) placed company websites under Title III and began monitoring for compliance issues.

4 Tips for Claiming Higher Education Credits

The Internal Revenue Code offers two federal income tax credits for post-secondary education expenses: the American Opportunity credit, and the Lifetime Learning credit.While these credits aren't new, you should be aware of several recent developments that might affect your 2016 federal income tax return if you have students in your family who may be eligible for these credits.

True or False: Tax Returns Have Always Been Due on April 15th

True or False: Tax Returns Have Always Been Due on April 15th?

Employers: You Are Now Required to Use the New Form I-9

Employers must now use the new version of Form I-9, "Employment Eligibility Verification."U.S. Citizenship and Immigration Services (USCIS) issued the new version on November 14, 2016. Employers had until January 22, 2017, to begin using the new version of Form I-9. Through January 21, 2017, employers could still use the version of Form I-9 dated March 8, 2013.

Don’t Overlook Miscellaneous Itemized Deductions

Many people itemize deductions on Schedule A of their tax returns, rather than taking the standard deduction. Your tax preparer will generally advise you to do so if your allowable itemized deductions exceed the standard deduction.

IRS: Watch Out for a W-2 Scam Targeting Payroll and HR Departments

The IRS, along with state tax agencies, renewed their warning about an email scam that uses a corporate officer's name to request employee W-2 forms from company payroll or human resources departments.

Start Date of the New Federal Overtime Rule Faces Opposition

The U.S. House of Representatives passed and sent to the Senate a bill that would delay the start of new federal overtime pay rules from December 1, 2016 to June 1, 2017. However, President Obama has indicated he will veto the bill if it hits his desk.

Franchisor Agrees to Settle Dispute Between Franchisee and Workers

McDonald’s Corp. has agreed to pay $3.75 million to settle a 2014 class action lawsuit filed by workers alleging wage and hour violations at one of its franchises in California, even though the company issued a statement after the proposed settlement that said the company wasn’t a joint employer of the franchise workers.

Valuation of Business Assets in Divorce: One Case Provides Insight

Sometimes estranged spouses can remain fair, rational and civil during divorce proceedings. But in other cases, a divorce can turn ugly. When the couple’s assets involve a business interest, the situation can be extremely complex.

Defaulting on Retirement Plan Loans May Cause Taxable Distributions

>In one decision, the U.S. Tax Court concluded that the IRS was correct in determining that a taxpayer who failed to make timely payments on loans from her employer’s qualified retirement plan defaulted on the loans and received deemed taxable distributions from the plan. As a result, the taxpayer owed federal income tax and the 10% penalty tax on early retirement plan distributions. (Dora Martinez, TC Memo 2016-182.)

Train Employees to Avoid Cybercrime

In an era of hyper-connectedness and a burgeoning global cybercrime industry, you can’t afford to hope you’ll just be lucky and avoid a successful attack. It’s essential to establish policies and procedures to minimize risk and train employees on how to protect your company.

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