Author Archives: ABIP



ABIP

Worker Classification: Employee vs. Contractor
in News

Worker Classification: Employee vs. Contractor

Worker Classification: Employee vs. Contractor If you hire someone for a long-term, full-time project or a series of projects that are likely to last for an extended period, you must pay special attention to the difference between independent contractors and employees. Why It Matters The Internal Revenue Service and state regulators scrutinize the distinction between employees and independent contractors because many business owners try to...

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29 Feb 2020
It’s Not Too Late to Make an IRA Contribution
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It’s Not Too Late to Make an IRA Contribution

It’s Not Too Late to Make an IRA Contribution If you haven’t contributed funds to an Individual Retirement Account (IRA) for tax year 2019, or if you’ve put in less than the maximum allowed, you still have time to do so. You can contribute to either a traditional or Roth IRA until the April 15th due date, not including extensions. Be sure to tell the...

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28 Feb 2020
Tax Filing Season Begins
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Tax Filing Season Begins

Tax Filing Season Begins 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 2019 Form 1040, which was redesigned...

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04 Feb 2020
Tax Extenders, Retirement Plan Changes, and Repeals
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Tax Extenders, Retirement Plan Changes, and Repeals

Tax Extenders, Retirement Plan Changes, and Repeals The Further Consolidated Appropriations Act, 2020, signed into law on December 20, 2019, extended a number of expired tax provisions for businesses 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 It also included several retirement plan changes and repealed three health care taxes.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 percent equity in...

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03 Feb 2020
2020 Tax Withholding: the new Form W-4
in News

2020 Tax Withholding: the new Form W-4

2020 Tax Withholding: the new Form W-4 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 year. Furthermore, workers...

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02 Feb 2020
ACA Reporting Requirements for Employers
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ACA Reporting Requirements for Employers

ACA Reporting Requirements for Employers The health care law contains tax provisions that affect employers. Two parts of the Affordable Care Act apply only to Applicable Large Employers (ALE). 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 apply to which employers....

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01 Feb 2020
Important Tax Changes for Individuals and Businesses
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Important Tax Changes for Individuals and Businesses

Important Tax Changes for Individuals and Businesses Every year, it’s a sure bet that there will be changes to current tax law and this year is no different. From standard deductions to health savings accounts and tax rate schedules, here’s a checklist of tax changes to help you plan the year ahead. Individuals In 2020, a number of tax provisions are affected by inflation adjustments,...

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09 Jan 2020
What’s New for the 2020 Tax Filing Season
in News

What’s New for the 2020 Tax Filing Season

What’s New for the 2020 Tax Filing Season While the 2020 tax filing season promises to be less confusing than 2019, there are still a number of changes that taxpayers should be aware of. New, Revised or Updated Tax Forms Form 1040: Revised and Redesigned The IRS released a draft Form 1040 for 2019 tax returns that has been updated from the 2018 version. Of...

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07 Jan 2020
Tax Breaks for Taxpayers Who Itemize
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Tax Breaks for Taxpayers Who Itemize

Tax Breaks for Taxpayers Who Itemize Many taxpayers opt for the standard deduction because it is easier, but sometimes itemizing your deductions is the better choice – often resulting in a lower tax bill. Whether you bought a house, refinanced your current home, or had extensive gambling losses, you may be able to take advantage of tax breaks for taxpayers who itemize. Here’s what to...

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06 Jan 2020
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