Federal Tax News – November

November 21, 2016

1. What tax changes might be ahead from the new White House?
2. “Nanny tax” threshold stays the same for 2017.
3. IRS reminds taxpayers of its offshore compliance initiatives.
4. Tax fraud scheme traced to India.
5. Casualty loss tax deduction allowed for tornado damage.

Howe, Riley & Howe employees donate 750+ hours, $4,500 to New Hampshire community organizations

November 16, 2016

Giving back intersects all aspects of Manchester and Portsmouth accounting firm Manchester, New Hampshire – In 2015-2016, employees from Howe, Riley & Howe donated more than 750 hours and $4,500 to local nonprofits and charitable organizations throughout the Granite State as part of the voluntary giving back program. With Thanksgiving approaching and the holiday season […]

New Accelerated W-2 and 1099 Filing Deadline for Employers

November 1, 2016

In a news release, IRS has reminded employers and small businesses of the new January 31 filing deadline for Forms W-2 and Form 1099-MISC reporting non-employee compensation (Box 7).   This change was included in The Protection Americans from Tax Hikes (PATH) Act enacted late last year. This provision will allow the IRS to match […]

Shining the Spotlight on Record Retention

October 31, 2016

Payroll record retention has been made more complicated by the rules of the Affordable Care Act (ACA). Employers must file several informational forms with the IRS, which administers the health insurance coverage required by the law. This article explains current record retention requirements both under the ACA and other laws.

Federal Tax News – October

October 24, 2016

1. New law provides tax break for Olympic athletes.
2. Taxpayer learns unemployment compensation is taxable.
3. Six quick year-end tax planning ideas.
4. Accounting change permission required from IRS.
5. Court finds defaulted retirement plan loan amount was income.

Save Taxes with Employer-Provided Transportation Fringe Benefits

October 17, 2016

Have you signed up for transportation fringe benefits or contributed to a salary reduction arrangement to cover the costs of your daily commute? If your employer provides these fringe benefits for parking, mass transit passes, van pooling and bicycle costs, taking advantage of them could save you significant tax dollars. Here are the details.

Federal Tax News – September

October 12, 2016

1. Coping with seniors’ medical deductions.
2. On-the-side aviation deduction grounded.
3. Taxpayer’s legal fees paid to a lawyer are deductible.
4. Husband denied innocent spouse relief.
5. Healthcare premiums rise for those covered by “Bronze” level Exchange plans.

HRH donates school supplies and backpacks for 23 Manchester-area students

October 12, 2016

Child Health Services is the pediatric practice of Manchester Community Health Center, dedicated to improving the health and well-being of at-risk children. For the past three years, HRH employees have purchased backpacks and school supplies to donate to CHS to give to Manchester-area students in need. This year, we purchased 23 backpacks, filled them with […]

No Sale on Section 199 Deduction for Retailer’s Marketing Materials

October 10, 2016

Can a retailer qualify for the Section 199 deduction for marketing materials created and printed in the United States that advertise products manufactured abroad? IRS Chief Counsel Advice determined that the deduction isn’t available for print materials that advertise only the company’s own foreign-made brands. Here are the details of the case.