A Cost Segregation Study involves a qualified specialist who is able to (1) identify depreciable cost basis into the appropriate property classes in order to maximize the acceleration of depreciation deductions; (2) explain the rationale for such asset classifications; and (3) substantiate the cost basis of each asset.
In a recent announcement, the IRS indicated that it will begin sending notices to employers that have failed to comply with the employer responsibilities related to the Affordable Care Act (ACA). For the 2015 calendar year, the IRS plans to issue Letter 226J informing applicable large employers of their potential liability for an employer shared responsibility payment (ESRP), if any, in late 2017.
Unforeseen events are just that...unexpected. You started out your career on the right path and began the process of saving for your retirement. Then life throws you a curveball and you realize you will need to access those funds much sooner than you expected. If you have not reached the age of 59½, you will be subject to taxation on withdrawal of those funds and get hit with a 10 percent early distribution penalty.
The Social Security Administration (SSA) has announced that the maximum amount of wages subject to the 6.2 percent Social Security tax (old age, survivor and disability insurance) for 2018 will rise from $127,200 to $128,700. The increase of just over one percent is a lot less than the seven percent jump from 2016 to 2017.
2018 inflation-adjusted figures for contributions to HSAs have been released by the IRS.
Inheriting an IRA means different things to different people. Everyone shares in the grief of a departed loved one, but the options available to those beneficiaries are very different. Spousal beneficiaries have options to treat the IRA as their own or can keep the account in the original owner's name. Non-spousal beneficiaries must keep the account in the original owner's name and are subject to different distribution rules that depend on the age of the original owner.