IRS Compensation Requirement To Deduct IRA Contributions
Understanding IRS Compensation for IRA Deductions It is important to understand how the IRS defines compensation in order to deduct your IRA contributions. For example:You own an S-Corporation and you are the single-member owner and employee. If you take a salary of $30,000.00 as W-2 wage, and then another $60,000.00 as a dividend (at a […]
IRS 60 Day Rollover Retirement Plans
The Internal Revenue Service today provided a self-certification procedure designed to help recipients of retirement plan distributions who inadvertently miss the 60-day time limit for properly rolling these amounts into another retirement plan or individual retirement arrangement (IRA). Revenue Procedure 2016-47 In Revenue Procedure 2016-47, posted today on IRS.gov, the IRS explained how eligible taxpayers, […]
IRS Employer Health Flexible Spending Arrangement
Reminder to Employees: Plan Now for 2017 The Internal Revenue Service today reminded eligible employees that now is the time to begin planning to take full advantage of their employer’s health flexible spending arrangement (FSA) during 2017. FSAs provide employees a way to use tax-free dollars to pay medical expenses not covered by other health […]
Georgia Direct Pay Sales Tax
Overview Beginning January 1, 2017, a direct pay permit cannot be used for the following types of purchases: Definition of Direct Pay Permit Pursuant to GA Reg. Sec. 560-12-1-.16, a “direct pay permit” is defined as: “A permit issued by the Department of Revenue that allows the holder of such permit to accrue and pay […]
Georgia Sales Tax On Labor
The basis for a taxable sales price for an item sold in Georgia includes both the cost of materials used and the labor involved. Categories of Labor in Georgia The Georgia Department of Revenue (GDOR) separates labor into different categories. Below are the most common types of labor, each defined clearly: 1. Repair Labor Labor […]