Marvin & Co. Blog

Foreign Employees? What You Need to Know about Wage Reporting and Withholding Requirements

Posted on: 3/10/17 by James E. Amell, CPA

With nearly 17 percent of the U.S. workforce made up of non-U.S. citizens (i.e, aliens), it’s safe to say that many companies face the struggle of correctly reporting the wages paid to foreign employees. This article explores two common questions regarding employers with foreign employees.

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Getting Personal About Personal Exemptions

Posted on: 3/10/17 by Debra L. Smith, CPA

Tax return benefits for the family

Are you entitled to personal and dependency exemptions on your tax return? It might be the last year you can claim the exemption for someone—say, a child graduating from college—or exemptions may be eliminated altogether by tax reforms that could be coming in conjunction with proposed rate cuts. At the very least, however, the exemptions are still available on 2016 returns.

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Immediate Tax Benefits for Business Property

Posted on: 3/10/17 by Heather D. Patten, CPA

Section 179 provides generous tax break

There is a unique tax break for business entities of all shapes and sizes contained in Section 179 of the Internal Revenue Code. Under this section, a business can elect to “expense,” or currently deduct, the cost of qualified property placed in service during the year, up to a maximum level. It is near-instant tax gratification.

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Not-for-Profit Items to Note

Posted on: 2/14/17 by Heather R. Lewis, CPA

Important items to note in the not-for-profit industry, including an update on the DOL's New Overtime Rule.

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IRS Issues 2017 Work Plan for Tax-Exempt Organizations

Posted on: 2/14/17 by Margaret Hurlburt, CPA

The Tax-Exempt and Government Entities division of the IRS issued its FY 2017 Work Plan at the end of September 2016, which builds upon the agency’s 2016 priorities and its mission to work smarter with fewer resources.

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Posted on: 2/13/17 by Alan W. Clink, CPA

Marvin and Company, P.C. is pleased to announce the promotion of Alan W. Clink, CPA from Principal in the firm’s Audit and Assurance Department, to Director.  

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FASB Clarifies Consolidation Guidance for Not-for-Profit Entities

Posted on: 2/13/17 by Carol A. Hausamann, CPA

The FASB recently issued ASU 2017-02 to clarify when a not-for-profit entity (NFP) that is a general partner or a limited partner should consolidate a for-profit limited partnership or similar legal entity once the amendments in Accounting Standards Update No. 2015-02, Amendments to the Consolidation Analysis, become effective. The ASU becomes effective for fiscal years beginning after December 15, 2016, and interim periods within fiscal years beginning after December 15, 2017. Early adoption is permitted, including adoption in an interim period.

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Century Cures Act Provides Tax Relief to Non-ACA Employers

Posted on: 2/13/17 by Linda Conrad, CPA

When former President Obama signed the “21st Century Cures Act” into law late last year, smaller employers – those not subject to the Affordable Care Act – were given much more flexibility with regard to the health care benefits they offer to their employees. However, the Act, which has both a retroactive and prospective application, could also cause these employers to limit their health program costs. Here is a summary of what the legislation contains and its effect on smaller employers and their employees.

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Tax Twists on Social Security Benefits

Posted on: 2/13/17 by Victoria A. Reilly, EA

Of course, taxes are a major concern when you work full time for a living. Unfortunately, you may also have to pay federal income tax on a portion of the Social Security benefits you receive during the year—even though you’ve paid Social Security tax all the years you have been working.

There is a two-tier approach to taxing Social Security benefits. Unlike many other provisions in the tax code, the thresholds for the tiers are not indexed for inflation and remain on the relatively low side. The following is a brief summary of the main rules.

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IRS Selects Private Tax Collectors

Posted on: 2/13/17 by Debra L. Smith, CPA

The IRS, the nation’s tax collection agency, has identified a select group of four private contractors that will begin collecting federal tax debts during the 2016 tax return filing season. These private collection companies will work on accounts where taxpayers owe money but the IRS is no longer actively pursuing the debts.

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