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Wednesday, 22 November

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Consignor Loan Not Debt Forgiveness

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted November 14, 2017 / No comments

A guarantor who cosigned a loan isn’t taxed on a discharged debt. When individuals become delinquent on debts they owe, lenders sometimes forgive all or part of the debt. When this happens, taxpayers must generally report the forgiven debt amount as taxable income. The U.S. Tax Court ruled that a loan guarantor who cosigned a

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PEO – Risks and Rewards

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted November 8, 2017 / No comments

A professional employer organization (PEO) is a firm that provides a service under which an employer can outsource employee management tasks, such as employee benefits, payroll and workers’ compensation, recruiting, risk/safety management, and training and development.  Increases in health care costs and new regulations have increased the popularity of PEOs in the past few years. 

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C Corporations: How to tackle year-end tax planning

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted November 2, 2017 / No comments

How should C corporations tackle year-end tax planning amid uncertainty? As year end approaches, C corps should decide when and how to shift income and deductions between 2017 and 2018. Despite the uncertainty in tax reform proposals (nobody knows when a law might be enacted and what net effect the new rules may have), the

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Changes in Social Security to Cause Economic Challenges

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted October 27, 2017 / No comments

Most U.S. retirees will face economic challenges, according to a new GAO report. Changes in Social Security, employer-sponsored pensions, retirement savings plans and individual savings make it hard to plan for and manage retirement, says the report. Other findings: 34% of households age 65 or over receive 90% or more of their income from Social

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“Nanny Tax” Threshold Increases

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted October 20, 2017 / No comments

“Nanny tax” threshold increases to $2,100 for 2018. The Social Security Administration (SSA) announced that, if a household worker’s cash wages exceed the domestic employee coverage threshold of $2,100 in 2018, you must pay Social Security and Medicare taxes. This amount, which is adjusted for inflation, is up from $2,000 for 2017. The dollar threshold

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Social Security “Wage Base” Increases for 2018

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted October 20, 2017 / No comments

Social Security “wage base” increases for 2018. The Social Security Administration has announced that the wage base for computing the Social Security tax in 2018 will increase to $128,700. This is up from $127,200 for 2017. For 2018, an employee will pay 6.2% Social Security tax on the first $128,700 of wages. In addition, an

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Charitable Deduction Limitations: Suspended

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted October 9, 2017 / No comments

Charitable deduction limitations are suspended under a hurricane relief bill. An individual generally can deduct charitable donations up to 50%, 30% or 20% of adjusted gross income, depending on the type of property contributed and the type of charity. The Disaster Tax Relief and Airport and Airway Extension Act of 2017 temporarily suspends most charitable

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Federal Tax News Post for September 29

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted October 3, 2017 / No comments

Critics see flaws in Trump tax plan. After the release of a “framework” for tax reform by the Trump administration, some critics voiced concerns about how the changes would affect the deficit. Senator Bob Corker (R-TN) said, “I’m not about to vote for any bill that increases our deficit, period.” Critics also cautioned that the

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Late-filing Partnerships Catch a Break

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted September 19, 2017 / No comments

Late-filing partnerships catch a break. Penalties generally apply when tax returns are filed late. Prior to 2016, calendar-year partnerships were required to file by April 15. A new due date (now March 15) resulted in late filing of returns and extension requests by many partnerships. The IRS has granted relief from late penalties for eligible

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New Senior Audit Manager Announcement

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted September 18, 2017 / No comments

Tighe, Kress & Orr, P.C. Hires New Senior Audit Manager ELGIN, IL (Thursday, September 14, 2017) – Tighe, Kress & Orr, P.C., a certified public accounting firm, is proud to announce Stephen Leazzo has joined the team in the role of Senior Audit Manager. Steve joins the firm with over 11 years of public accounting

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