Showing 12 posts in Tax.
The United States Department of Labor (the "DOL") published a request for comment in the Federal Register on July 6 with respect to its often discussed fiduciary rule (the "Fiduciary Rule"). This time, the DOL hopes to clarify uncertainty moving forward, as the Fiduciary Rule and its related prohibited transaction exemptions (the "PTEs") became partially effective on June 9, 2017, and will be fully implemented on January 1, 2018. However, recent events have brought the wisdom of a January 1, 2018 applicability date into question. Read More ›
On June 5, 2017, the United States Supreme Court held that employee benefit plans established by church-affiliated organizations are church plans pursuant to the church plan exemption under the Employee Retirement Income Security Act of 1974 (“ERISA”). Read More ›
According to the Department of Justice (the “DOJ”), an estimated 17.6 million Americans aged 16 or older were victims of at least one attempt or incident of identity theft in 2014. Identity theft takes many forms - from stealing someone’s identity to obtain government benefits to creating new financial accounts in another person’s name. The most frequent type of identity theft - 80 percent of all cases according to the DOJ - involves someone trying to take over an existing bank or credit card account. Tax-related fraud is also on the rise.
We are all at risk of identity theft. It seems like a week never goes by without a news report about a data breach at a major retailer or bank. Unfortunately, most people who are victims of identity theft - or suspect they might be - are not aware of the steps they should take to mitigate the harm from the theft.
This article identifies the steps that a person whose social security number is compromised should immediately take upon learning of a problem, as well as actions to take to protect against the risk of identity theft in the future. Read More ›
Remedying Past Employee/Independent Contract Misclassification Through IRS’s Voluntary Settlement Program
Employee or independent contractor? It’s a legal distinction that has significant implication for both workers and employers. Take ride-sharing service Uber, for example. It’s now defending a class action lawsuit filed by its drivers who claim they are misclassified as independent contractors. Should plaintiffs be successful, they may be entitled to damages including reimbursement for expenses they incur, such as gas and vehicle maintenance. Read More ›
Categories: Employment, Tax
Why should someone form a business entity? The main reason is to protect themselves from personal liability. Other benefits include attracting investors, marketing the company, maybe saving in taxes and helping to sell or transfer the company to a third party or other family members. Learn more about business entities and the benefits of forming a business entity in the short video clip below.
Foster Swift business attorneys realize entrepreneurs and business owners have many legal questions so we've developed a library of short videos to provide basic legal information on some of the more frequently asked questions. Click here to view our video library.
Categories: Startup, Tax
Have your filed your individual tax return? Be sure to read the blog post, "One Reason You May Want to File Your Tax Return Early this Year: Identity Theft," on Foster Swift's Tax Law Blog and file early this year.
As part of the recent tax bill, Section 181 of the U.S. Tax Code was renewed allowing a 100 percent tax write-off for the first $15 million of the cost of producing a film in the U.S. Click here to read more about Section 181 in Forbes.
Kickstarter is a crowdfunding platform for creative projects. It has helped a wide range of people fundraise to help finance a variety of projects. Often time people overlook the tax implications to successful Kickstarter campaigns. Check out our Tax Law Blog post to learn more about the tax implications>
Categories: Crowdfunding, Tax
A recent report, "Tech Untaxed," published by The Greenlining Institute, shows that some of the nation's largest high-tech companies (Apple, Microsoft, and Google, to name a few) are paying significantly lower effective tax rates even as their yearly profits rise. Read More ›
Categories: E-Commerce, Tax
The applicability of sales tax in Internet transactions is a contentious issue in the state tax arena. Many Internet retailers do not collect sales tax on their sales unless they have a physical presence in a state. As a result, states have alleged that they are losing millions in tax dollars and brick-and-mortar retailers are operating at competitive disadvantages to their online competitors that do not impose sales tax. Although states have encountered Constitutional difficulties in taxing out-of-state retailers, the pendulum may be swinging in favor of the states. Read More ›
Categories: E-Commerce, Tax
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