Prior to the effective date of the tax bill recently signed by the President, Section 164 of the Internal Revenue Code permitted individuals who itemized deductions to deduct state and local income and other designated taxes (SALT) in calculating their Federal taxable income. Congress amended Section 164 for years beginning after 2017 and prior to 2026 to limit SALT deductions to $10,000 per year and, as a practical matter, to sharply reduce the number of taxpayers who will be itemizing deductions and thus able to take advantage of even this limited deduction. By contrast, the new tax legislation does not restrict the ability of employers to deduct payroll taxes to which they are subject.
Not only is it “March Madness” time, it is also prime tax return filing time. That means that the email scammers are out in full force as well.
In the last 10 days, we have seen a marked uptick in what are called “phishing” attacks. Actually, it’s more like an epidemic.
Written by Patricia Moran
This past summer, the Obama administration decided to delay the “employer shared responsibility” portion (also known as the “employer mandate” or “pay or play mandate”) of the Affordable Care Act (the “ACA”) for one year until January 1, 2015. This delay, while welcome, has lulled many employers into a false sense of security; many assume that not much needs to be done in 2013 or 2014 to get ready for 2015. In our view, nothing could be further from the truth.