REH CPA

Thursday, June 1, 2017

'Soup Nazi' Tax Evasion Case Holds Lessons For Every Business

Robert N. Bertrand, CFO of the Soupman, Inc. chain made famous with Seinfeld’s Soup Nazi character, has been indicted for tax crimes. The indictment alleges 20 counts of failure to pay Medicare, Social Security, and federal income taxes. Soupman, Inc. is based in Staten Island, and licenses the name and recipes of Al Yeganeh, the “Soup Nazi” character from Seinfeld. No crime has yet been proven, but the charges are quite serious.

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Friday, May 5, 2017

Congress Votes to Change Overtime Laws

Allow Employers to Offer Comp Time Instead

Changes may be coming for the millions of American workers who receive overtime pay. And it may affect their paychecks.

A new bill passed by the U.S. House of Representatives would allow employers to offer hourly employees paid time off instead of overtime pay, when they reach over 40 hours in a workweek. So, for example, a worker who put in 45 hours one week, could be given seven and one-half hours off the next week (1.5 hours comp time for each hour of overtime), and paid for doing for working 40 hours but only having worked 32.5 hours.

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Monday, May 1, 2017

President Trump's tax plan: Here's what it includes

President Trump’s top economic advisers laid out an ambitious tax plan Wednesday afternoon that the administration contends will simplify the process for average Americans and “stimulate” business investment.

Chief economic adviser Gary Cohn and Treasury Secretary Steve Mnuchin unveiled the first official details -- printed on a single sheet of paper -- of a plan Cohn called “the most significant tax reform legislation since 1986, and one of the biggest tax cuts in American history.”

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Thursday, April 27, 2017

Trump likely to propose 15% tax rate for all businesses, not just corporations

As it is shaping up, President Trump's new tax plan sounds a lot like his old one. A Trump administration official told CNN on Tuesday that Trump may propose a major tax cut for so-called "pass-through businesses" from 39.6% to 15%. That comes on the heels of news that Trump is also considering a big reduction in the top rate for corporations from 35% to 15%. The Trump administration is planning to announce a tax plan on Wednesday, though it is expected to be more of an outline and not rich in detail.

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Thursday, April 13, 2017

IRS Offers Last-Minute Filing Tips

Use Direct Deposit for Quicker Refunds

With the April 18 deadline, fast approaching, the Internal Revenue Service today offered taxpayers still working on their 2016 taxes a number of tips. These tips are designed to help taxpayers avoid common errors that could delay their refunds or cause other tax problems in the future.

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Monday, April 10, 2017

Short-term rentals, the sharing economy, and tax

Clients renting out their properties need to know a few key rules.

As the sharing economy continues to grow, more people are capitalizing on the opportunity to rent their homes, other real property, or even extra rooms to travelers through Airbnb or similar services (sometimes called "peer-to-peer accommodation") for extra income. It's a win-win in many cases—travelers experience places they visit as a local resident would, and the owner makes money that would otherwise go to a hotel or motel (although the latter probably isn't too happy about it).

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Thursday, April 6, 2017

IRS starting private debt collection program this week

The IRS said Tuesday that it is beginning its private debt collection program this week.

The program is being started as a result of a law that Congress passed in 2015. Typically, taxpayers whose accounts will be given to private collectors are people whom the IRS has contacted multiple times in the past several years and still have unpaid taxes, IRS officials said.

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