IRS Releases New Withholding Tables: Maine Employees Could See Changes Soon
The IRS released updated 2018 income tax withholding tables on January 11, which reflect changes made by the new Tax Cuts and Jobs Act. The IRS states that this is the first in a series of steps that the IRS will take to help improve the accuracy of withholding...
Damages Calculation Admissible Under Facts Available to PI Expert
Berman v. Unimin Corp., 2016 U.S. Dist. LEXIS 172769 (Dec. 14, 2016) How deeply must a damages expert research a personal injury case to produce an admissible report? This was the overriding question in a Daubert case involving an injured railroad worker. The...
AMT Calculations: It’s Showtime
Back in 1969 the alternative minimum tax (AMT) was enacted to ensure that high-income individuals don't take advantage of multiple tax breaks and avoid paying federal tax. However, in recent years, the AMT has been imposed on many middle-income taxpayers....
Washington Court Explains Principle Guiding Double-Dip Analysis
In re Marriage of Chen, 2016 Wash. App LEXIS 2854 (Nov. 22, 2016) Double dip, like goodwill, is a challenging issue for valuators because different jurisdictions handle the subject differently, which makes it hard to keep up with the various approaches. A Washington...
Know the Details of the Family and Medical Leave Tax Credit
If your Maine company initiates a new paid family and medical leave benefit, the Tax Cuts and Jobs Act, enacted at the end of last year, will give your company a tax credit. Although the IRS has yet to issue its interpretive regulations, the text of the law itself...
Are Roth IRAs Still Beneficial under the New Tax Law?
For many individuals, the Roth IRA remains an attractive retirement planning vehicle for after the changes made by the Tax Cuts and Jobs Act (TCJA). Here's what you need to know about Roth IRAs and Roth IRA conversions under the new law. Tax Advantages There are...
Court: Company President Is Liable for Unpaid Employment Taxes
A recent ruling by the U.S. District court recently stated that a company president was a "responsible person" who was liable for the trust fund recovery penalty. The court found that the president's failure to pay over employment taxes was willful despite the fact...
Value of IP Mash-Up Takes Spotlight in Michael Jackson Case
The trial involving the Michael Jackson estate has started in Tax Court in California. One of the issues in the case is the fair market value of Jackson’s posthumous right of publicity, which includes his name and image. The estate valued this at $2,105 because the...
Survey: Employers Adapt Quickly to Withholding Tax Changes
The deadline to begin using the 2018 federal income tax withholding tables, which reflect changes made by the Tax Cuts and Jobs Act (TCJA) was February 15, 2018. Although most Maine employers had no problems meeting the deadline, many employees question how the TCJA...
Congress Raises 401(k) Hardship Withdrawal Limits
Hardship withdrawals are permitted by most 401(k) plans, though plan sponsors aren't required to allow them. As it stands today, employees seeking to take money out of their 401(k) accounts are limited to the funds they contributed to the accounts themselves, and only...