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About Kathryn Hogan

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So far Kathryn Hogan has created 47 blog entries.

What’s Taxable to an S Corporation Shareholder?

S corporation shareholders have extra reason to worry about their company’s annual performance: It has a direct impact on their own income taxes. How It Works Unlike a regular C corporation, an S corporation usually doesn’t pay federal income taxes itself. Instead, each shareholder is allocated a portion of the corporate income, loss, deductions, [...]

By | 2017-03-31T11:05:55+00:00 March 9th, 2017|Articles, Business Taxation|0 Comments

2017 Tax Rate Schedule

Click here for a schedule of selected tax rates applicable for the 2016 and 2017 tax years. These include payroll tax rates and local property tax rates. The tax rate schedule also provides the social security earnings thresholds for determining how much income you can earn each year before losing any social security benefits you are due to [...]

By | 2017-05-09T12:02:42+00:00 January 27th, 2017|Articles|0 Comments

Change in Tax Return & Payroll Forms Due Dates

New due dates will apply to returns for tax years beginning after December 31, 2015, except for C corporations with a June 30 year-end. New due dates for these entities will apply for tax years beginning after December 31, 2025. Key changes are summarized below by entity type. Partnership Returns - Form 1065: Accelerated [...]

By | 2017-05-09T12:22:22+00:00 January 27th, 2017|Articles|0 Comments

Business Personal Property Tax Listings

Any individual or business owning or possessing personal property used or connected with a business (or other income producing purpose) must file a business personal property tax listing. Personal property is property that is not real property (buildings and land) and is not permanently affixed to real property. The personal property tax listing is filed [...]

By | 2017-01-26T10:20:05+00:00 December 16th, 2016|Articles, Business Taxation|0 Comments

1099-MISC Reporting

Your business is generally required to issue Form 1099-MISC to all unincorporated service providers to whom it pays $600 or more during the calendar year. Unincorporated service providers include sole proprietors, partnerships, and LLCs not electing to be taxed as a C Corporation or S Corporation. For payments to an attorney or a law firm, [...]

By | 2017-05-09T12:24:04+00:00 December 16th, 2016|Articles, Business Taxation|0 Comments

Employee or Independent Contractor?

Tax Implications  Employees and independent contractors are treated differently for income-tax withholding and employment-tax purposes. With an employee, the business generally must withhold income taxes from the employee’s pay and remit those taxes to the federal (and state, if applicable) government. The business and the employee share the responsibility for Social Security and Medicare [...]

By | 2017-01-26T10:20:05+00:00 November 30th, 2016|Articles, Manufacturing|0 Comments

Federal Judge Issues Nationwide Injunction Preventing Implementation of Overtime Rules

The U.S. District Court for the Eastern District of Texas issued a nationwide injunction preventing the U.S. Department of Labor from implementing its regulations revising the white collar exemptions.  Therefore, the increase in the minimum annual salary level to $47,476 ($913.00 per week) that was expected to go into effect on December 1 will not [...]

By | 2017-01-26T10:20:05+00:00 November 23rd, 2016|Articles, Business Taxation|0 Comments

Is your business in compliance with the Fair Labor Standards Act (FLSA)?

The Labor Department (DOL) has finalized a new overtime threshold under the FLSA, which, effective December 1, raises the salary threshold at which salaried executive, administrative, and professional workers are exempt from time-and-a-half pay for hours worked over 40 per week: Salaried white-collar workers earning less than $47,476 (or $913 per week) will be entitled [...]

By | 2017-01-26T10:20:05+00:00 October 28th, 2016|Articles, Business Taxation, Manufacturing|0 Comments

State and Local Tax

As if the economic downturn wasn’t bad enough, state taxing authorities are on the warpath — and your business may very well be in their crosshairs.  In response to budget woes and empty coffers, state taxing authorities are actively targeting both in-state and out-of-state companies for income, sales & use, and property tax compliance. Revenue [...]

By | 2017-01-26T10:20:05+00:00 September 29th, 2016|Articles, Business Taxation, Business Valuation, Manufacturing|0 Comments