TBC Blog Network

Teal, Becker & Chiaramonte’s network of bloggers offering valuable insights, impressions and commentary on today’s financial and business world.

4 ways to encourage use of an employee assistance program

Unfortunately, it’s not uncommon for good employees to battle personal problems, such as substance dependence, financial or legal woes, or mental health issues. These struggles can negatively affect their productivity and the working environment around them. Employers can help by offering an employee assistance program (EAP). An EAP helps assist at-risk employees in finding the… [keep reading…]

The pass-through provisions of the TCJA: The devil is in the details

The Tax Cuts and Jobs Act (TCJA) has been touted for cutting the corporate tax rate, but the law also contains some valuable goodies for smaller businesses that operate as pass-through entities, including partnerships, limited liability companies, S corporations and sole proprietorships. These businesses stand to see their tax liabilities fall significantly, but determining just… [keep reading…]

Now may be a good time to start a paid family and medical leave program

Does your organization have a formalized program under which it offers employees paid time off for an illness or family emergency? If not, there’s now an excellent reason to consider establishing one: The Tax Cuts and Jobs Act, passed late last year, created a tax credit for qualifying employers that begin providing paid family and… [keep reading…]

Home equity borrowers get good news from the IRS

Passage of the Tax Cuts and Jobs Act (TCJA) in December 2017 has led to confusion over some of the changes to longstanding deductions, including the deduction for interest on home equity loans. In response, the IRS has issued a statement clarifying that the interest on home equity loans, home equity lines of credit and… [keep reading…]

What’s your mileage deduction?

Individuals can deduct some vehicle-related expenses in certain circumstances. Rather than keeping track of the actual costs, you can use a standard mileage rate to compute your deductions. For 2017, you might be able to deduct miles driven for business, medical, moving and charitable purposes. For 2018, there are significant changes to some of these… [keep reading…]

Recognize the risks of employees’ off-work misbehavior

When employees clock out, whether literally or figuratively, how they choose to spend their time is up to them. But that doesn’t mean a staffer’s off-work misbehavior poses no risk to his or her employer. Your organization can be severely harmed by an employee’s actions — even when he or she isn’t on the job…. [keep reading…]

IRS letter addresses COBRA premiums for HRAs

Employers with 20 or more employees are generally required to offer continuing health care coverage to departing staff members. This is commonly referred to as “COBRA” after the legislation that made it law: the Consolidated Omnibus Budget Reconciliation Act of 1985. Employers may charge a premium for COBRA coverage, but they must step carefully when… [keep reading…]

Tax deduction for moving costs: 2017 vs. 2018

If you moved for work-related reasons in 2017, you might be able to deduct some of the costs on your 2017 return — even if you don’t itemize deductions. (Or, if your employer reimbursed you for moving expenses, that reimbursement might be excludable from your income.) The bad news is that, if you move in… [keep reading…]

New budget agreement brings additional tax changes

The ink on the Tax Cuts and Jobs Act (TCJA), which swept in a tidal wave of changes to federal tax rules, had been dry for only seven weeks before Congress passed more legislation that could affect many taxpayers. The Bipartisan Budget Act of 2018 (BBA), which President Trump signed into law on February 9,… [keep reading…]

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