Redpath Insights

Retirement on the Horizon? Tips for Retirement Catch-Up Saving After 50

Why should you know about catch-up retirement accounts? They can be a good strategy if you haven't saved quite as much as you want to have in retirement. This may be an excellent time to review these accounts as the annual contribution limits...

Guest Blog: Do You Have a Ransomware Defense Plan and Will It Work?

Have you heard of ransomware? This cyber attack scheme hasn't garnered nearly as much attention as the usual "break-in-and-steal-data-to-sell-on-the-Internet version," but it can be even more debilitating. Ransomware attacks have begun appearing...

Final Regulations for IRS Section 199A Deduction

On Friday, January 18, 2019, the IRS released final regulations under IRC Section 199A (the new 20% pass-through deduction). The regulation and accompanying guidance are largely similar to the proposed regulations issued in August with a few...

Are You Eligible for the IRS 199A Rental Property Tax Deduction?

The question of whether rental property is eligible for the new 20% pass-through deduction is a significant question within the new tax law. The recently released final regulations under IRC 199A, as well as an accompanying notice of a proposed...

Substantiation to Prepare For an IRS Examination

Most businesses incur travel, meal, gift, and listed property expenses in the ordinary course of business. The IRS requires documentation in order to substantiate that these expenses have a legitimate business purpose and if substantiation is not...

What Employers Need to Know About Qualified Transportation Fringe Benefits

On December 10, 2018, the IRS issued Notice 2018-99 that provides interim guidance for calculating the nondeductible portion of parking expenses provided to employees. This new requirement is a result of changes made as part of the Tax Cuts and...

New Guidance Will Require More Nonprofits to Pay Unrelated Business Income Tax

The tax-exempt sector has received the much-anticipated interim guidance from the Internal Revenue Service regarding the application of qualified transportation fringe (QTF) benefits.  Under this interim guidance, many tax-exempt organizations...

Small Business Taxes: New and Improved Access and Accounting Methods

The IRS has provided procedures that benefit many small business taxpayers by allowing them to obtain automatic consent to change to new accounting methods allowed under the Tax Cuts and Jobs Act (TCJA) in Rev. Proc. 2018-40. These updates may...

Special Fringe Benefit Reporting Rules for S-Corporations

A Fringe Benefit is a form of payment for the performance of services. For example, you provide an employee with a fringe benefit when you offer to pay a portion of their health insurance premiums. (This section appears as part of Redpath’s 2018...

Types of Charitable Giving and Their Tax Deductible Benefits

 ‘Tis the season for giving. Individuals and businesses often find great fulfillment in giving back to their community, supporting our troops, or donating to humanitarian efforts, the arts, education, or environmental initiatives. Charitable...