Masters & Jorgensen, Inc.

The SECURE Act changes the rules for employers on retirement plans

February 10, 2020

The Setting Every Community Up for Retirement Enhancement (SECURE) Act is the first significant retirement-related legislation in more than a dozen years. It brings many changes that affect employers of all sizes, including some that could be particularly beneficial for smaller employers that sponsor retirement plans. Some of the changes, however, may increase the burden […]

2020 tax calendar

February 7, 2020

To help you make sure you don’t miss any important 2020 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. Please review the calendar and let us know if you have any questions about the deadlines or would like assistance in meeting them. © 2020

Spending bill extends tax breaks, adds retirement account provisions

February 3, 2020

With its winter recess looming before it, Congress has engaged in a flurry of activity. Most notably, it reached agreement on a massive governmentwide spending package titled the Further Consolidated Appropriations Act, 2020. The legislation extends certain income tax provisions that had expired, as well as some that were due to expire at the end […]

2019 – 12/23 – Wayfair revisited — It’s time to review your sales tax obligations

January 17, 2020

Does your business make online, phone or mail-order sales in states where it lacks a physical presence? If so, it’s critical to find out if those states have economic nexus laws and determine whether your activities are enough to trigger them. http://bit.ly/2ZnOMcN

Wayfair revisited — It’s time to review your sales tax obligations

January 17, 2020

In its 2018 decision in South Dakota v. Wayfair, the U.S. Supreme Court upheld South Dakota’s “economic nexus” statute, expanding the power of states to collect sales tax from remote sellers. Today, nearly every state with a sales tax has enacted a similar law, so if your company does business across state lines, it’s a […]

Small Businesses: It may not be not too late to cut your 2019 taxes

January 15, 2020

Don’t let the holiday rush keep you from taking some important steps to reduce your 2019 tax liability. You still have time to execute a few strategies, including: 1. Buying assets.Thinking about purchasing new or used heavy vehicles, heavy equipment, machinery or office equipment in the new year? Buy it and place it in service […]

2020 Q1 tax calendar: Key deadlines for businesses and other employers

January 13, 2020

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2020. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. January […]

Spending bill extends tax breaks, adds retirement account provisions

January 10, 2020

With its winter recess looming before it, Congress has engaged in a flurry of activity. Most notably, it reached agreement on a massive governmentwide spending package titled the Further Consolidated Appropriations Act, 2020. The legislation extends certain income tax provisions that had expired, as well as some that were due to expire at the end […]

IRS updates rules for using per diem rates

January 8, 2020

The IRS recently issued guidance on how businesses, self-employed individuals and qualified employees can use the per diem rules to substantiate their business travel expenses for tax purposes. The guidance in Revenue Procedure 2019-48 modifies 2011 guidance to reflect changes made by the Tax Cuts and Jobs Act (TCJA). In a nutshell, the per diem […]