A revised version of Form I-9 “Employment Eligibility Verification” is available. Employers must complete Form I-9 to document verification of the identity and employment authorization of each new employee. Through September 17, 2017, employers can use either the old version of the form or the revised version of the form. Starting on September 18, 2017, [...]
As a result of the new Kansas law that increases the Kansas tax rates on individuals retroactive to January 1, 2017, the Kansas Department of Revenue has released new withholding tables. Since the change in the law is retroactive to January 1 and since there will be an additional increase in Kansas individual income taxes [...]
This week the Kansas House Committee approved a bill to pass on to the full chamber. Among other changes, the bill would impose a “flat” tax of 5% on income starting in 2018. The bill would also RETROACTIVELY eliminate the Kansas tax exemption for “flow-through” business income making it effective for 2017.
Details of two House bills to repeal and replace the Affordable Care Act are emerging. The committees began markup of the bills on Wednesday. If the bills are passed by the committees, they are expected to be combined into one bill by the House Budget Committee. Then they would go to the House Rules Committee [...]
The 21st Century Cures Act provides an exemption for qualified small employer health reimbursement arrangements (QSEHRAs) from the ACA’s group plan rules generally effective January 1, 2017 (with retroactive relief for 2016 if the plan met certain requirements). Previously employers were prohibited from providing employees money conditioned on the purchase of individual health insurance with [...]
Update on our blog from last week about the Kansas House and Senate passing a bill to increase Kansas tax. HB 2178, which would have eliminated the Kansas tax exemption for “flow-through” business income and increased the individual Kansas tax rates, was vetoed by Governor Brownback. The House responded by voting to override the veto [...]
Today, one day after the Kansas House passed HB 2178, the Kansas Senate has also passed the bill, which would eliminate the Kansas tax exemption for “flow-through” business income and increase the Kansas tax rates on individuals. The bill now heads to the Governor. Currently, the top individual Kansas tax rate is 4.6%. Under the [...]
If you’re one of the many people expecting the new administration to enact tax cuts next year, you still have time to maximize tax benefits before the end of the year. Julie Welch, shareholder and director of taxation at Meara Welch Browne PC in Leawood, shared several tips: • Speed up the purchase of equipment [...]
The standard mileage rates for 2017 used to calculate the deductible costs of operating an automobile have been announced. Business – 53.5¢ per mile (down from 54¢ per mile for 2016) Medical and Moving - 17¢ per mile (down from 19¢ per mile for 2016) Charitable - 14¢ per mile
The July 2016 issue of Journal of Financial Planning includes “Planning for the Net Investment Income Tax for Non-Grantor Trusts” by Julie Welch and Cara Smith. The article describes the net investment income tax and provides strategies for a non-grantor trust to minimize the tax. https://www.onefpa.org/journal/Pages/JUL16-Planning-for-the-Net-Investment-Income-Tax-for-Non-Grantor-Trusts.aspx