News and Alerts

//News and Alerts

Stay up to date with latest accounting, tax, and consulting news! Dean Dorton's experts let you know the latest industry and emerging accounting and tax information and most importantly how it will affect you and your business.

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Why Making Annual Exclusion Gifts Before Year End Can Still Be a Good Idea

December 30th, 2016|

A tried-and-true estate planning strategy is to make tax-free gifts to loved ones during life, because it reduces potential estate tax at death. There are many ways to make tax-free gifts, but one of the [...]

Few Changes to Retirement Plan Contribution Limits for 2017

December 29th, 2016|

Retirement plan contribution limits are indexed for inflation, but with inflation remaining low, most of the limits remain unchanged for 2017. The only limit that has increased from the 2016 level is for contributions to [...]

IRS Extends 1095-C and 1095-B Deadline

December 27th, 2016|

In November, the IRS extended the deadline for employers to furnish Forms 1095-C and/or 1095-B to employees and covered individuals. The forms, which are required under the Affordable Care Act’s employer reporting mandate, are [...]

Want to Save for Education? Make 2016 ESA Contributions by December 31

December 20th, 2016|

There are many ways to save for a child’s or grandchild’s education. But one has annual contribution limits, and if you don’t make a 2016 contribution by December 31, the opportunity will be lost forever. [...]

Bill Kohm Appointed to the Reclamation Guaranty Fund Commission

December 19th, 2016|

Bill Kohm, Director of Assurance Services, was appointed to serve on the Reclamation Guaranty Fund Commission for the Commonwealth of Kentucky by Governor Matt Bevin. Bill will represent certified public accountants, serving a term expiring July [...]

Can You Pay Bonuses in 2017 but Deduct Them This Year?

December 15th, 2016|

You may be aware of the rule that allows businesses to deduct bonuses employees have earned during a tax year if the bonuses are paid within 2½ months after the end of that year (by [...]

Key Tax Filing Deadlines Changed

December 15th, 2016|

Due dates for certain tax returns for the 2017 tax filing season (returns for 2016) and beyond have been changed. The changes, based on the tax year being the calendar year, are highlighted in [...]

An Important but Often Overlooked Follow-Up After a Death or Divorce

December 15th, 2016|

Most assets of which we are the sole owner pass at death according to the terms of our will and beneficiary designations of retirement plans and life insurance. In a real example from a dispute [...]

Jen Shah Elected to Thoroughbred Aftercare Alliance Board

December 15th, 2016|

Jen Shah, Dean Dorton's equine industry team leader, was recently elected to the Thoroughbred Aftercare Alliance (TAA) board of directors. Eight new members were elected, including a new board president. The new board members include [...]

Municipal Market Potentially at Risk with Trump Infrastructure Plan

December 15th, 2016|

With the upcoming changes in the political arena, interest on municipal bonds is at risk of becoming subject to federal income taxation. Under the current U.S. tax code, when investors lend money to local [...]

Some Tax Rates and Amounts for 2017

December 15th, 2016|

FICA base — Annual compensation to which Social Security tax applies is $127,200 for 2017 (up from $118,500 for 2016). Social Security benefits — Individuals who are drawing Social Security benefits prior to attaining [...]

You May Need to Renew Your ITIN

December 15th, 2016|

An ITIN — Individual Taxpayer Identification Number — is used by non-residents of the U.S. who are not entitled to work in the U.S. (and therefore cannot obtain a social security number) to satisfy their [...]

Team Member Spotlight: Elizabeth Woodward

December 13th, 2016|

Industry Team: Litigation Support Years with Dean Dorton: 17 Years in the Higher Education Industry: 23 Favorite thing about Dean Dorton: I love our firm’s commitment to excellence. It is rewarding to work at a firm where [...]

Private Business Use

December 12th, 2016|

The IRS is placing increased scrutiny on the use of tax exempt bonds by 501(c)(3) organizations. Since interest earned on the revenue bonds issued by state and local governmental organizations is exempt from federal income [...]

IRS Penalties for Information Returns

December 6th, 2016|

Penalties for failure to file correct information returns (e.g. W-2s, 1099s, 1098s, 1042s) are subject to annual inflationary increases per Section 208 of Public Law 113-295. These penalties are based on the period of [...]