Published .

Posted in: Uncategorized

Tagged:

The new tax law has created a method of tax savings by providing tax benefits to taxpayers who reinvest capital gains into vehicles called Qualified Opportunity Funds.  These funds hold at least 90% of their assets in Qualified Opportunity Zone Property, which is property in low-income communities.  If taxpayers take advantage of this opportunity by investing in these funds by 2021 and holding them for at least five years, the law allows them to increase their basis in the initial … Continued

Published .

Posted in: Uncategorized

Tagged:

‘Tis the season of employee rewards and bonuses. Below is a quick guide for the tax consequences of gift giving:   Bonuses   Year-end bonuses are subject to the same payroll taxes that an employee’s normal pay is subject to. This includes all federal and state withholding requirements and the employee’s share of FICA taxes (which includes social security and Medicare). Bonuses are considered to be “supplemental wages” by the IRS and are subject to special withholding rules. See IRS … Continued

Published .

Posted in: Uncategorized

Tagged:

If signed by the Governor, individuals who contact the Oklahoma Tax Commission after September 1, 2017 and before November 30, 2017 can make arrangements with the O.T.C. to pay the principal portion of taxes owed and a small user fee in exchange for a automatic waiver of penalties and interest. The program, as written, will cover income taxes, sales taxes, use taxes, withholding, mixed beverage, gasoline, diesel, gross production taxes, and petroleum excise taxes. Enrollment in this program is highly … Continued

Published .

Posted in: Uncategorized

Tagged:

While little happened in the way of tax legislation in 2016, there are certain tax breaks from which you may benefit and certain strategies that can be employed to help minimize taxable income and your federal tax liability.   For 2016, the top tax rate of 39.6 percent will apply to incomes over $415,050 (single), $466,950 (married filing jointly and surviving spouse), $233,475 (married filing separately), and $441,000 (heads of households). However, high-income taxpayers are also subject to the 3.8 … Continued