Author Archives: maryvandenack
Does Your Employee Handbook Need “Technical” Updates?
It is important to remember that employee handbooks should be updated as technology improves and company procedures evolve. You should make sure that your employee handbook is updated to reflect modern technology and that it appropriately addresses employees’ use of the same. One issue is the use of cell phones. Do your policies clearly address… Read More »
LLC Owned by Married Couple Generally Not Treated as Disregarded Entity
If an LLC is owned solely by a married couple who file their taxes jointly, the question may arise whether the husband and wife can be counted as one member allowing the company to be treated as a disregarded entity? This would be beneficial because it would eliminate the need for separate federal and state… Read More »
Tax Deductions for Animal Caregivers
Individual taxpayers that help rescue and foster animals for a charitable organization may be able to deduct unreimbursed volunteer expenses as charitable contributions on their tax returns this year. The US Tax Court recently allowed a taxpayer that helps a local nonprofit by fostering cats in her home deduct associated unreimbursed expenses as charitable deductions. … Read More »
What is a Disregarded Entity?
If you have formed a limited liability company (“LLC”) by yourself, you may have heard it referred to as a “disregarded entity.” A disregarded entity is the default tax classification for a single-member LLC. Disregarded entities are generally treated as nonexistent for tax purposes. That is, all income, deductions, gains, losses, and credits are… Read More »
Benefits of Making an S Corporation Election
In an S Corporation, all income and losses are divided and passed through to its shareholders. The shareholders then report the income or loss of the corporation on their own individual income tax returns. A corporation can elect to be treated as an S Corporation by filing Form 2553. Eligibility restrictions to make the election… Read More »
Requirements to Comply with Nebraska Sales and Use Tax
The state of Nebraska has both a sales and use tax. Sales tax generally applies to transactions within Nebraska. On the other hand, the use tax applies when you purchase goods in another state for use in Nebraska and there is no sales tax on those goods when purchased. An example of the use tax… Read More »
SEC Provides Social Media Guidelines for Investment Advisers
The SEC recently provided guidance regarding the use of social media by investment advisers after charging an Illinois investment adviser with fraud resulting from an offering of more than $500 billion in fictitious securities through various social media sites. Pursuant to the Advisers Act Rule 206(4)-7, investment advisers are encouraged to adopt and occasionally review… Read More »
Bill Introduced to End the Nebraska Inheritance Tax
A bill was introduced in the Nebraska Unicameral that would end the Nebraska inheritance tax. The tax is paid to counties by people who inherit property from deceased friends and relatives. Nebraska is currently one of only eight states to have such a tax. The proposal comes amid Forbes Magazine naming Nebraska as one of… Read More »
Medicare Part D Drug Plans Can Withhold Payments on Suspicious Claims
In a growing effort to prevent “doctor shopping,” Medicare Part D prescription drug plan sponsors can now safely withhold pharmacy payments on suspicious claims without violating prompt payment requirements. A recent CMS Notice clarifies that when a sponsor suspects fraud with respect to a particular claim, payment need not be made until the claim has… Read More »
2012 Tax Deadline Extended
The IRS has announced that taxpayers will have until Tuesday, April 17, 2012, to file their 2011 individual income tax returns and pay any tax due. The deadline has been extended from April 15 because this year that date falls on a Sunday. Typically this would mean that the deadline would be extended to the… Read More »
