Newsletters
Tax Alerts
Tax Briefing(s)

Contributions to qualified retirement plans generally are tax deductible or pretax. If you’re self-employed, you can boost your tax-advantaged saving by setting up a retirement plan for 2017.


Company founders can’t live in denial about succession planning.


Have you been contributing enough to your 401(k) plan in 2017?


Your company’s “best customer” may or may not be as valuable as you think. There’s only one way to find out for sure: Analyze each customer’s contributions to your bottom line.


They’re out there and they may be legion. We’re referring to threats to your business operations. But, rest assured, your company can protect itself with the right plan in place.


In continued celebration of our 20th anniversary, we would like to introduce you to another partner at Berger & O’Toole, CPAs, LLC; Stephen Jensen. Stephen joined the firm in August of 2010.


As we continue to look forward to our 20th anniversary this year, we want to take this opportunity to introduce you to our fourth partner, Joe Pritchard. Joe joined our team in October 2012 and he runs the Berger & O’Toole office in Spalding, NE.


Together with Bob Berger, Dennis O’Toole founded Berger & O’Toole, an accounting firm, in 1997.


To help us celebrate our 20th anniversary in 2017, we will be introducing you to the talented members of the Berger & O’Toole, CPAs team. We start with partner Robert Berger, who founded Berger & O’Toole, CPAs, LLC in 1997 with Dennis O’Toole. Prior to joining forces with Dennis he founded Freed and Berger, CPAs in 1987.


Tax reform discussions continue on Capitol Hill with legislation expected to be released very soon. GOP lawmakers in the House and Senate appear to be aiming for a comprehensive overhaul of the Tax Code. President Trump and Republicans in Congress have set out an ambitious schedule of passing a tax reform bill before year-end. 


Year-end tax planning can provide most taxpayers with a good way to lower a tax bill that will otherwise be waiting for them when they file their 2017 tax return in 2018. Since tax liability is primarily keyed to each calendar tax year, once December 31, 2017 passes, your 2017 tax liability for the most part – good or bad – will mostly be set in stone.


As the 2018 filing season nears, the IRS is reminding taxpayers that the Affordable Care Act (ACA) remains on the books. The ACA’s reporting requirements for individuals have not been changed by Congress. At the same time, the Trump Administration has proposed administrative changes to the ACA, which could expand health reimbursement arrangements (HRAs), the use of short-term, limited duration health insurance, and association health plans.


Holiday gifts made to customers are generally deductible as ordinary and necessary business expenses as long as the taxpayer can demonstrate that such gifts maintain or improve customer goodwill. Such gifts must bear a direct relationship to the taxpayer's business and must be made with a reasonable expectation of a financial return commensurate with the amount of the gift. However, the $25 annual limitation per recipient on deductibility is applicable to holiday gifts, unless a statutory exceptions applies.


For purposes of federal tax, employers must withhold and pay FICA taxes (7.65%) if they paid a household employee cash wages of at least $2,000 in 2016 or in 2017 ($2,100 in 2018). Employers must pay FUTA tax (6%) if they paid total cash wages of at least $1,000 in a calendar quarter to household employees. A homeowner may be an “employer” to a housekeeper; or, if enough evidence is shown, merely a recipient of services by an independent contractor or self-employed individual.


As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important federal tax reporting and filing data for individuals, businesses and other taxpayers for the month of November 2017.


Charitable contributions traditionally peak at the end of the year-end. While tax savings may not be your prime motivator for making a gift to charity, your donation could help your tax bottom-line for 2015. As with many tax incentives, the rules for tax-deductible charitable contributions are complex, especially the rules for substantiating your donation. Also important to keep in mind are some enhanced charitable giving incentives scheduled to expire at the end of 2015.


Job-hunting expenses are generally deductible as long as you are not searching for a job in a new field. This tax benefit can be particularly useful in a tough job market. It does not matter whether your job hunt is successful, or whether you are employed or unemployed when you are looking.