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IRS Circular 230 Disclosure: 
To ensure compliance with requirements imposed by the Internal Revenue Service, we inform you that any tax advice contained in this communication, unless expressly stated otherwise, was not intended or written to be used, and cannot be used, for the purpose of (i) avoiding tax-related penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any tax-related matters addressed herein. 

This contact form is not intended for confidential material. 

Employee Topics

October 31, 2016

 

 

The requirement to pay overtime cannot be waived by an agreement between an employer and employee.

 

The PATH Act made permanent the election to deduct either state and local income taxes or sales taxes.

 

 In order to deduct non-cash gifts, you must have a receipt or other reliable written record. Donations valued at more than $250 must be supported by an acknowledgement from the organization.  A qualified appraisal is required if the value is $5,000 or more.  You must have the written support before you file your tax return.

 

The maximum IRA contribution for 2016 is limited to $5,500. Taxpayers who will be at least 50 years old by the end of the year may generally make an additional $1,000 "catch-up" contribution.

 

U.S. persons who receive more than $100,000 from a nonresident alien individual or a foreign estate generally must report the transaction on Form 3520.  If the return is not filed timely the initial penalty can be as high as the greater of $10,000 or 35% of the value of the property transferred.

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