Earlier this year, we discussed the new income tax credit for qualified family leave. This credit applies to employers who satisfy certain criteria and pay employees under qualified plans.
Jeffrey David, the former chief revenue officer for the NBA’s Sacramento Kings, recently pleaded guilty to charges of wire fraud and identity theft in a scheme that misappropriated approximately $13.4 million of the team’s funds. Mr. David, who was the corporate officer responsible for generating revenue for the Kings, directly negotiated sponsorship, partnership, and other advertising and marketing agreements between the Kings and outside companies. According to the plea agreement, Mr. David directed some of those companies to wire some of their payments to bank accounts held in the name of a limited liability company under his sole control, Sacramento Sports Partners, LLC. There are lessons business owners can learn from the Sacramento Kings' embezzlement case. Let's look at how the perpetrator embezzled funds, how the scheme was uncovered, and the ways it could have been avoided.
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Social Security and Medicare Tax As of January 1, 2019, the maximum amount of annual earnings subject to the Social Security increases to $132,900 (from $128,400 in 2018). There is no limit on the amount of earnings subject to the Medicare tax. The maximum Social Security tax to be deducted from an employee’s compensation during 2019 will be $8,239.80 (6.2% x $132,900).
As 2019 gets closer, businesses and nonprofits across the country are struggling to understand how to calculate how new parking expense rules will impact their tax liability. The changes to parking expense deductibility and the unrelated business income tax for nonprofits are part of the changes under the Tax Cuts and Jobs Act (TCJA).
There continues to be a lot of discussion about the Tax Cuts and Jobs Act, signed into law in December 2017. There are new tax rates for individuals and corporations and different ways to apply existing provisions of the tax code. One new credit, however, has been largely ignored and may provide a significant tax benefit for businesses that are paying employees under the Family Medical Leave Act of 1993 (FMLA).
We get it. As an administrator, you’re overloaded. You’re wrestling with staffing shortages, complex reimbursement issues, and keeping up on regulatory requirements – all while giving top notch care to your residents. When polled for our 2018 Maryland Skilled Nursing Facility Survey, skilled nursing facility administrators, owners and senior financial staff said their top three concerns are finding and retaining qualified employees; changes in payment/reimbursement systems; and the level of outside regulatory requirements. These three issues consistently top our list of top concerns in our annual skilled nursing facility survey. Coming in at fourth in 2018 is maintaining census. Maintaining census is an excellent thing for administrators to be concerned about. Here's why.