The new tax law (Tax Cuts and Jobs Act of 2017) made significant changes to the corporate tax rates. This includes a new deduction for “pass through” business entities like S Corporations, sole proprietorships, partnerships, and LLCs that are taxed as partnerships.
As we prepare to celebrate the holidays, many employers are also getting ready to provide their employees with annual bonuses and holiday gifts. Beware: What may be a gift given in the spirit of thanks and appreciation could turn out to be taxable income for the recipient. Continue reading
Do you or others in your company travel for business? The IRS has released the 2017-2018 per diem rates for substantiating employee business expenses for lodging, meals, and incidental expenses incurred while traveling away from home. Continue reading
With the filing deadline for tax extensions looming, it is a good time to review some of the most devious and dangerous techniques cyber criminals use to cheat their victims by creating fraudulent tax returns. The Internal Revenue Service (IRS) has published a list of six tips to combat some of the latest frauds, including the “red flags” that may help you identify the scam. Continue reading
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Tax reform has been a major topic of discussion in Washington, but it’s still unclear exactly what such legislation will include and whether it will be signed into law this year. However, the last major tax legislation that was signed into law — back in December of 2015 — still has a significant impact on tax planning for businesses. Let’s look at three midyear tax strategies inspired by the Protecting Americans from Tax Hikes (PATH) Act: Continue reading
While April 15 is traditionally “tax day” in the U.S., taxpayers are really responsible for paying taxes throughout the year. Whether you are a W-2 employee who has taxes withheld from your paycheck, or a self-employed business owner or partner who makes quarterly estimated tax payments, Uncle Sam insists on getting paid on a regular basis. Continue reading
To say this will be one of the most complex and confusing tax years is putting it mildly. Many taxpayers are worried about what they are reading in news reports regarding tax rates, the health care mandate, and other issues that are “in flux” as the new administration sorts through policy changes. Continue reading
Seniors and retirees may have less to worry about when it comes to day-to-day financial operation of a business, but there are tax matters that apply to them once they reach a certain age. Here are a couple of updates of which seniors should be aware. Continue reading
It is nearly impossible to read a newspaper, watch a TV news broadcast, or surf the web without coming across a story of someone who has fallen victim to a tax scam. Cunning thieves can assume your identity to steal your tax refund, and cause havoc and confusion that can cost thousands of dollars to correct. The criminal element is particularly active during the tax filing period, using all kinds of tricks to do their dirty work. Continue reading