If you have money in an overseas account you are required by law to report it to the Internal Revenue Service (IRS). Willful non-reporting can result in stiff penalties that can run as high as 50% of the account value. Continue reading
The Tax Cuts and Jobs Act not only reduced the tax rate on C corporations, it includes a significant tax break for certain “pass through” entities such as sole proprietors, partnerships, S Corps, LLCs, and self-employed individuals. Business owners who report business income on their personal tax returns will now be able to deduct 20% of “qualified business income,” which is defined as the net amount of qualified income, gains, deductions and losses for the business. On average, the deduction may result in about a 20% reduction in taxes. Continue reading
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
This blog post has been removed.
If you have questions regarding your data and what steps to take, please contact Gray, Gray & Gray at (781) 407-0300.