April 18, 2019 Just like taxpayers who file their taxes by the April deadline, those who filed an extension should also do everything to make sure their tax return is complete and accurate. Errors on a tax return can mean it will take longer for the IRS to process the return, which in turn, could… Read More

January 30, 2019 The Internal Revenue Service reminded employers and other businesses of the January 31, 2019, filing deadline that applies to filing wage statements and independent contractor forms with the government. The Protecting Americans from Tax Hikes (PATH) Act requires employers to file their copies of Form W-2, Wage and Tax Statement, and Form… Read More

November 25,2018 The Tax Cuts and Jobs Act changed depreciation limits for passenger vehicles placed in service after Dec. 31, 2017. If the taxpayer doesn’t claim bonus depreciation, the greatest allowable depreciation deduction is: $10,000 for the first year $16,000 for the second year $9,600 for the third year $5,760 for each later taxable year… Read More

November 24th, 2018 The Internal Revenue Service reminded eligible employees that now is the time to begin planning to take full advantage of their employer’s health flexible spending arrangement (FSA) during 2019. FSAs provide employees a way to use tax-free dollars to pay medical expenses not covered by other health plans. Because eligible employees need… Read More

November 22nd, 2018 Tax reform that affects both individuals and businesses was enacted in December 2017. It’s commonly referred to as the Tax Cuts and Jobs Act, TCJA or simply tax reform. In addition to nearly doubling standard deductions, TCJA changed several itemized deductions that can be claimed on Schedule A, Itemized Deductions. This means… Read More

November 21st, 2018 Hurricane Michael victims in parts of Florida and elsewhere have until Feb. 28, 2019, to file certain individual and business tax returns and make certain tax payments, the Internal Revenue Service announced. The IRS is offering this relief to any Major Disaster Declaration area designated by the Federal Emergency Management Agency (FEMA)… Read More

November 20th, 2018 The Internal Revenue Service issued proposed regulations today for a new provision allowing many owners of sole proprietorships, partnerships, trusts and S corporations to deduct 20 percent of their qualified business income. The new deduction — referred to as the Section 199A deduction or the deduction for qualified business income — was… Read More