T.I.E. BlogT.I.E. Blog

(The.Idea.Exchange) Blog. Timely articles on a wide range of topics including new tax legislation, accounting regulations, best practices, industry news, business insights and more.

New Partnership Basis Reporting

Partnership tax basis and a taxpayer’s ability to use passed-through deductions has always been a hot issue for the Internal Revenue Service (IRS). However, enforcement has been difficult, due to the multiple basis methods that are reported on partners’ Schedule…

Read More »
Posted in Tax  |  Leave a comment

Business year-end tax planning

The first tax-filing season under the Tax Cuts and Jobs Act (TCJA) was a time of uncertainty for many businesses as they struggled with the implications of the law’s sweeping changes for their bottom lines. With the next filing season…

Read More »
Posted in Tax  |  Leave a comment

Steps to trim your 2019 personal taxes

Winter is around the corner and that means it’s time to turn your attention to year-end tax planning. While several clear strategies and tactics emerged during the first tax filing season under the Tax Cuts and Jobs Act (TCJA), 2019…

Read More »
Posted in Tax  |  Leave a comment

IL Manufacturing Sales Tax Exemption

Illinois sales tax law has changed and now expands the manufacturing machinery and equipment exemption to include production-related, tangible personal property purchased on or after July 1, 2019. Consequently, this sales tax law change will have a large impact on…

Read More »
Posted in Tax  |  Leave a comment

IRS warns about 2019 tax scams

As tax season hits full swing, the IRS is warning filers and professionals about familiar phishing scams and some new ones, particularly in the wake of major data breaches in the past year. The warning comes this week as part…

Read More »
Posted in Tax Scams  |  Leave a comment

2019 Tax Deadlines (and Extension Deadlines)

Below is a list of tax filing dates and important deadlines for 2019.  The filing dates listed are relevant to your personal and business’s federal tax return. If you plan to file for an extension of state taxes, you’ll need…

Read More »
Posted in Tax  |  Leave a comment

Do you need to adjust your withholding?

If you received a large refund after filing your 2017 income tax return, you’re probably enjoying the influx of cash. But a large refund isn’t all positive. It also means you were essentially giving the government an interest-free loan. That’s…

Read More »
Posted in Tax  |  Leave a comment

2018 tax calendar

To help you make sure you don’t miss any important 2018 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. Be aware that some deadlines have been moved up or pushed back compared…

Read More »
Posted in Tax  |  Leave a comment

Partnerships: Get ready for new audit rules

For partnerships, including limited liability companies taxed as partnerships, new audit rules are a game changer. The rules apply to returns for partnership tax years that begin after December 31, 2017, including amended returns. The changes aren’t merely procedural; they…

Read More »
Posted in Tax  |  Leave a comment