For tax years beginning in 2018 and beyond, the Tax Cuts and Jobs Act (TCJA) created a flat 21% federal income tax rate for C corporations. Under prior law, C corporations were taxed at rates as high as 35%. Meanwhile,…
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Due to the massive changes in the Tax Cuts and Jobs Act (TCJA), the 2019 filing season resulted in surprises. Some filers who have gotten a refund in past years wound up owing money. The IRS reports that the number…
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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…
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While the Tax Cuts and Jobs Act (TCJA) reduces most income tax rates and expands some tax breaks, it limits or eliminates several itemized deductions that have been valuable to many individual taxpayers. Here are five deductions you may see…
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Tax filing deadlines are still in effect Despite the government shutdown, the fourth (and final) estimated quarterly tax payment for 2018 is due January 15th. The IRS has announced that it will begin accepting paper and electronic tax returns for…
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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…
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The passage of the Tax Cuts and Jobs Act (TCJA) in late 2017 brought significant changes to the tax landscape. As the first tax season under the law looms on the horizon, new year-end tax planning strategies are emerging. Meanwhile,…
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The Tax Cuts and Jobs Act (TCJA) created more than 100 new tax provisions — a staggering thought as you begin to prepare for the next filing season. The good news is that these and some of the surviving provisions…
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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…
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Now is a good time for businesses and their owners to review some of the provisions of the Tax Cuts and Jobs Act (TCJA) that may significantly impact their taxes for 2018 and beyond. Generally, the changes apply to tax…
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At this time of year you may think you can relax about the threat of tax related identity theft. Unfortunately, though, criminals who commit tax-related identity theft don’t work seasonally — they’re constantly devising and unleashing new schemes. And even…
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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…
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The IRS will begin accepting 2017 income tax returns on January 29. You may be more concerned about the April 17 filing deadline, or even the extended deadline of October 15 (if you file for an extension by April 17).…
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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…
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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…
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It’s a smaller business world after all. With the ease and popularity of e-commerce, as well as the incredible efficiency of many supply chains, companies of all sorts are finding it easier than ever to widen their markets. Doing so…
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Employers with 50 or more full-time employees (including full-time equivalent employees) that are required to offer health insurance coverage and report enrollment information for their employees under the Affordable Care Act (ACA), file Internal Revenue Service (IRS) Forms 1094 and…
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It’s tax time: prepare early to avoid procrastination, reduce identity theft, and get your refund sooner.…
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As tax season 2017 approaches, the Internal Revenue Service, the states and the tax industry are reminding taxpayers to be on the lookout for an array of evolving tax scams related to identity theft and refund fraud. Every tax season,…
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We like to notify our clients when we become aware of new IRS scams. Unfortunately, this is happening with increasing frequency. As a result, we are adding a new category to our Blog “Tax Scams.” Check here for information to…
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