Time flies when you’re busy running a business. But it’s important to occasionally pause and assess interim performance — otherwise you’re likely to be surprised by the year-end results. When reviewing mid-year financial reports, however, recognize their potential shortcomings. These…
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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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Early in the morning on December 2, the U.S. Senate passed its version of the Tax Cuts and Jobs Act by a vote of 51 to 49. The U.S. House of Representatives passed its own version of the tax bill…
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With tax reform proposals winding their way through Congress, year-end tax planning has become infinitely more complex. There’s a great deal of uncertainty over whether and when tax reform will be implemented and which proposals from the bills will make…
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On November 16, the U.S. House of Representatives passed the Tax Cuts and Jobs Act by a vote of 227 to 205. What are tax reform’s next few steps? On November 17, the Senate Finance Committee approved its own tax…
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Washington lawmakers are continuing their race to hammer out a tax reform package. The House Ways and Means Committee made amendments to, and approved, the Tax Cuts and Jobs Act. And the Senate Finance Committee released “policy highlights” for its…
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After months of discussion, the U.S. House Ways and Means Committee released its sweeping bill to reform the tax code. Here’s a brief rundown of some of the individual and business provisions in the 429-page Tax Cuts and Jobs Act.…
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In late September, 2017, U.S. Senate Republicans declined to vote on the Graham-Cassidy health care bill because there weren’t enough votes to pass it. On September 27, 2017, President Trump and Republican congressional leaders turned their attention to tax reform…
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If you have a credit report, there’s a good chance that you’re one of the 143 million American consumers whose sensitive personal information was exposed in a data breach at Equifax, one of the nation’s three major credit reporting agencies.…
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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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What do charitable donors want? The classic answer is: Go ask each one individually. However, research provides some insight into donor motivation that can help your not-for-profit grow its financial support. Taxing matters The biennial U.S. Trust® Study of High…
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At the end of April, just before his “100 days” in office, President Trump unveiled his highly-anticipated tax reform outline – the “2017 Tax Reform for Economic Growth and American Jobs.” The outline calls for dramatic tax cuts and simplification:…
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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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As the new administration and Congress get to work, tax reform is high on the agenda. Although legislative language has not been yet released, statements from tax writers in Congress shed some light on various proposals. Tax reform House Ways…
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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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Congress ended 2016 passing a few targeted tax bills and lawmakers focused on the incoming Trump administration and tax reform in 2017. President-elect Donald Trump campaigned on tax cuts for individuals and businesses. Already, lawmakers from both sides of the…
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FLSA Changes No Longer Effective December 1, 2016 On November 22 a federal judge issued a nationwide injunction blocking the U.S. Department of Labor (“DOL”) from implementing its new overtime rule scheduled to take effect December 1, 2016. The court’s…
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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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