2018 Information Return Filing Requirements
The due date for 2018 Forms W-2, W-3, and 1099-MISC with data in box 7 for non-employee compensation is January 31, 2019, and applies to paper and electronically filed returns.
TAX CUT & JOBS ACT: CHANGES REGARDING PARKING TRANSIT PASSES
As part of the Tax Cuts & Jobs Act of 2017, there are new rules for transportation fringe benefits. Parking and transit passes are no longer deductible. Link: Tax Cut Jobs Act Changes Regarding Parking Transit Passes
2018 MEALS & ENTERTAINMENT UPDATE
The IRS has recently released guidance significantly changing the meals and entertainment deductions, creating separate rules for each category. Link: Entertainment & Meals Updates - White Papers
Who needs an estate plan?
Who needs an estate plan? Quick answer: Everyone Despite what you might think, estate planning isn’t limited to only the rich and famous. In fact, your family is likely to benefit from a comprehensive plan that divides your wealth, protects your well-being and...
IRS Regulations Regarding Service Businesses
Pass-Through Businesses The Tax Cuts and Jobs Act allows a temporary deduction in an amount equal to 20 percent of qualified income of pass‐through entities, subject to a number of limitations and qualifications. 199A Specified Services in chart format
The Tax Cuts and Jobs Act – June 2018 Update
The Tax Cuts and Jobs Act was passed in December with many unanswered questions and ambiguities. You are likely to hear from us from time to time to give you updates when more guidance has been provided. The American Institute of CPAs as well as the head of the Ways...
Not-For-Profit Financial Reporting Changes
Financial reporting for not‐for‐profit organizations has not changed significantly in many years. Financial statements will change for all not‐for‐profit organizations and will include some changes in presentation and enhanced disclosures. The new standard is...
2017 Tax Cuts Act: What it Means
The Tax Cuts and Jobs Act was signed by President Trump on December 22, 2017. The Act makes sweeping changes to the U.S. tax code and impacts virtually every taxpayer. Click on the link(s) below to see how this legislation impacts specific entity types. 2017 Tax Act...
Dashboards: Creating and Implementing a Financial Dashboard Relevant to Nonprofits
A high-level concise graphical presentation can be created and used to track Key Performance Indicators (KPI; metrics that impact the business).
Discounts on Future Purchases Make for Tricky Deductions
Retail businesses will sometimes run customer loyalty programs that offer discounts on future gasoline purchases after qualifying purchases are made which customers may end up not using before the expiration date. The IRS says that you cannot deduct these discounts on your business income tax return until they are actually applied to purchases. Despite the IRS stance on this issue a taxpayer was able to win a case against it in the Third Circuit Court recently which reiterated the fact that this is a complicated issue.
