Are you having enough money withheld from your regular paychecks? The Tax Cuts and Jobs Act (TCJA) has made several significant changes to the tax rules for individuals for 2018 through 2025. As a result, many taxpayers who previously itemized deductions are expected to claim the standard deduction, starting in 2018. Read more
A new U.S. Supreme Court ruling paves the way for states to require Internet sellers to collect sales tax from consumers — even if they don’t have a physical presence in the state. (South Dakota v. Wayfair, No. 17-494, June 21, 2018) In doing so, the Court has reversed the long-standing, but controversial, precedent in Quill v. North Dakota. (504 U.S. 298, May 26, 1992)
This landmark decision, reached by a narrow 5-4 vote, puts online retailers on the same virtual sales tax footing as brick-and-mortar stores. Read more
IRS Offers Limited Relief to Certain Taxpayers Subject to the Section 965 Transition Tax
On June 4, 2018, the Internal Revenue Service (IRS) announced that it will provide penalty relief to certain taxpayers subject to the Section 965 transition tax, and provided additional information for individuals subject to the Section 965 transition tax regarding the due date for relevant elections. Read more
By Bethany Bouw, CPA
Many taxpayers with international activity are becoming more familiar with informational reporting on foreign bank accounts, foreign corporations, and foreign financial assets. However, many still struggle with certainty when it comes to reporting transactions with foreign trusts or receipt of foreign gifts/bequests on Form 3520. As with most foreign informational reporting, this is not a form to be ignored or taken lightly as it carries significant penalties. Read more
The Tax Cuts and Jobs Act makes sweeping changes to the tax rules for individuals. But some of the new provisions won’t necessarily be relevant to your situation. Here’s a quick reference guide to the major issues under the new law to help you understand what’s changing.
In general, the changes for individual taxpayers are effective for 2018 through 2025, unless otherwise noted. Read more
Many state legislatures are now in session. A major issue that state lawmakers may currently face is whether to conform their state income tax systems to all the changes included in the Tax Cuts and Jobs Act (TCJA). Some states are considering or have adopted legislation to address the following key provisions of the new tax law. Read more
The Tax Cuts and Jobs Act makes sweeping changes. But some of the new provisions won’t necessarily be relevant to your situation. Here’s a quick reference guide to the major changes under the new law to help you understand what’s changing.
In general, these changes are effective for tax years beginning after December 31, 2017. For businesses, these changes are permanent, unless otherwise noted. Read more
Construction work, by its very nature, is a high-risk type of business. It usually isn’t a matter of if a loss occurs, but when and how much. When a loss does occur, such as an electrical wiring fire, all the parties involved with the project generally point the finger at the other parties. Read more
Everyone struggles to keep up when business really takes off. Projects come all at once. You may hire additional field workers to meet the demand. Payroll is stretched because payments which come in on your new projects lag months behind the large sums you lay out weekly to pay your workers. Read more