Most articles about the passage of the Tax Cuts and Jobs Act in December buzz about the resulting income tax consequences for individuals and businesses.
But what about the intersection of the TCJA and estate planning?
In a report by Stefi Gascon Hafen, published by AccountingToday, she comes to some interesting conclusions about the TCJA’s significant impact on estate planning. Read More
The accounting industry is changing rapidly. Today’s accountant has become more of a business consultant than the mathematical tool of the past, but recent changes are affecting the profession further. Automation and new technology keep changing the accounting industry in specific ways, and the American Institute of Certified Public Accountants recently launched a new version of the Uniform CPA Exam in 2017 to meet these new demands.
WASHINGTON – Launching a special week of activities, the Internal Revenue Service today continued its effort to encourage taxpayers to do a “paycheck checkup” to make sure they have the right amount of tax taken out of their paychecks for their personal situation.
To help taxpayers understand the implications of the Tax Cuts and Jobs Act, the IRS unveiled several new features to help people navigate the issues affecting withholding in their paychecks. The effort includes a new series of plain language Tax Tips, a YouTube video series and other special efforts to help people understand the importance of checking their withholding as soon as possible. Read More
Last week Congress passed the 2018 omnibus spending bill after finalizing the language at the last minute. Lawmakers on both sides of the aisle, specifically Rep. Kristi Noem, were pushing to include online sales tax legislation, but ultimately the House’s chief deputy whip, Rep. Patrick McHenry, “Signaled…that Noem’s measure won’t be included in the omnibus and hasn’t had enough vetting.”
About The Online Sales Tax Provision
Rep. Noem made an aggressive push to add the online sales tax legislation to the bill last minute. As The Hill explains: Read More
It is no secret that accountants make a lot of money. Thousands seek this highly lucrative career every year so that they can build the lifestyle of their choice. The median salary for accountants is approximately $67,000. However, you may be surprised to find out that there are many ways to advance your salary.
Depending on your field and expertise, you can add an extra boost to your bank account. These are some of the best ways to make more in your accounting career. Read More
The Federal Government’s proposed border wall with Mexico has been getting a lot of attention lately, particularly since the president recently visited the Golden State. One California legislator has an interesting take on the ongoing disagreement between California and the White House. Assemblyman Phil Ting, of CA, recently announced his bill, A.B. 2355, as a way to incentivize companies not to participate in the building of the wall.
The Logistics
As recently reported by Bloomberg BNA, companies that participate in the building of the Federal government’s proposed wall with Mexico, on the California border, would not be able to participate in several state tax credits. Read More
WASHINGTON — The Internal Revenue Service is seeking qualified applicants for nomination to the Electronic Tax Administration Advisory Committee (ETAAC).
The ETAAC provides an organized public forum for discussion of electronic tax administration issues, such as prevention of identity theft and refund fraud in support of the overriding goal that paperless filing should be the preferred and most convenient method of filing tax and information returns. ETAAC members work closely with the Security Summit, a joint effort of the IRS, state tax administrators and tax industry to fight electronic fraud. Read More
Reimbursements for expenses like mileage can be taxable for employees depending on if your business has an accountable plan. Let’s go over what an accountable plan is and the impact it can have on your business taxes.
What Does An Accountable Plan Mean?
An accountable plan is a system for handling your reimbursements or allowances for employees. It must satisfy the following requirements:
Filing taxes for the first time? Don’t let all the experts and jargons overwhelm you. At the end of the day, if you understand some very basic points clearly, you shall pass this test as well. If you are out of the college or just took your first job, it is eminent that you take this step with a lot of seriousness. But not to a level that it becomes a mental block for you. We have outlined some simple tips for you to get through this.
Should You File? Read More
The IRS recommends that taxpayers use the Withholding Calculator on IRS.gov to do a “paycheck checkup” to check that their employers withhold the correct amount of income tax from their paychecks.
The Withholding Calculator can help prevent employees from having too little or too much withheld from their paycheck. Having too little tax withheld can mean an unexpected tax bill or potentially a penalty at tax time in 2019. And with the average refund topping $2,800, some taxpayers might prefer to have less tax withheld up front and receive more in their paychecks. Read More
After a property is purchased, there is generally a time period that a property is held before it is developed. Common expenses that are incurred are property taxes and interest. Other expenses incurred can be classified as an operating expense, added to inventory cost or capitalized for tax purposes.
Property taxes and interest on vacant land are generally capitalized or added to the cost of inventory for real estate. These expenses on vacant land can only be deducted in the same tax year if there is property income received and the corporation is not in the business of development. Read More
If you owe the IRS taxes and have a substantial outstanding balance, there are several legal means the government uses to get those past due taxes paid. Continue reading to find out how this may impact you and your future travel plans.
The IRS and State Department have begun implementing a law passed back in 2015 that requires the State Department to deny passports to taxpayers who owe the IRS more than $51,000 in back taxes, penalties, and interest. Taxpayers who owe this much won’t be issued a new passport or get old passports renewed if the IRS has filed a Notice of Federal Tax Lien and the period to challenge it has expired or the IRS has issued a levy. Read More
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