The IRS is giving businesses back a break they thought they had lost due to the Tax Cuts and Jobs Act. The agency announced that companies can still deduct 50% of meals while entertaining clients and customers. The announcement cleared up confusion about whether the tax law changes had completely eliminated the benefit of writing off taking clients out to a meal.
Time is running out for taxpayers looking to take a depreciation deduction on certain property they have used in 2017. Individuals and calendar-year corporations must generally file the election with the IRS by October 15th.
If you’re like most taxpayers, chances are you haven’t read The Tax Cuts and Jobs Act, which is understandable as the tax reform legislation is over 500 pages long and can be confusing and hard to understand for the average taxpayer. The good news is we’ve read through the new tax law and we can help you understand some of the major changes that will affect you and your business! Here is part three of our series of going through the different tax law changes and letting you know what the changes are and how they will affect you! Don’t forget to read Part 1 and 2 of the changes!
The Tax Cuts and Jobs Act created several changes within the tax law, one of those changes is with the Alternative Minimum Tax (AMT). The new changes will make the AMT affect less people and those it does affect, it won’t affect as hard.
Do you provide paid family or medical leave to your employees? Have you thought about it? If you don’t, now would be a great time to start! The IRS has announced that eligible employers who provide family and medical leave may qualify for a new business credit for tax years 2018 and 2019!
In the wake of Hurricane Florence, which wreaked havoc on the Carolinas, it is important to have an emergency readiness plan in place in case disaster strikes where you are. Your plan should include evacuation procedures, taking care of your pets/family members, and protecting your most important documents. Your first priority is the safety of you and your loved ones, and the last thing you want to worry about during this time are insurance claims, tax documents, and financial information. The Internal Revenue Service is reminding individuals and companies to take precautions and steps to make sure their financial information is protected. There are a few central documents and personal forms that are important to have copies of and to keep safe especially during a natural disaster. Here are a few tips to keep in mind when looking at protecting yourself.
The Tax Cuts and Jobs Act created hundreds of changes to the U.S. tax code and will affect every taxpayer in America. The changes range from eliminating or lowering exemptions and special tax credits to increasing the standard deduction. The new tax law also re-did the tax brackets and changed the tax rates for some people and businesses. One of the changes most people don’t know about is the 20% Qualified Business Income Deduction. This is a provision meant to benefit businesses with pass through income and is effective from 2018 until 2025.
It looks like the IRS will have a new commissioner. The Senate confirmed Charles Rettig last week as the new commissioner. The Senate confirmed the Beverly Hills tax attorney by vote of 64-33. Rettig will be the first commissioner to come from a tax background and was considered qualified for the job by both parties. Rettig has a tough road ahead of him as the IRS has been hit with several budget cuts from over the years. One of Rettig’s big tasks will be writing the new rules to implement the next tax laws, along with pinpointing the way certain documents will look, and carefully deciding how overseas corporate revenue will be taxed.
Every year we are able to help hundreds of people settle their tax debt issues and move towards financial freedom. Each month we like to feature some of the hardest cases we deal with. This month we had a client who hadn't filed taxes returns in years, a business owner who had to settle both his personal and business tax liability and a taxpayer who was wrongly levied.
Do you owe more in taxes this year than you anticipated? If you are unable to pay your balance in full by the tax deadline, it can be a very stressful and scary feeling. You wonder if the IRS will seize your bank account or your home. The good news is that there are options out there for you! The IRS has different payment plans and options for taxpayers depending on your income and your financial situation. The important thing is to be proactive and trying to find a payment arrangement with the IRS as soon as possible. The IRS can penalize you if you do not pay your taxes by issuing a failure to pay penalty.