Business Owners

IRS Issues Final Regulations, Bans Taxpayers from Circumventing SALT Deduction Caps by Karen A. Lake, CPA

Posted on July 09, 2019 by Karen Lake

The IRS has officially shut down any plans that high-tax states had introduced to help their residents circumvent the new tax law’s $10,000 cap on deductions for state and local taxes (SALT). According to final guidance issued by the IRS on June 11, 2019, taxpayers are prohibited from receiving federal tax deductions for the full […]

Expanded Tax Deductions Make Now the Perfect Time to Invest in Your Business by Angie Adames, CPA

Posted on May 26, 2019 by Angie Adames

The U.S. tax laws have a long history of incentivizing taxpayers to invest in their domestic business operations and purchase equipment, machinery, vehicles and other capital assets that are essential to generating business income. With the enactment of the Tax Cuts and Jobs Act (TCJA) effective for tax year 2018, the government has sweetened the […]

The Art of Bunching Deductions for Charitable-Minded Taxpayers by Joanie B. Stein, CPA

Posted on April 19, 2019 by Joanie Stein

Many individuals filing their first federal income tax returns since the enactment of the new tax law are surprised to learn that they were not able to write off the donations they made to non-profit organizations in 2018. While few people give to charity solely for a tax break, much ink has been spilled over […]

IRS Issues Safe Harbor for Business Vehicles that Qualify for First-Year Bonus Depreciation by Cherry Laufenberg, CPA

Posted on April 16, 2019 by Cherry Laufenberg

Under the Tax Cuts and Jobs Act (TCJA), businesses have an opportunity to claim larger depreciation deductions beginning in 2018 for qualifying new and used property, including passenger vehicles, they acquire and place into service between Sept. 28, 2017, and Dec. 31, 2026. However, it is critical that businesses pay particular attention to recent IRS […]

IRS Warns of Top Tax Schemes for 2019 by Edward N. Cooper, CPA

Posted on April 05, 2019 by Edward Cooper

By Edward N. Cooper, CPA The IRS has issued its annual list of the Dirty Dozen scams that taxpayers should look out for in 2019. Under U.S. laws, taxpayers are legally responsible for the information contained in their tax returns, even when those documents are prepared by someone else. Therefore, it is critical that you […]

IRS Issues Standard Mileage Rates for 2019 by Richard Cabrera, JD, LLM, CPA

Posted on March 05, 2019 by Richard Cabrera

The IRS issued the 2019 optional standard mileage rates that taxpayers may use to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Taxpayers also have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates. Beginning on Jan. 1, 2019, […]

You Cannot Deduct Lobbying Expenses Beginning in 2018 by Adam Cohen, CPA

Posted on February 18, 2019

The new tax law in effect on Jan. 1, 2018, repeals the business deduction for lobbying local governments and their officials, including the Indian Tribal Governments. While businesses are prohibited from deducting lobbying expenses on the federal and state levels, they previously could qualify to deduct the “ordinary and necessary” expenses they incurred to promote […]

IRS Waives Penalties for Underpayments of 2018 Federal Tax Liabilities by Jeffrey M. Mutnik, CPA/PFS

Posted on January 30, 2019

The IRS is providing penalty relief to the millions of taxpayers it says may have fallen short of their total tax liabilities for 2018 due to the revamp of the U.S. tax code under the Tax Cuts and Jobs Act (TCJA). Thanks, in part, to the efforts of the accounting profession, including of the American […]

Business Identity Theft and W-2 Scams are on the Rise by Joseph L. Saka, CPA/PFS

Posted on January 14, 2019 by Joseph Saka

With the start of the 2019 tax season, businesses must educate employees, implement controls and take other steps to avoid falling victim to a growing wave of identity theft and W-2 scams. Identity thieves have been targeting small businesses at an alarming rate. Not only are criminals stealing business data to open credit card accounts […]

Reconstructing Records Following a Disaster Event by Adam Cohen, CPA

Posted on January 03, 2019 by Adam Cohen

Taxpayers affected by disasters, such as fires, floods or hurricanes, may need to reconstruct their records to prove they suffered losses for tax purposes and to qualify for federal assistance and insurance reimbursement. Following are some resources to help individual obtain copies of documentation that they may have lost as a result of a disaster […]

Category: Business Owners