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Due to the passage of the Tax Cuts and Jobs Act that President Trump signed into law in late 2017, business and payroll service providers will need to adjust employees withholding calculations for the 2018 tax year. However, as the IRS works to apply the new law, it asks businesses to continue to use the […]

For more than three decades, IRS partnership audits have operated under the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA), which required individual partners to pay their share of a partnership’s tax underpayments identified in an IRS audit, unless the partnership elected to be taxed at the entity level. Since TEFRA’s enactment, partnerships have […]

Operating a small business in the U.S. comes with a wealth of opportunities and an equally abundant set of complexities, including tax reporting, regulatory compliance and meticulous financial recordkeeping. For many entrepreneurs, hiring full-time professionals to oversee these functions in-house is simply unaffordable. Instead, many are turning to outsourced CFO services to receive on-demand assistance with […]

While the Tax Cuts and Jobs Act (TCJA) signed into law in December of 2017 did not make many adjustments to the existing gift, estate and generation-skipping transfer tax regimes, what it does do beginning on Jan. 1, 2018, is significant. Doubles the Estate and Generation-Skipping Transfer Tax Exemption Under the new law, the federal estate tax exemption for […]

Businesses have until Jan. 31, 2018, to file employee wage statements and non-employee compensation forms with the government. More specifically, employers must provide their employees with Forms W-2, Wage and Tax Statement, and furnish copies along with Forms W-3, Transmittal of Income and Tax Statements, to the Social Security Administration (SSA) by the required deadline. In addition, businesses that […]

The Republicans in the House and Senate expect to deliver to the president’s desk a unified package of tax reform provisions by Christmas Eve. However, the actual contents of that final package are still unknown as is how it may ultimately affect you, your family, and your business. We’ve been down this road of tax […]

Many foreign-born Americans would like to make charitable donations to organizations in their home countries where they continue to have strong ties. In some cases, these individuals may simply donate to a U.S.-based charity with a broad international reach.  However, if the donor has in mind a specific foreign charity that is not directly supported […]

The Federal Government in 2015 made permanent an often-overlooked benefit of the U.S. Tax Code that allows entrepreneurs, venture capitalists and angel investors to potentially exclude from their taxable income 100 percent of the gain from the sale of qualified small business stock (QSBS) held for a minimum of five years. This exclusion could be […]

Like many entrepreneurs, famed music producer and performer DJ Khaled put his child on the payroll and named his son executive producer of his platinum-selling album.  However, at just one year old, Asahd Khaled’s resume is already vastly superior to many who have achieved much in their lifetimes. Is this merely fun for the family […]

With the season of giving upon us, it is a good time to remember that the charitable donations you make during the year help individuals in need and may provide you with a potential tax benefit. In addition to making donations to long-standing, well-established 501(c)(3) charities, taxpayers in 2017 are giving to organizations that provide […]