News

IRS News Release – 20 Percent Deduction of Qualified Income

On August 8, 2018, the IRS issued proposed regulations related to the Qualified Business Deduction (Section 199A) which allows for pass-through businesses and sole proprietorships to deduct 20% of their “qualified business income”. Section 199A is complex with many varying facets and limitations to the deduction, including

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Tax Reform Bill: Changes to Expect

On December 28, 2017, we posted some information on the new tax reform bill,H.R.1, the Tax Cuts and Jobs Act, passed by Congress on December 20, 2017.  Many of you are concerned about how the new bill will affect you—especially if you normally use itemized deductions (greater than the

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Tax Reform Bill – Effective 2018

Now that the 2018 Tax Reform Bill has been signed into law and will be effective in the 2018 tax year, there is one question being asked from our clients more than anything else: Should I prepay 2018 property (or state income) taxes? Answer: From our professional

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PAYROLL CHECKLISTS AND YEAR-END REMINDERS

As we head down the stretch to year-end 2017 now is the time to review your company’s goals, take advantage of any last-minute tax strategies and review your record-keeping. Payroll Year-End Checklist  Verify active and terminated employee data (addresses, name changes, emails) Determine any year-end bonuses Verify

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New 2017 Mileage Rates from the IRS

Did you know that the IRS has released new standard rates for business, medical, and moving related mileage? Be sure to check out the full details by clicking here. And as always, if you have any questions, please give us a call. We’re here to help!

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