Taxpayers with high incomes, complex returns: Check withholding soon to avoid a year-end tax surprise WASHINGTON — The Internal Revenue Service today urged high-income taxpayers and those with complex tax returns to check their withholding soon to avoid an unexpected tax bill or penalty when they file
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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
Read more →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
Read more →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
Read more →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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