October 17, 2018
When comparing two companies, it may seem very logical that a business that makes more money is worth more than another business with smaller earnings. However, business’ are often exceedingly complex and need to be examined in greater detail.
October 8, 2018
Succession planning is a key factor when you are a business owner. At some point as a business owner you will have to pass down the legacy. This task might be easier for some than others, but each owner will have to face the inevitable. Starting this plan early on into your business career will help make for an easier transition when the time eventually comes. It will also help assess the short and long-term development needs of the company.
October 1, 2018
Part of the Bipartisan Budget Act of 2018 (BBA) included issuing Form 1040SR, which would be made available to any individual who is 65 years or older. In the past tax compliance has not been easy for these individuals. Seniors age 65 and older are not eligible to use Form 1040EZ. They could file Form 1040A, but may not find relief in filing this as there is a $100,000 cap on taxable income and there are prohibitions on itemized deductions from the enactment of the Tax Cuts and Jobs Act. You may be asking yourself, what is Form 1040SR? The Form 1040SR is similar to Form 1040EZ, except it is exclusive for seniors 65 years and older. Those taxpayers can still use other forms however, the Form 1040SR is just another option.
September 18, 2018
With the tax changes that are now in place for 2018, the IRS is encouraging taxpayers to review their individual tax situations and to check and adjust their withholding, if needed. In other words, “a paycheck checkup.” Checking and adjusting withholding can help prevent an unexpected tax bill this upcoming April.
August 8, 2018
Have you ever gone online shopping and realized you were never charged sales tax on the items you purchased? To this day states make it so unclear whether or not an online company has a requirement to collect and remit sales tax. However, a recent Supreme Court case has changed online shopping as we know it.
August 1, 2018
We released Part One covering New York State’s Response to Federal Tax Reform at the end of May. You can find that post here. In this post we are digging deeper into New York State’s thoughts on decoupling from the Federal Tax Code to protect New York State Taxpayers from Tax increases.
IRS Clarifies Estate and Non-grantor Trust Expenses not Subject to Miscellaneous Itemized Deduction SuspensionJuly 25, 2018
In Notice 2018-61, the IRS and Treasury Department stated that they intend to issue Regulations clarifying which items estates and non-grantor trusts will still be able to deduct. Under the Tax Cuts & Jobs Act “TCJA,” miscellaneous itemized deductions subject to the 2% of adjusted gross income floor have been suspended and can no longer be deducted in individual income tax returns.
July 19, 2018
Merger and acquisition activity in the first half of 2018 in the United States was the highest it has ever been according to data from Thomson Reuters as reported by Axios in this article. Although there are a number of factors that contributed to this M&A boom, the impact of the TCJA has provided an acquisition-friendly tax landscape for businesses to operate. On top of the highly publicized drop in the corporate tax rate to 21%, subtle changes to the bonus depreciation rules could be an even bigger driver of merger and acquisition activity.
July 16, 2018
With the school year over, summer camps are in full swing. Camps can be a lot of fun for the kids but did you know that you could potentially get a tax credit for sending them to camp? It’s true, so let’s dive into what all this means.
July 9, 2018
Under the Tax Cuts and Jobs Act, the exclusion amount for taxable estates has doubled to $10 million indexed for inflation for 2018 through 2025. With this high exclusion amount, it is anticipated that few estates will be subject to the Federal estate tax. Perhaps it’s time to shift your thinking from the traditional approach of reducing the amount of a taxable estate to building basis.