On Friday, Congress approved a bill that extends tax breaks that expired at the end of 2016 through 2017. I know what you are probably thinking…it is the middle of February 2018 and Congress just passed a bill to extend provisions for tax year 2017?!?
One of the most important parties to keep happy as a contractor is the surety. A surety can create bonding programs that can allow for contractor growth, or they can significantly constrict a contractor’s ability to bid and obtain new work. A surety will want confidence in the ability of a contractor to completely perform a project prior to issuing a bond for the project. Here are a few key items that a surety will likely look for when evaluating contractors for new or existing bonding programs:
With all of the federal tax changes starting in 2018, one of the questions that follows is how does this impact New York? Some good news for New York residents is the NYS Senate passed a bill to protect taxpayers from a $1.5 Billion State Tax Hit, from changes imposed under the Tax Cuts and Jobs Act. However, the bill still has to go to Assembly, and then to Governor Cuomo for approval. NYS residents are not in the clear from this tax hike yet.
Currently there is a phishing scam that may cause an organization to inadvertently provide W-2 Information to cyber criminals. Those heavily targeted are Human Resource and Payroll professionals.
With all of the changes that the new tax bill has brought about, it leaves many people uncertain as to how to start planning for the 2018 tax year. With uncertainty brings the ability to take a fresh look at your current situation. It brings the ability to stay ahead of change and start planning for the future. The ability to meet your goal of having a secure financial future.