Calculating Deductions for Business Interest Expense
One of the most complicated provisions of the Tax Cuts and Jobs Act (TCJA) is the new limitation on deductions for business interest expense. At face value, this limitation seems [...]
Tax Reform: Which Changes Are Temporary vs. Permanent?
The Tax Cuts and Jobs Act (TCJA) includes a bevy of important tax changes for individuals and businesses. However, it's sometimes hard to keep track of which changes are permanent [...]
Liquidating a Corporation? Avoid Double Taxation with Smart Planning
Perhaps you're considering selling off your C corporation's assets and liquidating the firm. Typically, such a transaction is accomplished in three stages: The corporation makes a direct sale of its [...]
Penalty Relief for Taxpayers
Information from irs.gov Here’s what taxpayers should know about penalty relief Taxpayers who make an effort to comply with the law, but are unable to meet their tax obligations due [...]
2018 Q4 Tax Calendar: Key Deadlines for Businesses and Other Employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2018. Keep in mind that this list isn’t all-inclusive, so there may [...]
Do You Need To Make An Estimated Tax Payment By September 17?
To avoid interest and penalties, you must make sufficient federal income tax payments long before your April filing deadline through withholding, estimated tax payments, or a combination of the two. [...]
New Law, New Limit on Deductions for Business Interest Expense
The Tax Cuts and Jobs Act (TCJA) imposes a new limitation on deductions for business interest expense. This is a permanent change for tax years beginning in 2018 and beyond. [...]
Get a Letter from the IRS? Here’s What You Need To Know
Information from IRS.gov Don’t ignore it. Most IRS letters and notices are about federal tax returns or tax accounts. Each notice deals with a specific issue and includes specific instructions [...]
Choosing the Right Accounting Method for Tax Purposes
The Tax Cuts and Jobs Act (TCJA) liberalized the eligibility rules for using the cash method of accounting, making this method — which is simpler than the accrual method — [...]
How Does the IRS Contact Taxpayers?
Information from IRS.gov To help you avoid becoming a victim of scammers who pretend to be from the IRS with a goal of stealing personal information, know how the IRS [...]
The TCJA Prohibits Undoing 2018 Roth IRA Conversions, but 2017 Conversions Are Still Eligible
Converting a traditional IRA to a Roth IRA can provide tax-free growth and tax-free withdrawals in retirement. But what if you convert your traditional IRA — subject to income taxes [...]
Watch Out for Unfavorable ‘Related Party’ Rules
Beware of the tricky "related party" tax rules if you are considering buying or selling business assets or an ownership interest (corporate stock or a partnership or LLC interest).The Internal [...]
Do you still need to worry about the AMT?
There was talk of repealing the individual alternative minimum tax (AMT) as part of last year’s tax reform legislation. A repeal wasn’t included in the final version of the Tax [...]
Why the “Kiddie Tax” is More Dangerous Than Ever
Once upon a time, some parents and grandparents would attempt to save tax by putting investments in the names of their young children or grandchildren in lower income tax brackets. [...]
Tax-Free Gain Rollovers for QSBC Stock Sales
Sales of qualified small business corporation (QSBC) stock may potentially be eligible for a gain exclusion. But that's not all. There's also a tax-free stock sale gain rollover privilege — similar [...]