There’s nothing like a deadline to get things moving in Congress, and December 2019 was no exception. In the waning days of the year, lawmakers married together three important pieces of legislation that will impact many taxpayers…
With its winter recess looming before it, Congress has engaged in a flurry of activity. Most notably, it reached agreement on a massive governmentwide spending package titled the Further Consolidated Appropriations Act, 2020. The legislation extends certain…
With the next filing season on the horizon, you can incorporate the lessons learned into your year-end tax planning. The first tax-filing season under the Tax Cuts and Jobs Act (TCJA) was a time of uncertainty for…
Job applicants look at more than just wages when evaluating potential employers. They consider the whole compensation package, including fringe benefits and perks. These add-ons enable employers to cast a wider net in the job market, helping them attract, and…
The IRS has released final regulations and another round of proposed regs for the first-year 100 percent bonus depreciation deduction. The Tax Cuts and Jobs Act (TCJA) expanded the deduction to 100 percent if the qualified property…
Congress has yet to tackle several outstanding uncertainties frustrating both businesses and individual taxpayers. The Tax Cuts and Jobs Act (TCJA), for example, contains several “glitches” requiring legislative fixes. Congress also has neglected to pass the traditional…
When President Trump signed into law the Tax Cuts and Jobs Act (TCJA) in Dec. 2017, much was made of the dramatic cut in corporate tax rates. But the TCJA also includes a generous deduction for smaller…
Tax planning is a year-round activity, but there are still some year-end strategies you can use to lower your 2018 tax bill. Here are six last-minute tax moves business owners should consider: Postpone Invoices. If your business…
In April 2018, the IRS released temporary guidance on the amended limit on deductions for business interest expense for tax years beginning in 2018. Taxpayers were allowed to rely on that guidance while waiting for regulations. The…
Under the Tax Cuts and Jobs Act (TCJA), more businesses are now eligible to use the cash method of accounting for federal tax purposes. The cash method offers greater tax-planning flexibility, allowing some businesses to defer taxable…
The Tax Cuts and Jobs Act (TCJA) has enhanced two depreciation-related breaks that are popular year-end tax planning tools for businesses. To take advantage of these breaks, you must purchase qualifying assets and place them in service…
The Tax Cuts and Jobs Act (TCJA) created more than 100 new tax provisions — a staggering thought as you begin to prepare for the next filing season. The good news is that these and some of…
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