News Archives - GLO CPAs

15 Feb

Rental Properties and the Safe Harbor

The Section 199A 20% tax deduction is a gift from lawmakers. Literally, you don’t earn this deduction; it’s simply there for you if you qualify. Under the trade or business rule, your rental property profits can create the deduction. And now, under an alternative rule, you can use the newly created IRS safe harbor to

15 Feb

AICPA Asks IRS to Reduce Tax Underwithholding Penalties

The AICPA has asked the IRS to be kind to tax payers who haven’t had enough taxes withheld from their checks or haven’t prepaid enough of their taxes. The Tax Cuts and Jobs Act made substantial changes to the way our taxes work, but many Americans didn’t make the corresponding changes to their withholding to

28 Jan

Helicopter View of Meals and Entertainment After Tax Reform

Tax reform has had a significant impact on the tax deductions you can now claim for business entertainment and meals. The chart below shows you how the Tax Cuts and Jobs Act treats 12 meal and/or entertainment events. Read More

27 Dec

City of Houston Net Assets Plunge by $1 Billion

City’s Net Assets Plunge by over $1 Billion A few days before Christmas, the City of Houston released its Comprehensive Annual Financial Report (CAFR) for FY2017-2018. In recent years, the City’s standard operating procedure has been to release the CAFR over the holidays to minimize the attention it will receive because the news is generally

03 Jul

IRS Unveils New Draft Form 1040

Taxpayers will be able to file federal income taxes starting next filing season on a new postcard-sized Form 1040. The IRS officially released the draft 2018 Form 1040 on June 29. Draft Form 1040 The new Form 1040 will be finalized this summer as IRS works with the tax professionals to finalize the form. The

16 Jun

June Tax-Saving Tips

IRS Rules for Deducting Your Business Gym If you have been thinking about the fitness of your employees and the possibility of a gym or other athletic facility, then you need to know the tax rules. To be tax deductible, your gym or other athletic facility must be primarily for the benefit of your employees—other Read More

11 Jun

5 TV shows to teach your kids about business

In times of yore, children were warned that television would rot their brains. Today, though, there’s an impressive selection of edutainment, programming that both teaches and tantalizes. These shows have given many children an entrepreneurial edge that will serve them well the rest of their lives. This AICPA Insights article shares a shortlist of shows

05 Jun

IRS issues new Strategic Plan; five-year plan’s goal to help taxpayers

The Internal Revenue Service released a new five-year Strategic Plan outlining goals to improve taxpayer service and tax administration. The Fiscal Year 2018-2022 IRS Strategic Plan will serve as a roadmap to help guide the agency’s programs and operations. The plan will also help meet the changing needs of taxpayers and members of the tax community.