Tax Prep Archives - Page 17 of 20

Helicopter View of Meals and Entertainment After Tax Reform

[vc_row][vc_column][vc_column_text]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. [/vc_column_text][vc_single_image image=”1870″ img_size=”full” add_caption=”yes” style=”vc_box_shadow” css_animation=”zoomIn”][/vc_column][/vc_row]

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2018 Last-Minute Year-End General Business Deductions

[vc_row][vc_column][vc_column_text] This article gives you five powerful business tax deduction strategies that you can easily understand and implement before the end of 2018. 1. Prepay Expenses Using the IRS Safe Harbor You just have to give thanks to the IRS for its tax-deduction safe harbors. IRS regulations contain a safe-harbor rule that allows cash-basis

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Entertainment Deductions: IRS’ Guidance

The IRS has issued Notice 2018-76 as its initial understanding of the deduction for entertainment under the Tax Cuts and Jobs Act (TCJA). The important part of an IRS Guidance is that taxpayers can rely on it. IRC Section 274 specifies the rules for deducting business meals and entertainment. Meals and entertainment are considered together

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Universal Savings Accounts in Tax Reform 2.0

[vc_row][vc_column][vc_column_text]Americans don’t do a great job of saving for a rainy day, but Tax Reform 2.0 might help with something called the Universal Savings Account. Reports indicate that contributions to one of these would be made in after-tax dollars, but earnings could be withdrawn tax-free. Want know more? Come hear US Rep Kevin Brady, the

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Tax Reform 2.0

Tax Reform 2.0 has been released. It focuses on 3 areas: making permanent tax cuts in Tax Reform 1.0, spurring savings, and encouraging business startups. Questions? Come hear Tax Reform Driver, US Rep Kevin Brady at GLO’s August Luncheon http://glocpas.com/event #TCJA #TaxReform2.0 #GLOCPAS

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President Trump: Tax Reform 2.0 May Include Corporate Tax Cut

Tax reform 2.0 may include lowering the corporate tax rate, according to President Donald Trump. Republicans are “thinking about bringing the 21% down to 20,” Trump said on July 1. “Then, for the most part, the rest of it would go right to the middle class.” Corporate Tax Cuts The Tax Cuts and Jobs Act

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Tax Cuts 2.0 Moves Forward

House Ways and Means Committee Chairman Kevin Brady, R-Tex., said that a tax reform phase 2.0 outline will likely be unveiled to members this month. The “2.0” draft for tax cuts will likely be unveiled by House Republicans in July and a draft of the tax reform legislative outline is expected to be released in

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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

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Tax Reform Changes Affecting Partnerships and LLCs and Their Owners

The Tax Cuts and Jobs Act (TCJA) includes several changes that affect partnerships and their partners, and LLCs that are treated as partnerships for tax purposes and their members. Most of the changes are good news. Here are some highlights: Technical Termination Rule Repealed (Good) Under prior law, a partnership or an LLC treated as

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IRS Auditor Doesn’t Know the 90-Day Mileage Log Rule

Often in an IRS audit, the examiner will ask for your mileage log at the beginning of the audit. If you do not have a mileage log, you are in what former presidential candidate Ross Perot called deep doo-doo. Think about it. If you don’t have a log for mileage, what is the IRS going

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