Arthur E. Boyce claimed a $28,749 Section 179 deduction for the cost of his new truck. In walked the IRS, and it denied the Section 179 deduction because Boyce leased the truck that he thought he purchased. The court ruled for the IRS. Good-bye, $28,749 tax deduction. Pertinent Facts The contract between Boyce and Dan […]
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[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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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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[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 Reports indicate that contributions to one of these would be made in after-tax dollars, but earnings could be withdrawn tax-free.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 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
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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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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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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The recently enacted Tax Cuts and Jobs Act (TCJA) has altered the tax landscape for a lot of individuals and businesses. The changes are extensive and this letter provides a high-level overview of some of the highlights to keep you informed. Due to the sweeping nature of the changes and the need for continued guidance,
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