Positively Family Friendly Tax Provisions There is a lot that working Moms and Dads need to know about getting Uncle Sam to help with child care. Time to learn about the Child Tax Credit, the Child Care Tax Credit, & Dependent Care FSAs! They may sound alike, but they are all different, with different rules
The Tax Clock Is Counting Down – Time For Year End Tax Planning
The Tax Clock Is Counting Down – Time For Year End Tax Planning! It’s been almost a year now that the Tax Cuts and Jobs Act has ushered in an era of Tax Reform. Even though the 2019 tax filing season may be delayed while the IRS plays catch up to the provisions and regulations
2019 Social Security Update: From COLAs to Tax Calculations Be Cautious and Careful
2019 Social Security Update: From COLAs to Tax Calculations Be Cautious and Careful November is here and that means the Social Security Administration has announced its changes to one of the most important social programs in America. Here’s what you need to know now about Social Security changes ahead for 2019, either for yourself, your
Tax Cuts Feed Growth to the Food and Beverage Industry
Tax Cuts Feed Growth to the Food and Beverage Industry Tax Reform will shake up the food and beverage industry in many ways, we don’t want clients to get caught unprepared or leave financial opportunities on the table. The Tax Cuts and Jobs Act (TCJA) puts American grocery manufacturers, food distributors, retailers and restauranteurs on
IRS Makes Meals Deductible Again!
IRS Makes Meals Deductible Again! Don’t order that lobster just yet – read this article first! Recently the IRS confirmed that taxpayers may continue to deduct 50% of the food and beverage expenses associated with operating their trade or business, despite changes to the meal and entertainment expense deduction under the Tax Cuts and Jobs
Tax Reform Blunder has Repercussions for Restaurants and Retailers
Tax Reform Blunder has Repercussions for Restaurants and Retailers Businesses are missing out on tax breaks due to unintended errors in the way the tax reform law was worded. Is a band-aid on the way for this boo-boo? Technical corrections are needed to TCJA relating to Qualified Improvement Property (QIP) and the effective date for
New Small Business Medical Leave Credit Available
Does your business offer employees paid family and medical leave? If so, then a new general business credit may be available to you. The IRS has announced that eligible employers who provide paid family and medical leave to their employees may qualify for a new business credit for tax years 2018 and 2019. In addition,
Ghost Assets – Is Your Workplace Haunted
Hidden assets can be ghosts and zombies. A “ghost” asset is a fixed asset in a general ledger that is lost, stolen, unusable, or no longer owned by your company and cannot be accounted for. A recent business survey found that 12% to 25% of the assets in a fixed asset ledger don’t exist. Physical
What Exactly Is Tax Reform 2.0
Last week the House Ways and Means Committee passed three separate bills that will be the cornerstone of what is being referred to as Tax Reform 2.0, here is what you need to know. Many provisions of the TCJA currently are scheduled to expire after 2025. The bills focus on making permanent certain provisions of
Estates, Trusts And Tax Reform – New Legacy Planning Perspectives
Legacy planning and estate planning intersect. The success of both depends on your assets and the ability to manage your affairs in the most tax-efficient manner. Under Tax Reform, the federal estate and gift tax exemption has been doubled to an estimated $11.2 million per individual. If married, and you elect portability, the exemption doubles
