BHT&D Certified Public Accountants Blog

Checking Your Federal Refund Is Easy

Posted by Joe Turnes on Fri, Apr 13, 2018 @ 07:00 AM
If you have already filed your federal tax return and are due to receive a refund, you can check the status of your refund online.

Where’s My Refund? is an interactive tool on the IRS website. Regardless of whether you have split your refund among several accounts, opted for a direct deposit into one account, or asked the IRS to mail you a check, Where’s My Refund? will give you online access to your refund information 24 hours a day and 7 days a week.
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Tags: Business Tax, Individual Tax, Tax Refund

Can't Pay Your Taxes By The April Due Date?

Posted by Joe Turnes on Fri, Apr 06, 2018 @ 07:00 AM
If you aren’t one of those lucky Americans who gets a tax refund from the IRS you might be wondering about your options for paying off your tax liability by the April due date.

The IRS encourages taxpayers to pay the full amount of their tax liability on time, and it imposes significant penalties and interest on late payments. Thus, if you are unable to pay the taxes that you owe, it is generally in your best interest to make other arrangements to obtain the full funds to pay your taxes so that you are not subjected to the government’s penalties and interest. Here are a few options to consider.
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Tags: Individual Tax Return, Business Tax, Individual Tax, Tax Liability

The TCJA's Affect On Employee Business Expense Deductions

Posted by Joe Turnes on Mon, Mar 26, 2018 @ 08:00 AM

If you are an employee (i.e., a W-2 wage earner) with substantial work-related business expenses, the Act was not kind to you. It suspended (and effectively repealed), for 2018 through 2025, all miscellaneous itemized deductions, which were previously only subject to a floor of 2% of adjusted gross income (AGI). Employee business expenses are included in that category of miscellaneous itemized deductions. 

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Tags: Itemizing Deductions, Small Business Accounting, Small Business, Individual Tax, TCJA

Extender Bill: Do You Benefit?

Posted by Joe Turnes on Mon, Mar 19, 2018 @ 07:00 AM

Congress passed the Budget Bill early in the night, and the President signed it on Friday, February 9th. To the surprise of many, the bill included a number of extenders that retroactively apply to 2017 returns. Were you lucky enough to benefit?

Needless to say, these last-minute changes may create a problem for taxpayers who have already filed their returns and will need to file amended returns to take advantage of these extenders. The retroactive changes will cause the IRS some headaches as well. Since the 2017 forms do not accommodate some of the extended provisions, the IRS will have redesign and issue updated forms or provide workaround procedures.

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Tags: Depreciation Deduction, Small Business, Individual Tax, Tax extenders

New Tax Law Severely Limits Business Entertainment Deductions

Posted by Joe Turnes on Wed, Mar 07, 2018 @ 07:00 AM

If you are a business owner who is accustomed to treating clients to sporting events, golf getaways, concerts and the like, we have some bad news for you. The GOP’s tax-reform bill that President Trump signed on December 22nd of last year eliminated the business-related deduction for entertainment, amusement or recreation expenses, effective beginning in 2018.

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Tags: Business Tax, Small Business, Tax Reform, TCJA

Will Your 2018 Withholding Be Right?

Posted by Joe Turnes on Tue, Feb 13, 2018 @ 07:00 AM

One of the first trouble spots of the new tax reform is the W-2 withholding for 2018. Passage of the new law in late December hasn’t given the IRS much time to develop new withholding tables. This can be a big issue, as the recent Tax Cuts & Jobs Act (TCJA) substantially altered the tax rates and standard deductions, did away with exemption deductions, and increased the child tax credits—all elements of how the withholding allowances and tables have been structured in the past. 

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Tags: Payroll Tax, Small Business, Tax Reform, Individual Tax, TCJA

A Summary Of The Tax Cuts And Jobs Act Of 2017

Posted by Joe Turnes on Mon, Jan 22, 2018 @ 09:00 AM

The Tax Cuts and Jobs Act was signed into law on December 22, 2017.  This law means significant changes for both individuals and businesses.  While all changes are not listed below, it does include a good summary of the legislation that could impact you or your business.  Most changes will take effect for 2018 – those with an effective date other than 2018 have been noted: 

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Tags: Depreciation Deduction, Business Tax, Estate and Gift Tax, Tax Reform, Individual Tax

Details From The Senate Version Of The Proposed Tax Cuts And Jobs Act

Posted by Joe Turnes on Wed, Dec 06, 2017 @ 08:07 AM

The House’s proposed Tax Cuts and Jobs Act was released on November 2, 2017.  The Senate version of the bill was recently released with some substantial modifications to the House proposal.  While not law, here are a few highlights of the Senate’s version of the bill:

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Tags: Business Tax, Tax Reform, Individual Tax

Will My Gift To My Employees Be Subject To Payroll Taxes?

Posted by Lori Shepard on Tue, Dec 05, 2017 @ 03:00 PM

This is the time of year when many employers give deserving employees a reward for a job well done.  For FICA and income tax withholding purposes, wages don’t include gifts that are classified as de minimis fringe benefits.  Tax-free de minimis fringes are benefits provided by employers that are offered infrequently and have a fair market value so small that it is impractical and unreasonable to account for them.  The following are treated as de minimis fringes: 

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Tags: Business Tax, Payroll Tax, Small Business, Gifts

Can We File The Michigan Annual Report Or Statement Online?

Posted by Lori Shepard on Tue, Nov 21, 2017 @ 07:00 AM

The State of Michigan has rolled out their new Corporations Online Filing System (COFS).

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Tags: Small Business, MICHIGAN ANNUAL STATEMENT, COFS, MICHIGAN ANNUAL REPORT