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.
BHT&D Certified Public Accountants Blog
Joe Turnes
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New Tax Law Severely Limits Business Entertainment Deductions
Tags: Business Tax, Small Business, Tax Reform, TCJA
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.
Tags: Payroll Tax, Small Business, Tax Reform, Individual Tax, TCJA
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:
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
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:
Tags: Business Tax, Tax Reform, Individual Tax
The proposed Tax Cuts and Jobs Act was released on November 2, 2017. While not law, there are some rather dramatic changes being suggested. The goal is to provide the “middle class” with tax savings. A few of the more important items being discussed:
Tags: Business Tax, Tax Reform, Individual Tax
4 Reasons Accountants Work for Smaller CPA Firms
Whether you’re an accounting student deciding where to intern or take your first job or an accountant considering other options, you may have employment opportunities from both large and smaller accounting firms. We wanted to let you know about some potential differences to consider between working for large and smaller firms.
Tags: Accounting Career
Should Your Business Have Employees or Independent Contractors?
Are your business' workers appropriately classified as either employee or independent contractors? Do you know what the IRS standards are?
Tags: Small Business Accounting, Employees vs Independent Contractors
Good tax planning and working with an accountant specializing in your field are key factors for agribusinesses in managing their tax liability. As we head into the end of the year, here are five things to keep in mind to be prepared for next tax season:
1. Tax Planning – Determining your year-to-date income PRIOR to the end of the year and planning for an appropriate income level is
Tags: Agriculture, Tax Planning, Depreciation Deduction, Farm Taxes
Many times throughout the year I get asked the question, “How long do I need to keep my tax records?”
Generally, you should keep your records to support income, deductions or tax credits until the statute of limitations for that item runs out. While the answer may depend on your exact circumstance, you should generally follow the guidelines below:
If you are waiting for your Form 1095 to complete your tax return, you may be waiting a little longer!
IRS Notice 2016-4 extends the due dates for the 2015 information reporting requirements for insurers, self-insuring employers, and certain other providers (both furnishing to individuals and filing with the IRS) for insurers, self-insuring employers, and certain other providers of minimum essential coverage.
Tags: health insurance mandate, Small Business, form 1094, Form 1095