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.
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
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
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:
Tags: Business Tax, Payroll Tax, Small Business, Gifts
The State of Michigan has rolled out their new Corporations Online Filing System (COFS).
Tags: Small Business, MICHIGAN ANNUAL STATEMENT, COFS, MICHIGAN ANNUAL REPORT
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
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
The deadline is approaching for ESA Certification and Payment.
Industrial processors who filed for the Eligible Manufacturing Personal Property (EMPP) exemption (commonly referred to as ESA or Form 5278) must complete the final steps to qualify for the exemption.
No later than August 15, taxpayers who filed for the exemption must use the MTO website to log into their portal and certify or correct and certify the return that is in the MTO system.
Tags: PPT, EMPP, MANUFACTURING, EXEMPTION
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
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