Company News
New CARES Act Provides Tax Relief Key tax breaks in COVID-19 law In response to the COVID-19 outbreak, Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law on March 27. This new federal legislation includes...
New Law Plays With the Kiddie Tax Computation reverts to previous rules The new retirement planning law passed by Congress late last year—the Setting Every Community Up for Retirement Enhancement (SECURE) Act—includes a tax...
Ten Top Provisions in the SECURE Act New law creates retirement tax breaks Late in 2019, Congress passed the “Setting Every Community Up for Retirement Enhancement” (SECURE) Act, the biggest retirement law in more than a decade. Most...
Return Type Original and Extended Due Dates Comments Partnership (calendar year) Form 1065 March 15 Extended: September 15 For fiscal year partnerships, returns will be due on the 15th day of the 3rd month after the...
EES Newsletter January 2020 Key Extenders in the New Tax Law Congress renews expiring tax breaks In the waning days of 2019, Congress passed the “Taxpayer Certainty and Disaster Tax Relief Act” as part of a spending measure. The new...
Dear Clients and Friends: Year-end tax planning in 2019 remains as complicated as ever. Notably, we are still coping with the massive changes included in the biggest tax law in decades—the Tax Cuts and Jobs Act (TCJA) of 2017—and pinpointing the...
Dear Client: As the end of the year is fast approaching, we should consider any last-minute strategies that might help reduce your 2019 tax bill. Last year was the first year to be impacted by the Tax Cuts and Jobs Act of 2017 (TCJA). While there was...
2019 Year End Tax Planning for Businesses Dear Client, As the year draws to a close, it’s time for us to discuss whether there are any last- minute actions we can take to reduce your business-related tax liability. The actions necessary will...
Tax Pros and Cons of Municipal Bonds Balanced view of tax angles Typically, municipal bonds (often called “munis” for short) appeal to investment-savvy taxpayers, but there are a number of potential tax drawbacks to watch out for as well....
Six Year-End Tax Moves for Individuals Ways to lower your 2019 tax bill The Tax Cuts and Jobs Act (TCJA) of 2017—passed almost two years ago—continues to have a significant impact on year-end planning in 2019. Many of the changes in the...
How to Improve a Business Budget. Five steps for changing the process Before you know it, the year will be over. If 2019 has not been as successful as expected, you may want to make some adjustments for the upcoming year. Idea in action: Take...
Salvage Write-Offs on Home Equity Loans/Deduct mortgage interest for home improvements Are you planning to take out a home equity loan to pay for home improvements? Unfortunately, the Tax Cuts and Jobs Act (TCJA) cracks down on mortgage interest...
Three Safe Harbors for Business Repairs. Tax differences from improvements Do you need to make repairs to your business premises or equipment? It can make a big tax difference if the work is characterized as a “repair” or an...
Seven Smart Mid-Year Tax Moves Ideas for individuals and businesses Believe it or not, we have almost reached the mid-point of 2019. Don’t wait until the end of the year to implement tax-saving strategies for your family and small business....
Two Top Tax Breaks for Your Business Combine Section 179 and bonus depreciation If you need to purchase equipment for your small business this year, you may be in for a treat. Generally, you can qualify for sizeable current...
Key Ingredients for a Succession Plan Considerations by small business owners It takes dedication, innovation and a little luck—or perhaps a lot of luck—to turn a vision into a successful business. This might be your life story or the...
New Prescription for Medical Deductions Lower threshold on 2018 returns This may be the last year you claim a medical expense deduction on your personal tax return. It all has to do with several changes in the Tax Cuts and Jobs Act...
February 2019 New SALT Rules Spice Up ’18 Returns First-time limits apply to deductions Under the Tax Cuts and Jobs Act (TCJA), certain deductions have been eliminated or modified, including the write-off for state and local tax (SALT)...
Make This a “Record” Tax Year Meeting challenges from the IRS The IRS generally requires taxpayers to shoulder recordkeeping burdens. If you have not kept the necessary tax records in the past— or if your methods have been...
Stock held by an investor is a capital asset under the tax law. Gain from the sale of stock held for more than a year qualifies as long-term capital gain, taxed at a reduced rate (zero, 15 or 20 percent) compared to the rates that apply to ordinary income. To achieve...
Transit incentives are a popular transportation fringe benefit for many employees. Although the costs of commuting to and from work are not tax-deductible (except in certain relatively rare cases), transportation fringe benefits help to offset some of the costs,...
A recent decision by the U.S. Supreme Court clarifies how taxpayers may challenge an IRS summons where the taxpayer claims the summons was issued for an improper purpose. A taxpayer has a right to conduct an examination of IRS officials regarding their reasons for...
An eligible taxpayer can deduct qualified interest on a qualified student loan for an eligible student’s qualified educational expenses at an eligible institution. The amount of the deduction is limited, and it is phased out for taxpayers whose modified adjusted...
Country-by-Country (CbC) reporting is part of a larger initiative by the Organisation for Economic Cooperation and Development (OECD) known as the Base Erosion and Profit Shifting (BEPS) project. CbC reporting generally impacts large multi-national businesses....
A recent Tax Court decision and pending tax reform proposals have intersected in highlighting how stock sales can be timed for maximum tax advantage. The taxpayer in the recent case (Turan, TC Memo. 2017-141) failed to convince the Tax Court that he timely made an...
The IRS remains focused on an issue that doesn’t seem to be going away: the misclassification of workers as independent contractors rather than employees. Recently, the IRS issued still another fact sheet “reminding” employers about the importance of...
House and Senate lawmakers have started their August recess, leaving pending tax legislation for after Labor Day. In past years, September has been a busy month for tax legislation and this year is likely to be the same. Before leaving Capitol Hill, lawmakers took...