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𝐓𝐀𝐗 π’π„π€π’πŽπ ππ„π†πˆππ’ π‰π€ππ”π€π‘π˜ πŸπŸ–, 𝐑𝐄𝐅𝐔𝐍𝐃𝐒 π…πŽπ‹π‹πŽπ– (𝟏/πŸ–/πŸπŸŽπŸπŸ—)

The IRS confirmed that it will begin to process tax returns on January 28, 2019 despite the federal government shutdown. Refunds will follow. A significant portion of IRS employees that are currently furloughed as part of the government shutdown will be recalled. See https://www.irs.gov/newsroom/irs-confirms-tax-filing-season-to-begin-january-28 And if you would like free tax tips, updates and articles, […]

πŒπˆπ‹π„π€π†π„ 𝐑𝐀𝐓𝐄𝐒 𝐟𝐨𝐫 πŸπŸŽπŸπŸ— (𝟏/πŸ–/πŸπŸŽπŸπŸ—)

The 2019 standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: β€’ 58 cents per mile driven for business use, up 3.5 cents from the rate for 2018, β€’ 20 cents per mile driven for medical or moving purposes, up 2 cents from the rate for 2018, […]

π„π’π“πˆπŒπ€π“π„πƒ 𝐓𝐀𝐗 ππ€π˜πŒπ„ππ“π’ π€π•πŽπˆπƒ π”π†π‹π˜ π’π”π‘ππ‘πˆπ’π„π’ (𝟏/πŸ‘/πŸπŸŽπŸπŸ—)

Employees whose 2018 federal income tax withholding falls short of their tax liability can still avoid a tax-time surprise by making a quarterly estimated tax payment directly to the IRS. The deadline for making a payment for the fourth quarter of 2018 is Tuesday, Jan. 15, 2019. The new Tax Law made many changes. And […]

πŒπŽπ•πˆππ† 𝐄𝐗𝐏𝐄𝐍𝐒𝐄𝐒 (𝟏𝟐/πŸπŸ—/πŸπŸŽπŸπŸ–)

The new Tax Law changes numerous programs that affect employers and employees such as moving expenses. Under the old law, payment or reimbursement of an employee’s qualified moving expenses were not subject to income or employment taxes. Under the new Tax Law, employers must include all moving expenses, in employees’ wages, subject to income and […]

ππ„ππ€π‹π“π˜ π‘π„π‹πˆπ„π… 𝐟𝐨𝐫 π“π€π—ππ€π˜π„π‘π’ (𝟏𝟐/πŸπŸ•/πŸπŸŽπŸπŸ–)

If you can’t satisfy your tax bill because of circumstances beyond your control and suffer a penalty, you may qualify for penalty relief. After receiving an IRS notice assessing a penalty, check that the information in the notice is correct. If correct and circumstance triggering the penalty can be explained relief may be possible for […]

ππ€π‘πŠπˆππ† π…π‘πˆππ†π„ ππ„ππ„π…πˆπ“ (𝟏𝟐/πŸπŸ’/πŸπŸŽπŸπŸ–)

New rules help taxpayers determine the amount of parking expenses that are no longer tax deductible. These rules also help tax-exempt organizations determine how these nondeductible parking expenses create or increase unrelated business taxable income (UBTI). A key part of this guidance is a special rule, enabling many employers to retroactively reduce the amount of […]

π„πŒππ‹πŽπ˜π„π„ π€π‚π‡πˆπ„π•π„πŒπ„ππ“ 𝐀𝐖𝐀𝐑𝐃 𝐑𝐔𝐋𝐄𝐒 (𝟏𝟐/πŸπŸ‘/πŸπŸŽπŸπŸ–)

The new Tax Law changes numerous programs that affect employers and employees such as employee achievement awards. Under the old law for such awards, employers could deduct the cost of certain employee achievement awards. Deductible awards were excludible from employee income. Under the new Tax Law: β€’ There is now a prohibition on cash, gift […]

𝐃𝐄𝐅𝐄𝐑 𝐓𝐀𝐗 𝐨𝐧 πŽππ“πˆπŽππ’ & π‘π„π’π“π‘πˆπ‚π“π„πƒ π’π“πŽπ‚πŠ π”ππˆπ“π’ (𝟏𝟐/𝟏𝟏/πŸπŸŽπŸπŸ–)

The new Tax Law permits certain employees of privately-held corporations to defer paying income tax, for up to five years, on the value of qualified stock options and restricted stock units (RSUs) granted to them by their employers. Executives, highly-compensated officers and those owning one percent or more of the corporation’s stock cannot make the […]

π‡π€π‘πƒπ’π‡πˆπ πƒπˆπ’π“π‘πˆππ”π“πˆπŽππ’ 𝐟𝐨𝐫 π‡π”π‘π‘πˆπ‚π€ππ„ π•πˆπ‚π“πˆπŒπ’ (𝟏𝟐/𝟏𝟎/πŸπŸŽπŸπŸ–)

401(k) plans and similar employer-sponsored retirement plans can make loans and hardship distributions to victims of Hurricane Michael and Hurricane Florence and to members of their families. As a result, participants in 401(k) plans, employees of public schools and tax-exempt organizations with 403(b) tax-sheltered annuities, as well as state and local government employees with 457(b) […]

π‚π‡πˆπ‹πƒ 𝐓𝐀𝐗 π‚π‘π„πƒπˆπ“ 𝐀𝐅𝐓𝐄𝐑 𝐓𝐀𝐗 π‘π„π…πŽπ‘πŒ (𝟏𝟐/πŸ“/πŸπŸŽπŸπŸ–)

Tax Reform made the following significant changes to the child tax credit: β€’ Credit amount. The new law increases the child tax credit from $1,000 to $2,000. Eligibility for the credit has not changed. As in past years, the credit applies if all of these apply: o the child is younger than 17 at the […]