Scott Newsom

Wage Limitation of QBI deduction enacted by the Tax Cuts and Jobs Act of 2017

On August 8,2018, the IRS released proposed regulations on Code Sec. 199A, one of the major tax breaks enacted as part of the Tax Cuts and Jobs Act of 2017. We are composing a synopsis of these qualifications to inform the public of this deduction. Our articles are only a brief summary there are many […]

IRS Removes Donor Disclosure Requirement For Many Tax-Exempt Organizations

In a Revenue Procedure, IRS has removed the requirement that exempt organizations other than Code Sec. 501(c)(3) organizations disclose the names and address of their contributors on their exempt organization tax return. Background. The tax code requires certain tax-exempt organizations to file annual information returns that include information required by forms or regulations. The annual […]

Private Companies Struggle to Implement Revenue Standard

Representatives from private companies and their auditors told the FASB on June 26, 2018, that it will be a scramble to the finish line for many of them as they implement the board’s revenue accounting standard. Members of the FASB’s Private Company Council (PCC) described the struggles of implementing the changes in Accounting Standards Update, […]

Vehicle and Unreimbursed Employee Expenses Under the Tax Cuts and Jobs Act

In a Notice and accompanying news release, IRS has provided updated information to taxpayers and employers about changes from the Tax Cuts and Jobs Act (TCJA) affecting vehicle and unreimbursed employee expenses. Background On December 14, 2017, shortly before the enactment of the TCJA, IRS released optional standard mileage rates for 2018, as well as […]

Extension of Time to File Your Tax Return

Need more time to prepare your federal tax return for the year 2017?  The due date is April 17, 2018. If you can’t file by the due date of your return, you should request an extension of time to file. To receive an automatic 6-month extension of time to file your return, you must file […]

How You Should Handle an IRS CP2000 Notice

Correspondence from the Internal Revenue Service (IRS) can produce a fright in the recipient, but there’s usually no cause for alarm. The most frequent letter sent by the IRS is the CP2000 notice. Its purpose is simply to convey proposed changes to a tax return. How to Read the Notice Every CP2000 notice itemizes the […]

Deduction for Qualified Business Income (QBI)

The Tax Cuts and Jobs Act of 2017 (TCJA), introduced a new tax break for owners of many pass-through businesses. Individuals who are sole proprietors, partners in partnerships, members in LLCs taxed as partnerships (hereafter, “partners”), or shareholders in S corporations, may be able eligible to claim a deduction for qualified business income (QBI) under […]