Social Security Benefits to Increase 2.8 Percent in 2019; Maximum Wage Base for OASDI Increases by $4,500
The Social Security Administration (SSA) issued cost-of-living information for the 2019 social security and supplemental security income (SSI) benefits. According to the SSA, such benefits will increase 2.8 percent in 2019 and 67 million Americans will be affected by the increase. The SSA also announced that maximum amount of earnings subject to the social security […]
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 […]
Qualified Trade of Business Analysis 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 […]
Long Awaited Proposed Regulations on the Qualified Business Income Deduction Are Issued
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. The proposed rules, which run to 184 pages, address many issues that had been of concern to practitioners, such as the definition of a […]
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 […]
