Congress Released These Dead Tax Provisions
Congress let many tax provisions expire on December 31, 2017, making them dead for your already- filed 2018 tax returns. In what has become much too common practice, Congress resurrected the dead provisions retroactively to January 1, 2018. That’s good news. The bad news is that we have to amend your tax returns to make this work for you. And [...]
Should You Operate Your Business as a Partnership (or an LLC Taxes as a Partnership)
Should You Operate Your Business as a Partnership (or an LLC Taxed as a Partnership) Changes included in the Tax Cuts and Jobs Act (TCJA) force you and other small-business owners to reconsider whether a new venture should be conducted as a pass-through entity or as a C corporation. Pass-through entities include partnerships and multi-member LLCs that are treated as [...]
Top 8 Changes in the SECURE Act You Need to Know
Top 8 Changes in the SECURE Act You Need to Know As has become usual practice, Congress passed some meaningful tax legislation as it recessed for the holidays. In one of the new meaningful laws, passed on December 19, you will find the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act). The SECURE Act made many [...]
What Can You Do To Compensate For the Loss of Alimony Deductions?
The Tax Cuts and Jobs Act (TCJA) permanently eliminated federal income tax deductions for alimony payments required by divorce agreements executed after 2018. On the other side of the coin, recipients of such non-deductible alimony payments do not have to include the alimony in gross income. So, under current law, alimony payments are no longer deductible for payers and alimony [...]
Make Sure To File Your 1099’s To Avoid Potential Penalties
Make Sure To File Your 1099's To Avoid Potential Penalties Imagine this: you didn’t issue Form 1099s to your contractors. Now, the IRS is auditing your tax return, and the auditor claims you lose your deductions because you didn’t issue the Form 1099s. Is this correct? No. IRS auditors often make this claim, but they are incorrect. There is no [...]
9 Insights on the New Individual Coverage HRS for Small Business
9 Insights on the New Individual Coverage HRS for Small Business The new individual coverage HRA (ICHRA) has much to offer a small business (businesses with fewer than 50 employees). Here are nine insights into the new ICHRA. Insight 1. Application of the Class Size Rule The class size requirement applies only if you (a) offer a traditional group [...]