Sales Tax: Supreme Court Ruling Affects Retailers and Consumers

July 10, 2018

On June 21, the U.S. Supreme Court issued a ruling overturning a 1992 precedent that had barred states from requiring online retailers without a “physical presence” there to collect sales taxes. The ruling is expected to hurt online retailers and help brick-and-mortar stores. Going forward, this decision will present numerous challenges to businesses of all sizes that sell products online.

Federal Tax News – May

May 17, 2018

1. Want to check out a nonprofit group before donating?
2. IRS issues 2019 Health Savings Account figures.
3. Court: Ranching activities weren’t engaged in for profit.
4. Is money left in a tip box subject to FICA tax?
5. Rejected offer in compromise is upheld.

How the Tax Law Affects Rental Real Estate Owners

May 14, 2018

There’s more to the Tax Cuts and Jobs Act for owners of rental real estate than just lower ordinary income tax rates. Here’s an overview of some new or modified provisions that will generally provide favorable tax outcomes for rental property owners — along with an unfavorable change that could hit owners of properties that generate tax losses.

Report Predicts Hot M&A Market for Private Companies

May 5, 2018

Thinking about selling your business? A recent survey of business brokers suggests that you should consider acting sooner, rather than later. Tax law changes, historically low interest rates and relaxed lending requirements for small businesses have created the perfect storm for an explosive market in mergers and acquisitions. Here’s how a business valuation professional can help you get the most from your investment.

New Law Gives Eligible Pass-Through Businesses a Special Tax Break

April 28, 2018

The new tax law introduces a special deduction for eligible pass-through businesses. The deduction is generally equal to 20% of “qualified business income.” It’s designed to help achieve parity between the reduced corporate income tax rate and the tax rates for business income that passes through to individual owners of sole proprietorships, partnerships, limited liability companies (LLCs) and S corporations. Here are the details.

Employers: Timelines for Keeping Payroll Records

April 17, 2018

Payroll records must be retained for certain periods of time, depending on the federal law governing the documents. In some cases, retention is discretionary. But two federal laws require that documents be kept for a definite period. This article explains the different laws, what they cover and how long they require employers to retain and maintain your payroll records.

Federal Tax News – April

April 14, 2018

1. The Treasury and IRS create 18 “Opportunity Zones.”
2. Report: Budget deficit is expected to soar.
3. Taxpayer wins and loses in court.
4. What are your chances of being audited by the IRS?
5. Court: Taxpayer’s expenses were not alimony.

How the New Limit on SALT Deductions Affects Homeowners

April 1, 2018

There’s been a lot of controversy about the recent tax law change that limits the federal deductions for state and local taxes (SALT). This limitation will have an adverse effect on many homeowners, especially residents of jurisdictions with high property taxes and people who own expensive homes or more than one home. Here are the details, along with important information if you’re thinking about selling your house.

Federal Tax News – March

March 30, 2018

1. IRS Offshore Voluntary Disclosure Program ending.
2. Five new audit targets for large and international businesses.
3. No alimony deduction is allowed for marital home expenses.
4. News from the IRS on the new carried interest rule.
5. Court: IRS reconstruction of income was proper.