Our Blog

Lena Rozzi, CPA •
The Role of the Partnership Representative and What It Means to Your Business
​
The Bipartisan Budget Act of 2015 (BBA) made significant changes to the rules governing federal partnership tax audits by allowing the IRS to audit and determine, assess, and collect any tax due, including any corresponding penalties and interest, at the partnership level. Under the previous rules, the IRS could audit a partnership, but could only assess and collect any tax due at the partner level. These changes are expected to result in dramatically increased audit rates for partnerships. 
​

New Hampshire offers an Education Tax Credit that allows for certain state taxes to be offset by a credit for making donations to approved scholarship organizations. In 2018 the program was updated so that more taxpayers are eligible for the credit.
​

As we quickly approach the deadline for filing 1099-MISC, it is time to consider whether your business is ready to file.
 
The due date for furnishing 1099-MISC statements to recipients and to the IRS for the 2018 tax year is January 31, 2019. Form 1099-MISC, Miscellaneous Income, is an informational return used by the Internal Revenue Service (IRS) to report payments made to non-employee individuals or unincorporated businesses during the calendar year. As the filing of Form 1099 remains a hot topic with the IRS, it is more important than ever to consider whether you are required to file Form 1099 in the course of your trade or business. 

Alyssa Hodges, CPA •

Itemized Deductions have changed considerably due to the Tax Cuts and Jobs Act of 2017. Since the standard deduction has nearly doubled, less people than ever before are going to be itemizing deductions. However, if you are right on the cuff, you may be able to implement a tax strategy called “bunching” to continue to take advantage of itemized deductions.

On Friday, the IRS released the mileage reimbursement rates for 2019. Beginning on Jan. 1, 2019, the standard mileage rates for the use of a car, van, pickup or panel truck will be:
​

As the end of the year approaches, it is a good time to think of planning moves that will help lower your tax bill for this year and possibly the next.

With the new Tax Cuts and Jobs Act there are many changes to the tax rules for individuals. There are new, lower income tax rates, a substantially increased standard deduction, severely limited itemized deductions and no personal exemptions, an increased child tax credit, and a watered-down alternative minimum tax (AMT), among many other changes. And there's a new deduction for non-corporate taxpayers with qualified business income from pass-through entities.

As the end of the year approaches, it is a good time to think of planning moves that will help lower your tax bill for this year and possibly the next.

With the new Tax Cuts and Jobs Act there are many changes to the tax rules for businesses. The corporate tax rate is cut to 21%, the corporate AMT is gone, there are new limits on business interest deductions, and significantly liberalized expensing and depreciation rules.  We have compiled a checklist of actions based on current tax rules that may help you save tax dollars if you act before year-end. Not all actions will apply in your particular situation, but you (or a family member) will likely benefit from many of them. We can narrow down the specific actions that you can take once we meet with you to tailor a particular plan. In the meantime, please review the following list and contact us at your earliest convenience so that we can advise you on which tax-saving moves to make:
​

Today is Giving Tuesday, the day that typically kicks off the charitable giving season. The IRS is able to help you verify that you are donating to qualified organizations, see their recent tax tip to learn more. 

For more information on donations, check out some of our additional blog posts, listed below: 
​

This week the IRS released inflation adjustments for the 2019 tax year. 

The standard deduction for married filing jointly taxpayers is increasing $400 to $24,400. It will be $12,200 ($200 increase) and $18,350 ($350 increase) for single and head of household taxpayers, respectively.
​

Karyn Richardson, CPA •

Determining what to classify an individual who provides services to your business is sometimes a slippery slope. Business owners often prefer to have as many independent contractors as possible – no payroll taxes or benefits to pay, and no employment and labor laws to follow. Individuals may want to be considered an employee to have access to benefits and legal protection. Per the IRS, the general rule is “that an individual is an independent contractor if the payer has the right to control or direct only the result of the work, not what will be done and how it will be done”. Sounds clear and concise, but what does control really mean?
​