Translations from Your Trusted Advisor.
Today the IRS issued some highly anticipated guidance on the deductibility of business meals after the passing of the Tax Cuts and Jobs Act. The IRS still expects to publish proposed regulations but in the meantime, taxpayers can rely on Notice 2018-76.
Last week the IRS issued questions and answers on the new general business credit to for employers who provide paid family and medical leave to their employees. This is a new credit that was formed as part of the Tax Cuts and Jobs Act of 2017.
After the devastation caused by Hurricane Florence, the IRS is urging caution when responding to requests from organizations or individuals asking for charity.
Scammers often try to take advantage of the situation by asking for donations when people are feeling most generous.
For more information, check out the IRS' News Release which has more details on what to be on the lookout for, how to verify a charity, or what to do if you suspect fraud.
Donna Deos •
As a regular, non-Accountant type person, working in an accounting firm, I realize it sometimes sounds like they are speaking a different language – or perhaps just a bunch of jargon. So, I thought I’d put together a little cheat-sheet for you, if you will.
When your Accountant is talking to you about your overall business, they will say things like: debits, credits, bookkeeping, reconciling, planning, adjusted journal entries, balance sheet, income statement, statement of cash flows and so on. Let me break some of that down into plain English for you:
Andrew Luce, CPA •
You might have heard there are changes on the horizon for non-profit financial statement reporting. These changes include the requirement for all non-profits to report expenses by function. Non-profits will also need to change in the way net assets are classified. These changes will take affect for fiscal years beginning after December 15, 2017.
Pollyanna King, CPA, MST •
According to the IRS, your nanny is just one person out of a handful of people found in the category of “household employees”. Your housekeeper, gardener, babysitter, nanny, caretaker, private nurse and maid (if you are so lucky) are all your employees, if you direct them (like a boss) and they work for you at your home.
Alyssa McBride, CPA •
The time for spring cleaning may be past, but your accounting records might benefit from a cleanup. If you have used the same accounting system for a number of years, you could have accounts or transactions that you don’t use anymore that are taking up space and cluttering your system.
Following are some recommendations for cleaning up your records:
Dana Bull, CPA •
Many taxpayers recently filed their taxes or may be waiting for a response from the IRS. Because of this, summertime tends to be a period when thieves increase their scam attempts.
It seems like a weekly occurrence. A telephone call or voicemail from someone posing as the IRS threatening that if you don’t contact them immediately to settle your past due account the local police will be sent to arrest you. These calls may seem obviously fake to you but people continue to fall prey to these scams. Other types of scams include “phishing”. Phishing (as in “fishing for information” and “hooking” victims) is a scam where internet scammers send e-mail messages to trick unsuspecting victims into revealing personal and financial information that can be used to steal the victims’ identity. Some of the more prevalent IRS impersonation scams include:
Alyssa McBride, CPA •
If you have been listening to business news recently, you probably heard of the Supreme Court Case “South Dakota v. Wayfair”. There is a lot of talk in the news, but nothing seems to specifically say, this is going to impact you because...
Karyn Richardson, CPA •
The passing of the Tax Cuts and Jobs Act in December 2017, especially the new Internal Revenue Code Section 199A, has created a lot of buzz in the business community. In simple terms, the new provision allows pass-through entities (Sole Proprietorships, S Corporations, and Partnerships) to deduct 20% of the earned business income on the owner’s individual tax return. However, with tax law, nothing is that simple, as there are many exceptions and income limitations. There remains many unanswered questions, as little to no guidance has been released from the Internal Revenue Service to date.
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