Tax Tips

Tax Tip Tuesday 5.8.2018

A review of significant TCJA provisions affecting small businesses Now that small businesses and their owners have filed their 2017 income tax returns (or filed for an extension), it’s a good time to review some of the provisions of the Tax Cuts and Jobs Act (TCJA) that may significantly impact their taxes for 2018 and […]

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Tax Tip Tuesday 5.1.2018

IRS Releases Fact Sheet for New Depreciation and Expensing Rules The IRS has released a fact sheet that highlights new depreciation and expensing rules from the Tax Cuts and Jobs Act (TCJA). Among other things, the maximum Section 179 deduction is increased from $500,000 to $1 million, and the phase-out threshold is increased from $2 […]

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Tax Tip Tuesday 4.24.2018

IRS, Security Summit Partners warn of new twist on phone scam; crooks direct taxpayers to IRS.gov to “verify” calls WASHINGTON – The Internal Revenue Service today warned of a new twist on an old phone scam as criminals use telephone numbers that mimic IRS Taxpayer Assistance Centers (TACs) to trick taxpayers into paying non-existent tax […]

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Tax Tip Tuesday 4.17.2018

TCJA changes to employee benefits tax breaks: 4 negatives and a positive The Tax Cuts and Jobs Act (TCJA) includes many changes that affect tax breaks for employee benefits. Among the changes are four negatives and one positive that will impact not only employees but also the businesses providing the benefits. 4 breaks curtailed Beginning […]

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IRS warns on tax deadline scams: ‘IRS Refunds’ email

With the April 17 tax deadline approaching, the Internal Revenue Service (IRS) urges taxpayers to be alert to identity theft scams, especially a new email version currently pretending to be from “IRS Refunds.” The “IRS Refunds” scam is a common tactic used by cybercriminals to trick people into opening a link or attachment associated with the […]

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