The Tax Cuts and Jobs Act (TCJA) makes tax changes that impact all taxpayers. For individual taxpayers and their families, summarized changes include the followings: 1) Repeal of the Personal Exemption Under the TCJA, personal exemptions are repealed ($4,050 in…
What areas need to consider under the new tax law? Including structuring, maximizing the pass-through deduction and assets purchases What are the pass-through entities? S corporations, partnerships, LLCs, and sole proprietorships What is the difference between pass-through entities and C…
The Tax Cuts and Jobs Act (TCJA) was signed by President Trump on December 22. The Act makes sweeping changes to the U.S. tax code and impacts every taxpayer. To sum it up as follows: 1) A Reduction in the…
“Qualifying expenses eligible for the credit include wages, supplies used in the conduct of qualified research activities, and a percentage (65%) of third party contract research.” After many years as an expiring tax provision, the Federal Research & Development Tax…
On May 4, 2016, the Treasury Inspector General for Tax Administration in its published audit report found that the Internal Revenue Service can improve its methods for identifying high-income taxpayers who may be offsetting their income with “hobby losses” from…
Important note: For the first time in many years, the Department of Labor (DOL) has revised the overtime requirements of the Fair Labor Standards Act (FLSA). These changes take effect on December 1, 2016 Employers must understand the changes and take action…
Acceleration in the work schedule for certain start-up businesses Practice note: New for 2016 – Election to apply research credit against payroll tax “In addition to 2017 “Tax Season” changes in due dates for Forms 1065 and 1120, practitioners may…
You may have heard of crowdfunding sites like Kickstarter and Indiegogo. These use ‘rewards-based’ methods to raise money, offering contributors products or even nominal exposure as a reward for their contributions. Now, new rules will allow ‘securities-based’ crowdfunding. What does…
“Qualifying expenses eligible for the credit include wages, supplies used in the conduct of qualified research activities, and a percentage (65%) of third party contract research.” After many years as an expiring tax provision, the Federal Research & Development Tax…
The Protecting Americans from Tax Hikes (PATH) Act was signed into law and enacted in December 2015 and is considered to be taxpayer-friendly, encompassing several provisions that affect both individuals and businesses. The PATH Act renewed many of the temporary tax…
