Tackling Tax Reform: 5 Steps Manufacturers Can Take Now
On December 22, just a few weeks following the passage of the Senate’s Tax Cuts and Jobs Act, the conference version of the bill was signed into law, marking the largest change to U.S. tax policy in decades. With most of the provisions set to go into effect in the new...
Changes to Business Credits in New Tax Law
The Tax Cuts and Jobs Act makes changes to the general business credit by adding a new component credit for paid family and medical leave, and changing two current component credits: the rehabilitation credit and the orphan drug credit. First, the Tax Cuts and Jobs...
It’s Time to File Your Form 1099!
It is time to gather your papers to file your form 1099! If your business has made payments of over $600 to any vendor throughout the year, now is the perfect time to begin collecting and assembling the information needed to file your annual 1099 forms. What is a Form...
Tax Cuts and Jobs Act of 2017
Tax reform has been a major focus of the Trump Administration. In a determined effort from Republicans to pass new tax legislation before year-end, the Senate and the House reconciled their respective tax bill drafts into one bill. The bill, called the “Tax Cuts and...
IRS Issues 2018 Work Plan for Tax-Exempt Organizations
by Laura Kalick, JD, LLM in Taxation The Tax Exempt and Government Entities (TE/GE) division of the IRS recently issued its FY 2018 Work Plan, which builds upon the agency’s ongoing mission to refine, realign and improve its education and examination methods. In 2017,...
Senate Passes Tax Reform Bill
An enormous step in the tax reform process was taken over the weekend when the Senate passed their version of the Tax Reform Bill in the wee morning hours of Saturday, December 2, 2017. The bill passed by the slimmest of margins: a 51-49 vote with only one Republican...
COMING SOON! ELECTRONIC TAX RETURN DELIVERY SYSTEM
We are excited to introduce a new electronic tax return delivery system this tax season. The new software that we have carefully selected will have numerous benefits including electronic return delivery, online return access, electronic signing, email reminders for...
Affordable Care Act
Applicable Large Employers (ALES) that had a full-time employee receive a Premium Tax Credit (PTC) may begin receiving a recently-issued IRS sample letter outlining penalties. Penalties may be enforced if the employee receiving the PTC was not offered affordable and...
Reviewing Retirement Plans
by Niki Stehlik Many business owners do not realize the importance of reviewing their employee retirement plan annually to reduce any risk of errors, misunderstandings, or breach of fiduciary duty. Below are a few items to consider when performing a review of your...
Year-End Moves for Tax Reform Legislation
Congress appears poised to enact a major tax reform law that could potentially make fundamental changes in the way you and your family calculate your federal income tax bill, and the amount of federal tax you will pay. This letter is designed to help you cope with the...