CHOICE OF ENTITY CONSIDERATIONS

Tax Cuts & Job Acts- Choice of Entity Considerations- John Skakun, CPA, Tax Partner The new Tax Cuts & Jobs Act allows businesses other than C Corporations to have a 20% deduction on their qualified business income. C Corporations pay […]

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FEDERAL WITHHOLDING CHANGES

Federal Tax Withholding due to the Tax Cuts & Jobs Act-- Jeffrey Skakun, Staff Accountant Due to the new tax rates, new tax brackets, new standard deduction, and the elimination of personal exemptions – the IRS had to recalculate their […]

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INDIVIDUAL ITEMIZED DEDUCTIONS

Tax Cuts & Jobs Act- Individual Itemized Deductions- Sandra Orcutt, EA Supervisor Since the Standard Deduction has increased to $12,000 for single filers and $24,000 for married couples, you must have itemized deductions greater than these amounts in order to file your Schedule […]

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MEALS AND ENTERTAINMENT

Tax Cuts & Jobs Act- Meals and Entertainment- Sandra Orcutt, EA Supervisor Businesses and employers need to take note of the new rules as they plan their 2018 meals and entertainment budgets. The deduction for business-related entertainment is repealed which means you […]

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CORPORATE TAX RATES

Tax Cuts & Jobs Act.-Changes to the C-Corporation tax rates for 2018-- Alex Ferrara, MBA, Supervisor. C-Corp profits are taxed to the corporation when earned and then taxed to the shareholders when distributed as dividends. This is double taxation. Check […]

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PARTNERSHIP AUDIT RULES

Tax Cuts & Jobs Act- Brian Miller, CPA, MT, Manager As part of the Bipartisan Budget Act of 2015, the way the IRS is auditing partnerships is changing starting with tax years beginning in 2018. Previously, the IRS would audit […]

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PASS THRU DEDUCTIONS

Tax Cuts & Jobs Act--Pass-through Business Deduction -Jeffrey Skakun, Staff Accountant A pass-through business is an entity where the owner’s report the income on their individual taxes. Qualified Business Income is ordinary income less ordinary deductions from a pass-through business. […]

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TCJA-DEPRECIATION

Tax Cuts & Jobs Act- Depreciation- Alex Ferrara, MBA, Supervisor Under prior depreciation law, taxpayers were allowed to take what is called 50% bonus depreciation for NEW qualified property that was placed in service during the year. For example, if […]

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