Congress acts to reform the IRS, enhance taxpayer protections
The U.S. Senate has passed, and President Trump is expected to sign into law, a broad package of reforms aimed at the IRS. Among other things, the Taxpayer First Act contains several new protections for taxpayers, along with provisions intended […]
Read More IRS wheels out additional guidance on company cars
The IRS has updated the inflation-adjusted “luxury automobile” limits on certain deductions taxpayers can take for passenger automobiles — including light trucks and vans — used in their businesses. Revenue Procedure 2019-26 includes different limits for purchased automobiles that are […]
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The Tax Cuts and Jobs Act (TCJA) financially hurts some children receiving military survivor benefits. The Congressional Research Service (CRS) recently issued a new report suggesting ways to fix the issue. The TCJA changed the calculation of the “kiddie tax” […]
Read More 5 Financial Tips for New College Graduates
Congratulations to the graduating class of 2019! As soon as a new graduate switches his or her tassel to the other side of the cap, it’s time to plan for the future — and there’s more to do than […]
Read More How Can Small Business Owners Reduce Social Security and Medicare Taxes?
If your small business is unincorporated, you may be fed up with paying the federal self-employment (SE) tax. This tax is how the federal government collects Social Security and Medicare taxes from self-employed individuals. However, you may be able to […]
Read More House Approves Bipartisan IRS Reform Bill
The House on April 9 approved by voice vote a bipartisan, bicameral IRS reform bill. The IRS bill, which now heads to the Senate, would redesign the IRS for the first time in over 20 years. IRS Reform The […]
Read More Bipartisan House Bill Aims to Fix “Retail Glitch”
A bipartisan House bill has been introduced that would fix a GOP tax law drafting error known as the “retail glitch.” The House bill, having over a dozen co-sponsors, is a companion measure to a bipartisan Senate bill introduced in […]
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IRS Clarifies Treatment of Refunds with New SALT Limits. The IRS has provided four examples of the interaction of the new limit on the deduction on state and local taxes (SALT) under Code Sec. 164(b)(6) with the tax benefit rule for […]
Read More SIMPLE IRA vs. Solo 401(k): Which Is Right for Your Small Business?
Small business owners have several options for their retirement plans. Two tax-smart and flexible alternatives are SIMPLE IRAs and solo 401(k) plans. If you’re eligible for these types of plans and you want to maximize your tax-deferred savings, which makes […]
Read More Jordan Knapp featured as the Canton Regional Chamber of Commerce’s Young Professional!
Canton, Ohio – April 10, 2019 – Hall, Kistler is pleased to announce that staff accountant Jordan Knapp is the featured Young Professional of Ystark!, a division of the Canton Regional Chamber of Commerce. Jordan was asked about his interest […]
Read More The Department of Labor proposes updated overtime rule
The Trump administration has released its long-awaited proposed rule to update the overtime exemptions for so-called white-collar workers under the Fair Labor Standards Act. The rule increases the minimum weekly standard salary level for both regular workers and highly compensated […]
Read More TCJA glitches and the extenders: Uncertainty looms over some federal income tax provisions
Congress has yet to tackle several outstanding uncertainties frustrating both businesses and individual taxpayers. The Tax Cuts and Jobs Act (TCJA), for example, contains several “glitches” requiring legislative fixes. Congress also has neglected to pass the traditional “extenders” legislation that […]
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