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Few N.Y. Businesses Sign Up for State Program to Bypass Trump Tax Limits
New York Gov. Andrew Cuomo said a program enacted in April would help protect employees from new federal limits on the deductibility of state and local taxes. A state official said 220 businesses had opted into the plan as of Friday, a figure...
New tax law allows small businesses to expense more, expands bonus depreciation
The Internal Revenue Service today reminded small business taxpayers that changes to the tax law mean they can immediately expense more of the cost of certain business property. Many are now able to write off most depreciable assets in the year...
Like-kind exchanges now limited to real property
The Internal Revenue Service today reminded taxpayers that like-kind exchange tax treatment is now generally limited to exchanges of real property. The Tax Cuts and Jobs Act, passed in December 2017, made tax law changes that will affect...
Office of Legislative Research Report Addresses Connecticut Legislature’s Response to Federal Tax Changes
This helpful report from Connecticut's Office of Legislative Research summarizes the Connecticut legislature’s response to federal tax changes.
Do You Have the Skills to Benefit From the TCJA?
The Tax Cuts and Jobs Act (TCJA) may represent the biggest current growth opportunity for your firm, but it’s going to take some hard work on your part to reap the rewards. Notably, you’re going to have to educate yourself about the new law,...
Get Ready for Taxes: Learn how the new tax law affects tax returns next year
The Internal Revenue Service today advised taxpayers about steps they can take now to ensure smooth processing of their 2018 tax return and avoid surprises when they file next year. This is the first in a series of reminders to help taxpayers...
Reduced 24-percent withholding rate applies to small businesses and other payers; Revised backup withholding publication features helpful FAQs
The Internal Revenue Service today urged small businesses and other payers to check out the agency’s newly-revised backup withholding publication, now available on IRS.gov. Publication 1281, Backup Withholding for Missing and Incorrect...
How the TCJA is Changing Your Client Profile
There has been little difference in most CPAs’ client profiles from year-to-year but the Tax Cuts and Jobs Act (TCJA) has begun to change all of that. Under the TCJA, the tax rules for individuals have been completely overhauled, including tax...
Treasury, IRS issue proposed regulations on new Opportunity Zone tax incentive
The Treasury Department and the Internal Revenue Service today issued proposed regulations and other published guidance for the new Opportunity Zone tax incentive. Opportunity Zones, created by the 2017 Tax Cuts and Jobs Act, were designed to...
IRS: Several tax law changes may affect bottom line of many business owners
The Internal Revenue Service today reminded business owners that tax reform legislation passed last December affects nearly every business. With just a few months left in the year, the IRS is highlighting important information for small...