The new tax law in effect on Jan. 1, 2018, repeals the business deduction for lobbying local governments and their officials, including the Indian Tribal Governments. While businesses are prohibited from deducting lobbying expenses on the federal and state levels, they previously could qualify to deduct the “ordinary and necessary” expenses they incurred to promote […]
The IRS is providing penalty relief to the millions of taxpayers it says may have fallen short of their total tax liabilities for 2018 due to the revamp of the U.S. tax code under the Tax Cuts and Jobs Act (TCJA). Thanks, in part, to the efforts of the accounting profession, including of the American […]
With the start of the 2019 tax season, businesses must educate employees, implement controls and take other steps to avoid falling victim to a growing wave of identity theft and W-2 scams. Identity thieves have been targeting small businesses at an alarming rate. Not only are criminals stealing business data to open credit card accounts […]
Taxpayers affected by disasters, such as fires, floods or hurricanes, may need to reconstruct their records to prove they suffered losses for tax purposes and to qualify for federal assistance and insurance reimbursement. Following are some resources to help individual obtain copies of documentation that they may have lost as a result of a disaster […]
The permanent reduction of the corporate income tax rate from a maximum of 35 percent to a flat 21 percent has led many businesses to reevaluate their current tax positions and reconsider their entity choice. The decision to convert from a pass-through entity to a C corporation, however, should not be based solely on how […]
While the current administration failed in its attempts to fully repeal the Affordable Care Act (also known as Obamacare), it did secure under a package of tax reform the elimination of the health care law’s individual mandate beginning in 2019. Regardless of how all of this will play out, one consistent trend that continues to […]
The wireless networks, cell phones, routers, printers and other electronics that businesses and their employees regularly use in the office setting could be the weak link to allowing hackers to take over an organization’s entire digital network. According to the IRS, remote access takeover attacks are on the rise, putting businesses and their data at […]
Commercial and residential real estate in the U.S. continues to be a safe haven for foreign investors who seek the potential for higher yields and capital preservation than they may receive in their home countries or from portfolio investments. However, the potential upside from an investment in the U.S. real estate market comes with the […]
Businesses located in federally declared disaster areas and impacted by Hurricanes Harvey, Irma and Maria may qualify for an Employee Retention Tax Credit when they continue to pay wages to employees who were displaced by inoperable work locations. Under the Disaster Tax Relief and Airport and Airway Extension Act of 2017, eligible employers may receive […]
On the heels of the Equifax data breach that affected more than 145 million U.S. adults, many consumers are still confused about what they need to do to protect their personal information and their credit ratings. Following are four simple steps you should consider taking now. Freeze your Credit A credit freeze blocks individuals and […]