Oct 3, 2019 | Business Planning, Personal Financial Planning, Tax News
When you open a new account, make an investment or begin to receive payments reportable on Form 1099, you must provide your taxpayer identification number (often your Social Security number). For certain types of payments, you need to provide your taxpayer...
Sep 19, 2019 | Business Planning, Tax News
Many manufacturing companies fail to take advantage of the generous research and development (R&D) tax credit simply because they don’t have staff working in a lab. The Internal Revenue Service’s (IRS) definition of R&D is codified at Internal Revenue Code...
Sep 17, 2019 | Personal Financial Planning, Tax News
The Tax Cuts and Jobs Act of 2017 (TCJA) made major changes that affect how individual taxpayers can claim deductions. For individual taxpayers, the biggest changes were (1) the increase in the standard deduction, which significantly raised the threshold for claiming...
Sep 12, 2019 | Business Planning, Tax News
In June 2018, the U.S. Supreme Court decided South Dakota v. Wayfair. Since then, businesses that operate in two or more of the nation’s 10,000-plus tax jurisdictions have been struggling to understand what they need to do to comply with the new definition of economic...
Aug 27, 2019 | Accounting & Audit Updates, Tax News
Benjamin Franklin once said “to fail to plan is to plan to fail.” This adage certainly applies to tax planning. Although the Tax Cuts and Jobs Act of 2017 (TCJA) eliminated many deductions outright, there are exceptions. Certain deductions still exist but...
