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Sole Proprietorship Schedule C Instructions

2018 – 12/05 If you’re the owner of a sole proprietorship, listen up! Newly released instructions for Schedule C, Form 1040, reflect many of the key tax changes that apply to sole proprietors for tax year 2018. These changes, enacted by the Tax Cuts and Jobs Act, include accounting method liberalizations, limitations on deductions for…

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2018 Tax-Savings Moves

2018 – 12/06 It’s not too late for businesses to implement some 2018 tax-saving moves. One is making the most of the new deduction for qualified business income. For tax years starting after 2017, taxpayers other than corporations may be entitled to a Sec. 199A deduction of up to 20% of their qualified business income….

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Surge of New Email Phishing Scams

2018 – 12/07 Be on the lookout, warns the IRS, for a surge of new email phishing scams. “The holidays and tax season present great opportunities for scam artists to try stealing valuable information through fake emails,” said IRS Commissioner, Chuck Rettig “Watch your inbox for these sophisticated schemes that try to fool you into…

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Cyber Security Meaningful “Passphrase”

2018 – 12/07 Time to step up cyber security. The IRS and others have worked to strengthen their security systems, and are urging the public to help. “To make these defenses stronger, we need taxpayers and tax professionals to take common-sense steps to protect their data and make it harder for identity thieves. By using…

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Reporting Foreign Bank and Financial Accounts

2018 – 12/10 A U.S. District court has held that the monetary limit on the penalty for willfully failing to file a Report of Foreign Bank and Financial Accounts (FBAR) is an annual one. The maximum penalty for a willful violation is the greater of $100,000 or 50% of the balance due. The taxpayer in…

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Congratulations Tania Sederdahl

2018 – 12/6 Dallas CPA Society (DCPAS) announces Bland Garvey’s Tania Sederdahl as one of three finalist for the Young Philanthropy Award.  “In recognition of the charitable activities of our younger members, The DCPAS has collaborated with the Dallas Foundation to create the Young Philanthropy Award.  The three finalists for this honor are Alison Daubert,…

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Family businesses need succession plans, too

Those who run family-owned businesses often underestimate the need for a succession plan. After all, they say, we’re a family business — there will always be a family member here to keep the company going and no one will stand in the way. Not necessarily. In one all-too-common scenario, two of the owner’s children inherit…

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2019 Income Tax Withholding

2018 – 11/27 In Notice 2018-92, the IRS provides interim guidance for the 2019 calendar year regarding income tax withholding from wages and from retirement and annuity distributions. The IRS will also provide withholding regs that reflect changes made by the Tax Cuts and Jobs Act as well as other miscellaneous changes. In September, the…

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Are Meals Included in Gross Income?

2018 – 11/29 The IRS sheds light on meals provided for the convenience of an employer. An individual’s gross income generally includes compensation for services, including fringe benefits. An exception is the value of meals furnished by an employer, which are excludable if they’re furnished on the business premises for the employer’s convenience. The IRS…

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Protect Yourself From Cybercriminals

2018 – 12/04 Holiday shopping season is in full swing and so is identity theft. As part of National Tax Security Awareness Week, the IRS is reminding individuals to take extra steps to protect themselves from cybercriminals. Thieves can use your data to file fraudulent tax returns or turn stolen data into quick cash. Avoid…

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Devote some time to internal leadership development

Many factors go into the success of a company. You’ve got to offer high-quality products or services, provide outstanding customer service, and manage your inventory or supply chain. But there’s at least one other success factor that many business owners often overlook: internal leadership training and development. Even if all your executive and management positions…

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Estate and Gift Tax Raised By TCJA

2018 – 11/21 There’s no cause for concern, says the IRS, for individuals making large gifts in the years 2018 through 2025. The Tax Cuts and Jobs Act significantly raised the estate and gift tax exemptions for those years, after which the exemptions are scheduled to drop back to pre-2018 levels. The IRS recently announced…

©2018 Bland Garvey CPA