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Charity Contributions and Tax Credits

2019 – 12/16 The IRS has proposed clarifications on how to treat certain contributions made to a charity in return for state and local tax credits. A provision of the Tax Cuts and Jobs Act limits an individual’s deduction for state and local taxes paid in a calendar year to $10,000. The new proposed regulations…

Tax-Exempt Organizations and E-File Forms

2019 – 12/16 Recent legislation generally requires tax-exempt organizations to e-file forms. The Taxpayer First Act, enacted in July, requires nonprofits to electronically file information returns and related forms in tax years starting after July 1, 2019. Those who previously filed paper forms will receive a letter from the IRS informing them of the change….

Get Ready for Tax-Filing Season

2019 – 12/16 With the tax filing season almost here, taxpayers may want to check out a new IRS publication from the IRS. “Publication 5348, Get Ready to File” can help individuals prepare for the tax-filing season. It offers information and resources on electronic filing options, withholding, estimated tax payments, credits and deductions, data protection…

Required Minimum Distribution Deadline

2019 – 12/11 A reminder: Retirees born before July 1, 1949 usually must take required minimum distributions (RMDs) from their retirement plans by Dec. 31. Those who turned 70½ in 2019 (the onset age for RMDs) can wait until April 1, 2020, to take their first distributions. (The April 1 deadline only applies to the…

Tax Basis Reporting Delayed

2019 – 12/11 The tax basis reporting of capital accounts has been delayed to 2020. In Notice 2019-66, the IRS has announced that partnerships won’t be required to report partners’ shares of partnership capital on the tax basis method for tax years starting in calendar-year 2019, but will be required to use that method starting…

What’s the right device policy for your company?

2019 – 12/17 Device policies pertaining to smartphones and other technology tools continue to frustrate business owners as they try to balance their needs for security and functionality against employees’ rights to privacy and freedom. At some companies, loose “bring your own device” (BYOD) policies are giving way to stricter “choose your own device” (CYOD)…

What lenders look for in a succession plan

2019 – 12/10 Business owners are urged to create succession plans for the good of their families and their employees. But there’s someone else who holds a key interest in the longevity of your company: Your lender. If you want to maintain a clear path to acquiring the working capital your business may need after…

Business Travel Deductions: What Has Changed?

2019 – 11/27 The Tax Cuts and Jobs Act (TCJA) resulted in changes for some business travelers. The IRS has issued guidance in Revenue Procedure 2019-48 for these travelers and their employers to clarify the changes. The TCJA suspended the miscellaneous itemized deduction employees could take for unreimbursed expenses, but self-employed persons and certain employees…

Does Your Charity Qualify for a Tax Deduction?

2019 – 11/26 As the holidays near, many taxpayers are thinking about how they want to “give back” and donate to charities. An IRS tool lets taxpayers learn if the organizations they donate to qualify for a tax deduction. The “Tax Exempt Organization Search” allows users to search for qualified tax-exempt charities. The tool provides…

The Cost of Tax Errors

2019 – 11/26 Tax errors can be costly for small businesses. Accidentally failing to comply with tax laws, violating tax codes, or filling out forms incorrectly can leave taxpayers and their businesses open to possible penalties. According to the IRS, the most common errors by small businesses include underpaying estimated taxes and depositing employment taxes…

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