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4Q Employment Tax Return Due

Attention employers! The 2018 fourth quarter employment tax return is due Thursday, 1/31/19. That’s the Form 941 (“Employer’s Quarterly Federal Tax Return”), which summarizes the total wages you paid during the quarter, and the total federal employment taxes due. If your tax bill is less than $2,500 you can pay it, in full, with a…

Do your long-term customers know everything about you?

A technician at a mobility equipment supplier was servicing the motorized wheelchair of a long-time customer and noticed it was a brand-new model. “Where did you buy the chair?” he asked the customer. “At the health care supply store on the other side of town,” the customer replied. The technician paused and then asked, “Well,…

Do your long-term customers know everything about you?

A technician at a mobility equipment supplier was servicing the motorized wheelchair of a long-time customer and noticed it was a brand-new model. “Where did you buy the chair?” he asked the customer. “At the health care supply store on the other side of town,” the customer replied. The technician paused and then asked, “Well,…

Exit Strategy and Tax Planning

Tax planning is a juggling act for business owners. You have to keep your eye on your company’s income and expenses and applicable tax breaks (especially if you own a pass-through entity). But you also must look out for your own financial future. For example, you need to develop an exit strategy so that taxes…

Stock-based Compensation

2018 – 12/10 The IRS has provided guidance on a new deferral option for certain stock-based compensation. The option was added by the Tax Cuts and Jobs Act. It allows qualified employees of privately held corporations to defer paying income tax for up to 5 years on the value of qualified stock options and restricted…

2019 Standard Mileage Rates

2018 – 12/17 The IRS announced the 2019 standard mileage rates. The optional mileage allowance for owned or leased vehicles (including autos, vans or pickups) will rise 1 cent to 58 cents per mile for business travel. Employers can also use the rate to reimburse employees who supply their own autos for business use and…

Getting ahead of the curve on emerging technologies

Turn on your computer or mobile device, scroll through Facebook or Twitter, or skim a business-oriented website, and you’ll likely come across the term “emerging technologies.” It has become so ubiquitous that you might be tempted to ignore it and move on to something else. That would be a mistake. In today’s competitive business landscape,…

6 last-minute tax moves for your business

Tax planning is a year-round activity, but there are still some year-end strategies you can use to lower your 2018 tax bill. Here are six last-minute tax moves business owners should consider: Postpone invoices. If your business uses the cash method of accounting, and it would benefit from deferring income to next year, wait until…

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…

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….

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…

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…

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…

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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