Mar 15, 2019 | IRS information, Tax Updates, Uncategorized
Checkpoint Newsstand 3/15/19 As the April 15th deadline for filing 2018 income tax returns draws near, some taxpayers may not have the cash to pay the balance due on their returns. Clients can avoid penalties but not interest if they can get an extension of time to...
Mar 13, 2019 | Uncategorized
By Andrew Wan, CPA, CFE New lease accounting is now here! For public companies, it begins for annual periods beginning after December 15, 2018 and for private companies it begins for annual periods beginning after December 15, 2019. This new guidance requires...
Jan 4, 2019 | Uncategorized
A number of important tax changes go into effect in 2019. Some were ushered in by legislation such as the Tax Cuts and Jobs Act, the 2016 Consolidated Appropriations Act, and the Bipartisan Budget Act of 2018. Still other changes are the result of various...
Jan 4, 2019 | Uncategorized
In a Notice and accompanying information release, IRS has provided interim guidance for taxpayers to determine the amount of parking expenses for qualified transportation fringes (QTFs) that is nondeductible under Code Sec. 274(a)(4) and for tax-exempt organizations...
Dec 7, 2018 | Tax Cuts and Jobs Act, Tax Planning Tips, Uncategorized
Before the Tax Cuts and Jobs Act, taxpayers could deduct interest paid on up to $1 million ($500,000 if married filing separately) of home acquisition debt (debt used to buy or substantially improve a first or second home). Also, taxpayers could deduct interest paid...
Dec 7, 2018 | Uncategorized
Under the Tax Cuts and Jobs Act (TCJA), 2018 ordinary tax rates are generally lower than those for 2017. For example, the top rate has been reduced from 39.6% to 37%. (The remaining six rates are 10%, 12%, 22%, 24%, 32%, and 35%.) Also, the top rate now applies to...
