Tax information from the IRS and shared by Vernoia, Enterline + Brewer, CPA LLC.
The Treasury Department and the Internal Revenue Service released final regulations and additional proposed regulations under section 168(k) of the Internal Revenue Code on the new 100% additional first year depreciation deduction that allows businesses to write off most depreciable business assets in the year they are placed in service by the business.
Business Depreciation Ruling from the IRS Read More »
Starting a business can be very rewarding. It can also be a little overwhelming. From business plans to market strategies, and even tax responsibilities… there are many things to consider. Here’s what new business owners can do to help get off to a good start.
Tax Tips to Help New Business Owners Succeed Read More »
The IRS recently announced it is automatically waiving the estimated tax penalty for eligible taxpayers who already filed their 2018 federal income tax returns but did not claim the waiver. Many business owners, especially self-employed individuals who received income subject to withholding, would qualify for this relief.
IRS Automatically Waives Estimated Tax Penalty for Eligible 2018 Filers Read More »
Historically, taxpayers had to submit a private letter ruling request for a waiver if they missed the 60-day rollover deadline for IRAs or retirement plans, but today taxpayers can take the easier route of self-certification that they qualify for a hardship waiver.
Self Certifying Hardship When Missing IRA 60 Day Rollover Window Read More »
Employers are taking note of the new W-4 for 2020 – and employees should be taking a look, too.
A U.S. taxpayer that deducts a “disregarded payment” of interest or royalties to a related person may find its deduction disallowed under IRC §267A.
Section 267A Deduction Disallowance: Disregarded Payments Read More »
Tax credits and deductions can mean more money in a taxpayer’s pocket. Most people only think about this when they file their tax return. However, thinking about it now can help make filing easier next year.
Tax Tip: Year Round Tax Planning – Credit and Deduction Review Read More »
The Internal Revenue Service has begun sending letters to taxpayers with virtual currency transactions that potentially failed to report income and pay the resulting tax from virtual currency transactions or did not report their transactions properly.
IRS to Virtual Currency Owners: Pay Back Taxes Read More »
Educators may be able to deduct unreimbursed expenses on their tax return. This deduction can put money right back in the pockets of eligible teachers and other educators.
Educators Claim Deduction to Get Money Back for Classroom Expenses Read More »
Members of the military and their families often qualify for special tax benefits.
Members of the Armed Forces Entitled to Certain Tax Benefits Read More »