News & Insights
IRS Waives Penalty for Many Whose 2018 Withholding and Estimated Payments Fell Short
The Internal Revenue Service announced that it is waiving the estimated tax penalty for some taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax…
Continue ReadingIRS Issues Guidance on Qualified Business Income Deduction, Safe Harbor for Rental Real Estate Owners
The Treasury Department and the Internal Revenue Service issued final regulations and three related pieces of guidance, implementing the new qualified business income (QBI) deduction (section 199A deduction)…
Continue Reading
8 Tax Deductions You Can Still Claim on Your 2018 Taxes
With the passage of the Tax Cuts and Jobs Act of 2017, a number of popular tax deductions were either eliminated or limited. While many popular deductions went away, the standard deduction nearly doubled…
Continue ReadingSpecial Rules for Reporting S Corporation Shareholder Health Insurance Premiums
The IRS released special rules regarding the deduction by more than two-percent shareholder-employees of S corporations for health insurance premiums paid by or reimbursed by the S corporations and included…
Continue ReadingPopular Accounting Apps for Your Business
Here are the most popular apps on the most popular accounting software app marketplaces: Intuit’s QuickBooks App Store, Xero’s App Marketplace, and the Sage Intacct Marketplace. From Intuit’s QuickBooks…
Continue ReadingSignificant Increase in Mileage Rates for 2019
The optional standard mileage rates for business use of a vehicle will increase significantly in 2019, after increasing slightly last year. Beginning on Jan. 1, 2019, the standard mileage rates for the…
Continue ReadingPreparing for Revenue Recognition and Lease Accounting Changes
Is your company prepared to implement the upcoming Revenue Recognition changes or the new Lease Accounting Standards? We have prepared a memo to familiarize you with the guidance from the Financial Accounting…
Continue ReadingNJ Tax Amnesty: November 15, 2018 through January 15, 2018
The NJ Tax Amnesty program applies to outstanding tax filings or payments that are due on or after February 1, 2009, and prior to September 1, 2017. The NJ Division of Taxation recently mailed a letter…
Continue ReadingSocial Security Wage Base Set for 2019
The Social Security Administration (SSA) announced that the maximum amount of wages subject to the old age, survivors, and disability insurance (OASDI) tax will increase to $132,900 for 2019. The OASDI…
Continue ReadingIRS Inflation Adjustments and Tax Tables Issued for 2019
The IRS issued the 2019 annual inflation adjustments for many tax provisions as well as the 2019 tax rate tables for individuals and estates and trusts (Rev. Proc. 2018-57). These adjusted amounts will…
Continue Reading