Child Tax Credit Enhanced, More Widely Available
There is good news to offer in the form of an enhanced child tax
credit. Under the Tax Cuts and Jobs Act (TCJA), the child tax
credit has doubled, increased the refundable portion, and expanded
Protect Your Business from a Data Breach
As you go about your daily life conducting business online, hackers
are in the wings waiting to pounce and exploit one innocent
miss-click, mistake or mismanagement of company data. Turning a
Meals and Entertainment Changes Under Tax Reform
In general, the new tax Act provides for stricter limits on the
deductibility of business meals and entertainment expenses. Under
the Act entertainment expenses incurred or paid after December 31,
2018 Retirement Plan Limits
The 2018 dollar limit on the maximum permissible allocation under a
defined contribution plan is $55,000. The maximum amount of annual
compensation that may be taken into account on behalf of any
Paying for College: Traps and Blunders
As the school year ends, summer vacation offers parents and
students alike the opportunity to focus on what may be their most
considered subject: PAYING FOR COLLEGE. Many families commit
States have become quicker to declare assets “abandoned” when
account owners lose touch with a financial institution.
Although state laws vary, assets may be determined abandoned if ...
Preventing Tax Identity Theft
IRS Commissioner John Koskinen has asked companies to report
patterns of fraud and for tax preparation firms to team up to fight
return fraud. Criminals are using stolen identities to claim
Proposed Regs Provided for Code Sec. 163(j) Limit
The IRS has proposed regulations on the limitation on the business
interest expense deduction under Code Sec. 163(j), as amended by
the Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97). The IRS also has
Deductions Denied to Medical Marijuana Dispensary
A nonprofit corporation that operated a medical-marijuana
dispensary legally under California law was not allowed to claim
deductions for business expenses on its federal return. Code Sec.
2019 Standard Mileage Rates Released
The IRS released the optional standard mileage rates for 2019. Most
taxpayers may use these rates to compute deductible costs of
operating vehicles for:...
Proposed Regs Address Foreign Tax Credit Changes
Highly anticipated foreign tax credit regulations have been issued
that provide guidance on the significant changes made to the
foreign tax credit rules by the Tax Cuts and Jobs Act ( P.L.
Guidance on 2019 Withholding Rules
The IRS has provided interim guidance for the 2019 calendar year on
income tax withholding from wages and withholding from retirement
and annuity distributions. In general, certain 2018 withholding
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