2017 Tax Reform: Fiscal year corporation “blended” 2017-2018 tax rate has planning implications

As a result of the fact that the Tax Cuts and Jobs Act (the Act) reduced the corporate income tax rate from a maximum of 35% to a flat 21%, and that change’s interaction with Code Sec. 15(a) which covers changes in rates during a tax year, fiscal year corporations have a “blended” 2017-2018 tax… Read more »

2017 Tax Reform: How the new law affects business auto purchasers, lessees, and users–Part II

The Tax Cuts and Jobs Act has changed the tax rules for many taxpayers and many transactions, including the tax rules that govern depreciation or lease deductions for business autos, trade-ins of autos, write-offs for heavy SUVs, and deductions for employee-provided autos. This article takes a detailed look at the revised rules. This article also… Read more »

The New 2018 W-4 and You

By Jessica Donaldson Whether you are an employer or an employee, the new tax laws will affect you in some way. The big question is – how? And what can you do now to help your tax situation for the year? New information released by the IRS can help answer some of these questions, along… Read more »

New IRS Withholding Calculator: Frequently Asked Questions

The Internal Revenue Service today released an updated Withholding Calculator on IRS.gov and a new version of Form W-4 to help taxpayers check their 2018 tax withholding following passage of the Tax Cuts and Jobs Act in December. It is a good idea to perform a “paycheck checkup” now that new rules apply. Here are answers to… Read more »

Simple Tips to Help Prevent Tax-Related Identity Theft

The first fiscal quarter every year is often a time of frenetic activity throughout the business world. Business plans are being developed, financial statements are being prepared, tax documents are sent to employees and taxes are filed with the internal revenue service. This is also a time when identity thieves move into action, attempting to… Read more »

IRS releases updated withholding calculator and new Form W-4

IRS has released an updated withholding calculator on its website, as well as a new version of Form W-4, to help taxpayers check their 2018 withholding in light of changes made by the Tax Cuts and Jobs Act. IRS also issued a series of frequently asked questions (FAQs) on the withholding calculator. Background. The TCJA… Read more »

Auditing Services for Non-Profit Organizations

Non-profit organizations play a very important role in the American economy and culture. They often involve a range of services within a community. Some also have reached the state and national level. Certain rules and regulations apply to non-profit organizations depending on the scope of service. If you are thinking about starting a non-profit, expanding… Read more »

Business Planning for Your Tax Refund

Government regulations and tax laws continue to change each and every year. Some businesses qualify for significant tax credits and tax breaks that can lead to a significant refund from the Internal Revenue Service. Of course, all successful businesses understand the importance of wisely investing any additional capital for future business growth. Here at Larson… Read more »

2017 Tax Reform: how new tax law doubles estate & gift tax exemption

This article discusses the changes to the estate and gift tax exemption made by the massive Tax Cuts and Jobs Act effective beginning in 2018 that will result in many fewer estates being subject to the 40% tax, and larger estates owing less tax. Before the Tax Cuts and Jobs Act, the first $5 million… Read more »

Update from the IRS: Interest on Home Equity Loans Often Still Deductible Under New Law

WASHINGTON – The Internal Revenue Service today advised taxpayers that in many cases they can continue to deduct interest paid on home equity loans. Responding to many questions received from taxpayers and tax professionals, the IRS said that despite newly-enacted restrictions on home mortgages, taxpayers can often still deduct interest on a home equity loan,… Read more »