The Tax Cuts and Jobs Act (TCJA), signed into law this past December, affects more than just income taxes. It’s brought great changes to estate planning and, in doing so, bolstered the potential value of dynasty trusts. Exemption Changes Let’s start with the TCJA. It doesn’t repeal the estate tax, as had been discussed before [...]
A growing number of businesses have been victimized by W-2 phishing scams. In a traditional phishing scam, a criminal tricks someone into providing confidential information and then uses it to steal money and/or the victim’s identity. The W-2 phishing scam is a variation on this. Whether you’re a business owner, work in a management or [...]
Every company needs to upgrade its assets once in a while, whether desks and chairs or a huge piece of complex machinery. But before you go shopping this year, be sure to brush up on the enhanced bonus depreciation tax breaks created under the Tax Cuts and Jobs Act (TCJA) passed last year. Old Law [...]
The say one person’s trash is another person’s treasure. This may hold true when it comes to collectibles – those various objets d’art for which many people will pay good money. But if you’re considering selling or donating some of your precious items, be sure to consider the tax impact on your 2017 return. Sales [...]
Keeping up with the complexity of the Internal Revenue Code is challenging for an individual and even more so for a business owner. But, if you’re someone who handles both roles – an owner-employee – the difficulty level is particularly high. Nonetheless, it’s important to stay up to speed on your specific obligations. As you’re [...]
January 16 Individual taxpayers’ final 2017 estimated tax payment is due. January 31 File 2017 Forms W-2 (“Wage and Tax Statement”) with the SSA and provide copies to your employees. File 2017 Forms 1099-MISC (“Miscellaneous Income”) reporting nonemployee compensation payments in box 7 with the IRS and provide copies to recipients. Most employers must file [...]