Jan 17, 2019 | Accounting & Audit Updates, Tax News
The IRS issued welcoming news for taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year. The penalty waiver applies to most taxpayers who paid at least 85% of their total tax liability...
Jan 15, 2019 | Accounting & Audit Updates, Tax Due Dates, Tax News
The IRS announced on Monday, January 7, that it will start processing returns beginning January 28 and will issue refunds on a normal schedule. A considerable number of IRS employees who were furloughed due to the government shutdown will be called into work....
Jan 8, 2019 | Accounting & Audit Updates, Tax News
The Tax Cuts and Jobs Act created significant changes to tax laws affecting individual taxes (Form 1040). The following is a checklist of topics that taxpayers should be aware of as they prepare to file their 2018 tax returns. Deductions Standard vs. Itemized...
Dec 27, 2018 | Accounting & Audit Updates, Tax News
Final regulations under the uniform capitalization (UNICAP) rules adopt a new simplified method called the modified simplified production method—for determining additional Code Sec. 263A costs allocable to property produced by a taxpayer or acquired for resale ( T.D....
Dec 18, 2018 | Accounting & Audit Updates, Tax News
The IRS has released new inflation-adjusted amounts for 2019. These figures generally apply to tax years beginning in 2019 or transactions or events occurring in calendar year 2019. Included are the tax rate tables, the beginning income levels for the limitation on...
Dec 11, 2018 | Accounting & Audit Updates, Private Equity-SBICs and Venture Capital, Tax News
Last year’s tax reform created a new Opportunity Zone program, which offers qualifying investors certain tax incentives aimed to spur investment in economically distressed areas. Treasury Secretary Steven Mnuchin has predicted that the Opportunity Zone program will...
