The Tax Cuts and Jobs Act (Act) legislation signed into law on December 22, 2017, was sweeping in several ways. The Act has eliminated any deduction for business entertainment expenses, eliminated 2% miscellaneous itemized deductions for individuals, set the Corporate tax rate to a flat 21%, and created a new deduction for individuals who own pass-through entities, to name a few of the significant changes.
The IRS announced that it is waiving the estimated tax penalty for many taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year.
New Year’s is traditionally a time to make resolutions for the upcoming months. Once you set your personal goals, it’s time to get serious about your business goals. Here are ten resolutions you might consider making — and sticking to — to put you on track to prosper in 2019.
In case you missed it, the IRS has announced the 2019 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
Private companies that follow U.S. Generally Accepted Accounting Principles (GAAP) are running out of time to implement the new revenue recognition rules. Are your accounting systems and personnel ready for this fundamental shift in financial reporting? The effects will likely be more far-reaching than expected, based on feedback from public companies that implemented the changes in 2018.
Laws and regulations governing gender-based pay equality have been on the books for decades. But equal pay for men and women has become a hot button in the business world, thanks to the #MeToo movement and some recent surveys documenting widespread pay disparity.
With the holidays fast approaching, you might want to reward your employees for all their hard work in 2018. Gift-giving ideas include gift cards, holiday turkeys and achievement awards.
Although your intent may be essentially the same in all these situations, the tax outcome for recipients of your goodwill may be quite different. Typically, it depends on the value and type of gift or award.
The IRS recently provided transitional guidance about the deductibility of expenses for business meals that are purchased in an entertainment context. (IRS Notice 2018-76) Until proposed regulations are published, taxpayers can rely on this guidance for the treatment of expenses for the business meals described.
Throughout October, AHP will be releasing several blog posts that look at the concept of cybersecurity from several angles. These posts will include practical takeaways to improve cybersecurity whether at your business, organization, or home. Today’s post looks at the concept of understanding several corporate or organizational cyber risks.
The Tax Cuts and Jobs Act (TCJA) includes a bevy of important tax changes for individuals and businesses. However, it’s sometimes hard to keep track of which changes are permanent and which are scheduled to expire at the end of 2025 — unless Congress extends them.
