On December 22, President Trump signed the Tax Cuts and Jobs Act bill into law. The bill will impact virtually every individual and business on a level not seen in over 30 years. We have attached a summary of the key provisions.
Lesley L. Price, CPA
Recent Posts
One way to reduce your 2017 tax bill is to buy a business vehicle before year end. But don’t make a purchase without first looking at what your 2017 deduction would be and whether tax reform legislation could affect the tax benefit of a 2017 vs. 2018 purchase.
Posted in Business Tax
Can You Reduce 2017 Taxes by "Harvesting" Depreciated Stocks?
Posted by Lesley L. Price, CPA on Nov 28, 2017
This is the time of year to start thinking about depreciated stock, it may help you reduce your 2017 tax bill.
Posted in Individual Tax Planning
How Will the Proposed Tax Cuts and Jobs Act Impact You
Posted by Lesley L. Price, CPA on Nov 08, 2017
November 2, 2017, the House Ways and Means Committee Chairman, Kevin Brady, introduced a draft tax reform bill titled "Tax Cuts and Jobs Act." This proposed bill would overhaul the federal tax code with a majority of the provisions effective starting in 2018. Below is a brief summary of some of the proposed legislation.
Posted in Tax Updates
Individual Taxpayers On Extension in 2017 Are Running Out of Time To File
Posted by Lesley L. Price, CPA on Oct 10, 2017
If you have not filed your taxes, you are quickly running out of time. The deadline for all individual taxpayers who filed for an extension is Monday, October 16, 2017, since October 15, falls on a weekend. You must file and pay any balance due next week.
Posted in Individual Tax
Should Your Business Use Per Diem Rates For Travel Reimbursement?
Posted by Lesley L. Price, CPA on Sep 18, 2017
Updated travel per diem rates go into effect October 1. To simplify recordkeeping, they can be used for reimbursement of ordinary and normal business expenses incurred while employees travel away from home.
Posted in Business Tax
Material Participation Key To Deducting LLC and LLP Losses
Posted by Lesley L. Price, CPA on Aug 09, 2017
If your business is a limited liability company (LLC) or a limited liability partnership (LLP), you know that these structures offer liability protection and flexibility as well as tax advantages. But they once also had a significant tax disadvantage: The IRS used to treat all LLC and LLP owners as limited partners for purposes of the passive activity loss (PAL) rules, which can result in negative tax consequences. Fortunately, these days LLC and LLP owners can be treated as general partners, which means they can meet any one of seven “material participation” tests to avoid passive treatment.
Posted in Business Tax
Real Estate Professional - Substantiation of Participation in Activities
Posted by Lesley L. Price, CPA on Jul 21, 2017
Posted in Individual Tax
Dot the "i’s” and Cross the "t’s” On Loans Between Your Business and Its Owners
Posted by Lesley L. Price, CPA on Jun 13, 2017
It’s common for closely held businesses to transfer money into and out of the company, often in the form of a loan. However, the IRS looks closely at such transactions: Are they truly loans, or actually compensation, distributions or contributions to equity?
Posted in Business Tax
IRS Introduces Three New Automatic Method Changes and Provides Modified Procedures
Posted by Lesley L. Price, CPA on May 19, 2017
On April 19, 2017, the Internal Revenue Service issued Revenue Procedure 2017-30 to update the list of automatic changes in methods of accounting to which the automatic change procedures under Rev. Proc. 2015-13 applies. In addition to adding three new automatic accounting method changes, the Rev. Proc. modifies existing automatic method changes, removes certain obsolete method changes, and provides limited transition rules.
Posted in Business Tax