IRS issues new TCJA guidance for businesses

October 5, 2018

IRS issues new TCJA guidance for businesses The Tax Cuts and Jobs Act (TCJA) created a new general business tax credit for certain businesses that grant their qualifying employees paid family and medical leave in 2018 and 2019. The IRS now has released Notice 2018-71, which addresses several related issues, including eligibility, types of leave […]


Three Bills Form Tax Reform 2.0

September 24, 2018

On September 13, the House Ways and Means Committee passed three separate bills that will be the cornerstone of what is being referred to as Tax Reform 2.0. The bills focus on making permanent certain provisions of the Tax Cuts and Jobs Act (TCJA) that affect individuals, families, and small businesses. They also promote family […]


Spin E-Mail Addresses Into Gold

The Internet is one of the best devices your company has to target new customers and keep your existing clientele happy. But before you begin reaping the benefits of e-marketing, you must collect and manage a database of e-mail addresses. This might seem easy at first glance, but the task can be overwhelming if it isn’t […]


Deducting Pass-Through Business Losses

Many business ventures generate tax losses, especially in the first few years of operation or under adverse conditions. When can losses be deducted — and how much can you deduct in any given year? This article explains new limitations on the ability of individual taxpayers to deduct losses from pass-through business entities, including sole proprietorships, limited […]


Tax-Exempt Organizations: IRS Provides Guidance on New UBTI Rule

The IRS recently issued much-needed guidance on how tax-exempt organizations should calculate unrelated business taxable income (UBTI) for each separate trade or business they operate. This requirement was part of the Tax Cuts and Jobs Act (TCJA), which was signed into law in December 2017. The new UBTI requirement generally applies to tax years beginning after 2017. […]


IRS issues proposed regulations on the pass-through business income deduction

August 22, 2018

The IRS recently released highly anticipated regulations addressing the deduction for up to 20% of qualified business income (QBI) from pass-through entities. The deduction was a major component of the Tax Cuts and Jobs Act, which became law late last year. It has also been referred to as the pass-through deduction, the QBI deduction or […]


A Strategic Plan Should Also Include a Succession Plan

Many small businesses prepare — and regularly update — a strategic plan, but many overlook this important task. Whether your business falls into the “have” or a “have-not” category, a strategic plan can be an invaluable resource to help your company accomplish its ultimate objectives. And part of this process involves having a succession or exit plan. […]


Workplace Retaliation: Reduce the Chances of a Claim

EEOC statistics show that in fiscal 2017, retaliation lawsuits totaled 41,097, compared with 26,663 a decade earlier in 2007.    Retaliation is the most frequently alleged basis of discrimination in the federal sector and the most common discrimination finding in federal sector cases, according to the U.S. Equal Employment Opportunity Commission (EEOC). The laws enforced by the […]


What’s Next for State Tax Nexus?

The recent Wayfair decision has drastically altered the landscape for states that want to collect sales and use taxes. Prior to this landmark U.S. Supreme Court case, economic “nexus” for tax purposes was established only if the seller of goods or services exhibited a “physical presence” in the state. Under Wayfair, sales and use tax obligations may be imposed […]


IRS Issues Guidance on New Bonus Depreciation Rules

August 15, 2018

The Tax Cuts and Jobs Act (TCJA) significantly expands bonus depreciation under Section 168(k) of the Internal Revenue Code for both regular tax and alternative minimum tax (AMT) purposes. Now, the IRS has released proposed regulations that clarify the requirements that businesses must satisfy to claim bonus depreciation deductions. Although the regs are only proposed […]