employee benefits

Effect of TCJA Employee Benefits Changes – Consequences to Your Business

December 10, 2018

The Tax Cuts and Jobs Act (TCJA) has created several changes to the tax treatment of employee benefits. It was not signed into law until December 2017, making it difficult for many employers to have adjusted their benefits offerings for 2018.  Even so, they will need to understand how the new law will affect their…

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tax deductions

Year-End Planning for the New Rules on Deductions

December 1, 2018

The sweeping Tax Cuts and Jobs Act (TCJA) makes many significant changes that will impact your year-end tax planning strategies. One of the biggest areas affected is planning for deductions. Itemizing: Will you or won’t you? When determining your year-end strategies, you first need to figure out whether itemizing will still be beneficial for you.…

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tax planning

Investing in Your Business is Still a Powerful Year-End Tax Planning Strategy

November 19, 2018

With the end of the year rapidly approaching, many business owners are wondering what they can do to reduce their income taxes. One of the best strategies continues to be investing in business assets that will provide large depreciation-related deductions. In fact, such investments could provide larger deductions in 2018 than in 2017, thanks to…

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tax advisors

Tax-Exempt Organizations, Unrelated Business Income Tax and the New Tax Act

July 8, 2018

Author: Angela Juvelis, Audit Manager   Included in the Tax Cuts and Jobs Act of 2017 (the Act) is a provision which may have a significant impact on certain tax-exempt organizations. Tax-exempt organizations that provide qualified transportation fringe benefits (i.e. transit passes and parking) and on-premises athletic facilities are now required to pay an “unrelated…

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U.S. Supreme Court Overruled Quill’s Physical Presence Requirement

June 25, 2018

Author: Iris Chang, Tax Supervisor   The United States Supreme Court has ruled in favor that states are allowed to collect sales tax from online retailers, even if companies don’t have a physical presence in the state, in the South Dakota v. Wayfair decision, on June 21, 2018.  On Thursday, the Supreme Court overruled Quill Corporation v.…

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IRS Reminds Exempts to File Annual Returns by May 15 to Safeguard Exemption

May 10, 2018

IR 2018-117, May 2018 IRS has issued a Fact Sheet and a News Release reminding tax-exempt organizations to file their annual information returns (Form 990, Return of Organization Exempt From Income Tax) by May 15, 2018, or risk having their federal tax-exempt status revoked. IRS also cautioned tax-exempts not to include Social Security numbers (SSNs)…

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