Impact on 529 Plans The Tax Cuts & Jobs Act treats up to $10,000 a year for elementary and high school expenses per student as qualified under the Section 529 plan rules. Previously, Section 529 money could only be used for post-secondary education – think college and graduate schools. But now, the Tax Cuts & […]
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Courses to Fit Your Life: 3 Ways Surgent’s Unlimited CPE for CPAs Is Perfect for You
CPE hours are an integral part of the accounting profession; CPAs use them not only to keep their licenses current, but to stay up-to-date on new technologies and advancements and enhance their careers. However, getting CPE hours isn’t exactly easy, and finding relevant opportunities can be time consuming and frustrating, especially if your deadline is […]
Alimony and the Tax Cuts and Jobs Act: Tax Implications of the New Law
The Tax Cuts and Jobs Act implemented in December 2017 will cause dramatic changes to the tax treatment of alimony payments as of January 1st, 2019, effectively reversing the tax treatment of payments by payers and recipients. Here, we’ll provide an overview of how the new law will affect divorce or separation instruments, and how […]
The IRS Mailbox Rule for Tax Returns
No doormat rule akin to mailbox rule Undoubtedly, the grand majority of people reading this are aware the mailbox rule deems a return filed as it is placed in the mailbox and correspondingly postmarked the same day. An enterprising taxpayer unsuccessfully attempted to extend the rationale of the mailbox rule in Plato v. Commissioner, USTC […]
Deductions for Meals and Entertainment after Tax Reform
Prior to the Tax Cuts and Jobs Act, a meal incurred during, directly before or after a sporting event or associated with entertainment was complimentary and inseparable. Both the meal and the entertainment qualified for a 50% deduction. With the Tax Cuts and Jobs Act, the question yet to be determined is – does the […]
Preparing for the Implementation of ASU No. 2016-14
Not-for-profit entities with 12/31/18 year-ends will be implementing ASU No. 2016-14, Presentation of Financial Statements of Not-for-Profit Entities in their financial statements. With limited exceptions (related to comparative financial statements in the areas of the new functional and natural expense analysis and the new liquidity and availability disclosures) ASU No. 2016-14 is required to be […]
Tax Cuts and Jobs Act Amends Changing the Inflationary Adjustment Calculation from Utilizing“CPI index” to a “Chained-CPI index”
Hidden beneath the towering waves of the tax transformation tsunami commonly referred to as the “Tax Cuts and Jobs Act” of 2017; lies a somewhat over-shadowed verse which may presently fail to excite many appetites. The seemingly shallow amendment applies to the very first code section. Code §1 refers to the imposition of tax. It […]
Adopting Topic 606: What Private Companies Can Learn From Public Business Entities’ Implementation of the New Revenue Standard
One of the best treats in life is to be able to learn from the challenges of others. For private companies implementing Topic 606, Revenue from Contracts with Customers, 2018 is providing just this opportunity. Most public business entities (PBEs) adopted Topic 606 on January 1, 2018. This represented the culmination of, for many PBEs, […]
Home Equity Loan Interest Could Still be Deductible
The Service recently responded to widespread confusion surrounding changes made through the Tax Cuts and Jobs Act by announcing that taxpayers can often still deduct interest on a home equity loan, home equity line of credit or second mortgage, without regard to the label placed on the loan. Tax reform imposed a lower limit of […]
IRS Recalculates HSA Family Coverage Deduction
Last week, IRS recalculated the previously released 2018 figures for Health Saving Account (HSA) family coverage deductions. Under the Tax Cuts and Jobs Act, inflation adjusted figures previously utilizing the Consumer Price Index for All Urban Consumers (CPI-U) would be indexed under the Chained Consumer Price Index for All Urban Consumers (C-CPI-U). Though of little […]