On February 9, 2018, Congress passed and President Trump signed into law the Bipartisan Budget Act of 2018. The main purpose of the legislation was to fund the government through March 23, 2018, but it also provided a few relevant retroactive tax changes we should note and be aware of for tax year 2017. The […]
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Avoiding Costly Mistakes Regarding Choice of Entity Post-Tax Reform
Choice of entity is undoubtedly a discussion for practitioners currently meeting with clients for tax return preparation. Clients are confused as to which structure–C corporation or S corporation–is best suited for their entity after tax reform. The Tax Cuts and Jobs Act lowered the tax rate for C corps to 21%. Moreover, the new §199A […]
Want to Reduce Stress? Use the Secret of the Bicycle
With busy season looming while you’re furiously trying to learn all about the massive tax reform law, you’re probably looking for ways to reduce stress. I’m not talking about the stress that motivates us; I’m talking about the wasteful stress that just consumes energy and throws us off balance. You’ve heard many ways to fight […]
The Service Business Disadvantage of the New Section 199A
The tax reform law includes a new Section 199A which creates a deduction for Qualified Business Income (QBI). For tax years 2018 through 2025, an individual Taxpayer may deduct 20% of QBI from a partnership, S corporation, or sole proprietorship. QBI is the net amount of qualified items of income, gain, deduction, and loss with […]
QuickBooks Year End Questions & Answers
Since I frequently hear the same three questions about QuickBooks Desktop at the start of every new year, I thought I’d share these most-asked QuickBooks year end questions (and answers) with you! 1. How do I close the year in my QuickBooks file? Answer: You don’t! QuickBooks company files do not require or support a year-end […]
Surgent’s New Tax Reform Webinar
With the final Tax Cuts and Jobs Act now signed by President Trump—and many clients already asking their accountants what they should do this year in light of the bill’s provisions—Surgent’s internal team of tax experts has prepared an all-new professional education course, Critical Tax Reform Update for CPAs: The Tax Cuts and Jobs Act (TACT). This […]
Highlights of the Compromise Tax Reform Package
Republican lawmakers released their conference committee report for The Tax Cuts and Jobs Act on December 15, 2017. This compromise tax reform package passed in both the House and Senate the week of December 18th. President Trump’s signature has heralded in the most substantive changes to the tax code in over 30 years. The basic […]
Tips for 2017 Year-End Planning Amid Our Uncertain Environment
With the House and Senate bills being reconciled in an effort to pass a tax reform law, it is incredibly difficult for a professional to competently advise an individual on year-end planning. To illustrate this point, the IRS itself has punted on usually already issued withholding guidance as it awaits the finalized legislation. Here, however, […]
Senate Passes Own Version of Tax Cuts and Jobs Act
The Senate passed its version of the Tax Cuts and Jobs Act at approximately 2 a.m. on the morning of December 2, 2017, almost entirely along party lines. The final vote was 51-49 with only Senator Bob Corker (Republican, Tenn.) defecting. The House is scheduled to vote December 4, 2017 regarding conferencing with the Senate […]
Understanding Federal Whistleblower Programs
Did you know that, as part of the IRS’s new program, whistleblowers may recover 15 to 30 percent of the amount collected (provided the taxes and amounts in dispute exceed $2 million)? The fact is that over the last 10 years, the federal government issued record-breaking awards to whistleblowers to reward those who report misconduct. Several federal agencies […]