Newsletters


Corporate Minutes

As you are probably aware, one of the requirements for maintaining a corporation’s existence (and the liability protection that it affords) is that the shareholders and Board of Directors must meet at least annually. Although most people view this requi …   Read More >>
 

Tax Tip 2019-104: Business owners may be able to benefit from the home office deduction

Taxpayers who qualify may choose one of two methods to calculate their home office expense deduction:
 

Opportunity Zones

Do you/will you have capital gains in 2019? Do you wish to possibly defer the gain? The Tax Cuts and Jobs Act provides temporary deferral of capital gain income if  the gain is reinvested in a qualified opportunity fund (QOF) and the permanent exclusi …   Read More >>
 

IRS Withholding Tables change for 2018

The new IRS withholding tables were needed to reflect the changes in tax rates and tax brackets, increased standard deduction and repeal of personal exemptions that were included in the new tax reform law signed in December. Acco …   Read More >>

 

TCJA greatly eases rules for bonus depreciation, Code Sec. 179 expensing and regular depreciation

The Tax Cuts and Jobs Act (TCJA) has effectively lowered the cost of acquiring capital assets by making substantial changes to the income tax rules for bonus depreciation and other “cost recovery.” There's a lot to discuss, but please bear with me. On …   Read More >>
 

Changes to Meals and Entertainment Expense Deductions

The Tax Cuts and Jobs Act has made changes to the meals and entertainment deductions. Read More >>
 

Changes to Moving Expenses under Tax Cuts and Jobs Act

Reimbursements for moving expenses made to employees or paid directly to third parties on and after January 1, 2018 and through December 31, 2025, are to be …   Read More >>
 

2018 Standard Mileage Rates

2018 Standard Mileage Rates: Beginning on 1/1/18, the standard mileage rates for cars, vans, pickups, and panel trucks will be 54.5 cents per mile for business miles, 18 cents per mile for medical or moving purposes, and 14 cents per mile …   Read More >>
 

Changes to eating facilities and de minimis meals under the Tax Cuts and Jobs Act

Business deduction for meals changed to 50% for 2018 Effective January 1, 2018, IRC Section 274(n) has been modified to reflect that the business deduction for de minimis meals under IRC Section 132(e)(1) and meals provided for the convenience of the e …   Read More >>
 

IMPORTANT STATE DEDUCTION CHANGES

As you know there have been many changes to tax law due to the recent “Tax Cuts and Jobs Act.” As we get closer to the end of the year it’s time to implement tax saving strategies. There are several changes that will occur January 1 that will affect …   Read More >>
 

IRS Warns of Insurance Tax Form Scam

Identity Theft—IRS Warns of Insurance Tax Form Scam: The IRS has issued an alert on a scam aimed at accessing annuity and life insurance accounts. Cybercriminals seek to obtain the email credentials of tax professionals by impersonating clo …   Read More >>
 

Kansas Income Tax Change for 2017

On June 6, 2017, the Kansas Legislature has passed Senate Bill 30 that ends the “small business exemption” for flow through income as well as raises individual income tax rates. Both are effective retroactively to January 1, 2017. The bill states that …   Read More >>
 

 
Westbrook CPA