1099-MISC and Landlords
If you are a business owner or landlord and use independent contractors to perform services for your business or your rental that is a trade or business, for each individual whom you pay $600 or [...]
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Big Tax Changes for Divorce Decrees after 2018
Welcome to 2019 and a delayed provision of the tax reform, also known as the Tax Cuts and Jobs Act (TCJA). Big tax changes for divorce decrees are now in effect.
Making Two IRA Rollovers in One Year Can Be Costly
Tax law permits you to take a distribution from your IRA account, and as long as you return the distribution to your IRA (IRS rollover) within 60 days, there are no tax ramifications. However, [...]
In Blog, Educational Issues, Federal Tax Updates, IRS Issues, State Tax Updates, Tax Cuts and Jobs Act, tax reform
Posted States Sue U.S. to Void $10,000 Cap on State and Local Tax Deduction
Four states – New York, Connecticut, Maryland and New Jersey – have sued the federal government to void the tax-reform cap on the federal itemized deduction for state and local taxes, contending [...]
In Blog, Business Tax Tips, employee business expenses, IRS Issues, reimbursement of business expenses, Tax Cuts and Jobs Act
Posted Getting Reimbursed for Employee Business Expenses
As you probably know, when the new tax bill (Tax Cuts and Jobs Act) passed last year in Congress, many personal deductions were eliminated starting in 2018 including employee business expenses.
In Blog, Educational Issues, IRS Issues, reimbursement of business expenses, Tax Preparation, Tax Tips
Posted Employee Business Expense Tax Deduction Eliminated for 2018
Not all provisions of the Tax Cuts and Jobs Act are beneficial to taxpayers. One notable negative provision is the suspension of the deduction for employee business expense.
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Are You Required to File 1099s?
If you use independent contractors to perform services for your business and you pay them $600 or more for the year, you are required to issue them a Form 1099-MISC after the end of the year to [...]
Top 10 Tips to Know if You Get a Letter from the IRS
The IRS mails millions of notices and letters to taxpayers each year. There are a variety of reasons why they might send you a notice. Here are the top 10 tips to know in case you get one.