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Tax Articles

 

New Business Travel Per Diem Rates Announced for 2020

New Business Travel Per Diem Rates Announced for 2020

Posted by Kevin Smeader on October 08, 2019

Recordkeeping for reimbursing business travel expenses can be cumbersome. Instead of reimbursing employees for the actual costs they incur for out-of-town lodging, meals, and incidentals, some employers opt to pay fixed travel per diems.

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14 Tax-Favored Fringe Benefits: What’s the Right Mix for Your Business?

14 Tax-Favored Fringe Benefits: What’s the Right Mix for Your Business?

Posted by Mark Stack on October 04, 2019

Unfortunately, the Tax Cuts and Jobs Act eliminated tax deductions for certain employee transportation fringe benefits, but other fringe benefits are still deductible by employers and tax-free to employees.

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Bonus Depreciation for Your Business: Let’s Review Your Options

Bonus Depreciation for Your Business: Let’s Review Your Options

Posted by Brian Kern on September 27, 2019

First-year bonus depreciation has been around for a while now. However, the Tax Cuts and Jobs Act (TCJA) set forth more-generous, but temporary, rules for 2018 through 2026.

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FAQs About Virtual Currency and Your Taxes

FAQs About Virtual Currency and Your Taxes

Posted by William Bakke on September 16, 2019

Virtual currency has gone mainstream. AT&T recently announced that its customers can use Bitcoin to pay their phone bills. Other big companies that accept Bitcoin include Microsoft, Expedia, and Overstock. Competitors likely will follow suit. Using virtual currency, however, has tax implications that may surprise you. 

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Claiming Your Parent as a Dependent

Claiming Your Parent as a Dependent

Posted by D’Marie Murray on September 13, 2019

If you pay over half the cost of supporting a parent, he or she is considered your dependent for federal income tax purposes — which may qualify you to some significant tax breaks.

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Taxes and Long Term Care Insurance – What Your Need to Know

Taxes and Long Term Care Insurance – What Your Need to Know

Posted by Bryan Staniszewski on September 12, 2019

If you or a loved one needs long-term care, consider purchasing a long-term care (LTC) insurance policy. As a bonus, qualified LTC policies may deliver some tax breaks.

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Tax Strategies for Seniors

Tax Strategies for Seniors

Posted by Robert Ingrasci on September 04, 2019

Good things come to those who wait. Older taxpayers may be entitled to some age-based tax breaks.

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Navigating a Global Expansion

Navigating a Global Expansion

Posted by Amanda Mooney on September 02, 2019

Is your business part of the global economy? If not, it may be losing out on some revenue- and value-building opportunities.

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Final Regulations Remove Two-Year Deferral of Advance Payments for Inventoriable Goods Under Section 1.451-5

Final Regulations Remove Two-Year Deferral of Advance Payments for Inventoriable Goods Under Section 1.451-5

Posted by Brian Kern on August 22, 2019

On July 11, 2019, the IRS and Treasury released final regulations removing Section 1.451-5 of the Income Tax Regulations as a result of the changes made to Section 451 under the 2017 tax reform known as the Tax Cuts and Jobs Act (TCJA).

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Common Questions About Kids and Taxes

Common Questions About Kids and Taxes

Posted by Kevin Smeader on August 22, 2019

Does your son or daughter work during the summer or school year? Here are answers to some common questions about the tax rules that may apply to kids.

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