Written by Michael Carr, CPA
Did you receive an unexpected tax refund? There are two possible reasons why you may be receiving these refunds.
1. Schedule D Tax Calculation Error
The bigger refunds are typically related to an error that the IRS made in the instructions to the 2018 tax calculation worksheet. This impacts a very small portion...
Written by Karen Shenk, CPA, CVA, CFE
This article first appeared in CFMA Building Profits (a member-only benefit) and is reprinted with permission. Copyright © 2019 by the Construction Financial Management Association (CFMA). All rights reserved.
Construction companies are often built from the ground up without much consideration for...
A multiple employer plan (MEP) allows employees of unrelated private-sector employers to participate in a single tax-qualified retirement plan sponsored by an employer group or association or a professional employer organization (PEO).[1] Generally, joining an MEP is an efficient way to reduce the cost of establishing and maintaining a...
On September 30, 2019, the Internal Revenue Service (IRS) posted copies on its website of draft 2019 Form 1065 U.S. Partnership Return of Income, draft 2019 Form 1065 (Schedule K-1) Partner’s Share of Income Deductions, Credits, etc., draft 2019 Form 8865 Return of U.S. Persons With Respect to Certain Foreign Partnerships, and draft 2019...
By Scott Hendon and Marla Miller
As the end of 2019 approaches, so does the deadline to receive specific tax benefits for Opportunity Zone investments.
Congress created the Opportunity Zone program as part of 2017 tax reform, also known as the Tax Cuts and Jobs Act of 2017 (P.L. 115-97). Opportunity zones are census tracts in low-income...
On September 13, 2019, the Treasury Department and Internal Revenue Service issued final and proposed regulations regarding the first-year bonus depreciation deduction under Section 168(k) of the Internal Revenue Code for eligible assets (TD 9874). Section 168(k) was amended by tax reform to increase the bonus depreciation from 50 percent to...
Final regulations dealing with the 100 percent bonus depreciation allowance for qualified property acquired and placed in service after September 27, 2017, allow property which is constructed under a pre-September 28, 2017 binding contract to qualify for the 100 percent rate. The final regulations adopt proposed regulations ( REG-104397-18)...
Summary
On September 5, 2019, the IRS and Treasury released proposed regulations addressing the timing of income recognition for accrual method taxpayers under Sections 451(b) and 451(c), as amended by the 2017 tax reform bill known as the Tax Cuts and Jobs Act (TCJA). These eagerly-anticipated regulations provide additional clarity for...
Written by Kristen O’Connell, CPP
On Tuesday, September 24, 2019, the US Department of Labor (DOL) announced the final regulations on the overtime exemption rule.
Effective January 1, 2020, the minimum salary threshold for overtime eligibility will increase to $35,568 per year ($684.00 per week). The new threshold is a compromise between the...
THE BRAVE NEW WORLD OF CYBER-ATTACKS
Cyber-attacks arguably pose the single biggest modern threat to businesses. The number of cyber-attacks, their level of sophistication, and the financial and reputational impact they have all continue to increase at an alarming rate. The research firm Cybersecurity Ventures predicts that cybercrime will...
 |
 |
 |
 |
 |
