2019 – 04/23 – Casualty loss deductions: You can claim one only for a federally declared disaster
The rules for writing off personal casualty losses on a tax return have changed for 2018 to 2025. Specifically, taxpayers generally can’t deduct losses unless the casualty event qualifies as a federally declared disaster. (The rules for business or income-producing…
Read more2019 – 04/15 – Deducting business meal expenses under today’s tax rules
The treatment of food, beverage and entertainment expenses became more complicated after the Tax Cuts and Jobs Act. Here’s how to get the biggest tax-saving bang for your business meal bucks.
Read more2019 – 04/12 – Now or later? When to report subsequent events
Financial statements present a company’s financial position as of a specific date. But some events happen after the cutoff date that have financial implications for the prior period or the future. Subsequent events that provide further evidence of conditions that…
Read more2019 – 04/02 – Make a deductible IRA contribution for 2018. It’s not too late!
You still have time to make your 2018 traditional and Roth IRA contributions. The deadline for most taxpayers is April 15, 2019. If you qualify, deductible contributions to traditional IRAs can lower your 2018 tax bill. Even nondeductible contributions can…
Read more2019 – 04/01 – Understanding how taxes factor into an M&A transaction
If your company is merging with or acquiring another business, it’s important to understand how the transaction will be taxed. For tax purposes, a transaction can basically be structured in two ways: stock (or ownership interest) or assets. For tax…
Read moreStill working after age 70½? You may not have to begin 401(k) withdrawals
If you participate in a qualified retirement plan, such as a 401(k), you must generally begin taking required minimum distributions (RMDs) no later than April 1 of the year after which you turn age 70½. The penalty for withdrawing less…
Read more2019 – 03/25 – 2019 Q2 tax calendar: Key deadlines for businesses and other employers
Here are a few key tax deadlines for businesses during Q2 of 2019. APR. 1: File with the IRS if you’re an employer that will electronically file 2018 Forms 1097, 1098, certain Forms 1099 and/or Form W-2G. APR. 15: If…
Read more2019 – 03/19 – Stretch your college student’s spending money with the dependent tax credit
If you’re the parent of a child age 17 to 23, and you pay all (or most) of his or her expenses, you may be surprised to learn you’re not eligible for the child tax credit. But there’s a $500…
Read more2019 – 03/22 – Transparency is key with related party transactions
Related party transactions and relationships aren’t necessarily bad. But they raise some concerns about the risk of misstatement or omission in financial reporting. In recent years, updated professional standards have led external auditors to focus more attention on related parties….
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