2019 – 02/25 – Beware the Ides of March — if you own a pass-through entity
Pass-through entity owners: Beware the Ides of March. Shakespeare’s words don’t apply just to Julius Caesar; they also apply to calendar-year partnerships, S corporations and limited liability companies treated as partnerships or S corporations for tax purposes. Why? The Ides…
Read more2019 – 02/26 – Careful tax planning required for incentive stock options
Incentive stock options (ISOs) allow you to buy your employer’s stock in the future at a fixed price equal to or greater than the stock’s fair market value on the ISO grant date. If the stock appreciates, you can buy…
Read more2019 – 02/22 – How to report stock compensation paid to nonemployees
Existing accounting rules call for different treatment of stock-based compensation paid to employees vs. nonemployees. The dual standards were recently aligned, however. Under the updated guidance, share-based payments made to employees, contractors and consultants all will be recognized in the…
Read more2019 – 02/11 – When are LLC members subject to self-employment tax?
Limited liability company (LLC) members commonly claim that their distributive shares of LLC income (after deducting compensation for services in the form of guaranteed payments) aren’t subject to self-employment (SE) tax. But the IRS has been seeking back taxes and…
Read more2019 – 02/12 – 3 big TCJA changes affecting 2018 individual tax returns and beyond
When you file your 2018 income tax return, you’ll likely find that some big tax law changes affect you, besides the much-discussed tax rate cuts and reduced itemize deductions. For 2018 through 2025, the TCJA: 1) eliminates personal exemptions, 2)…
Read more2019 – 02/05 – Why you shouldn’t wait to file your 2018 income tax return
The IRS opened the 2018 income tax return filing season on Jan. 28. Consider filing as soon as you can, even if you typically don’t file this early. It can help protect you from tax identity theft, in which a…
Read more2019 – 02/11 – When are LLC members subject to self-employment tax?
Limited liability company (LLC) members commonly claim that their distributive shares of LLC income (after deducting compensation for services in the form of guaranteed payments) aren’t subject to self-employment (SE) tax. But the IRS has been seeking back taxes and…
Read more2019 – 02/04 – Fundamental tax truths for C corporations
The flat 21% federal income tax rate for C corporations under the Tax Cuts and Jobs Act has been great news for these entities and their owners. But some fundamental tax truths for C corporations largely remain the same. For…
Read moreTax Season is Here….
See Scharf Pera & Co., PLLC’s Brian Boswell discuss the new tax law changes on Spectrum News. http://bit.ly/2Sg2sGB
Read more2019 – 01/29 – Investment interest expense is still deductible, but that doesn’t necessarily mean you’ll benefit
Can the investment interest expense deduction save you tax on your 2018 return? It’s for interest on debt used to buy assets held for investment, and you must pass some hurdles to benefit. First, you must itemize, which may no…
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