2019 – 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…
Read more2019 – 02/01 – Private companies: Have you implemented the new revenue recognition standard?
Private companies that follow Generally Accepted Accounting Principles (GAAP) must use an updated five-step method to recognize revenue beginning in 2019. Public companies that made the switch in 2018 report that the process was more difficult than expected. The standard…
Read more2019 – 01/28 – Depreciation-related breaks on business real estate: What you need to know when you file your 2018 return
Commercial buildings and improvements generally are depreciated over 39 years, which essentially means you can deduct a portion of the cost every year over the depreciation period. (Land isn’t depreciable.) But special tax breaks that allow deductions to be taken…
Read more2019 – 01/22 – There’s still time to get substantiation for 2018 donations
To claim an itemized deduction for a donation of more than $250, generally you need a contemporaneous written acknowledgment from the charity. “Contemporaneous” means the earlier of 1) the date you file your income tax return, or 2) the extended…
Read more