Deducting business-related meals and entertainment expenses is common for most companies, but the Tax Cuts and Jobs Act is making sweeping changes. Companies will need to be aware of the changes how they will plan for the impact this year.… Read More
In light of the recent tax reform, the IRS recently released updated income tax withholding tables for 2018 that employees and employers should be aware of. To more accurately calculate your withholdings going forward, the IRS created a Withholding Calculator.… Read More
With most of the press on tax reform focusing on businesses and individuals, it’s easy to assume that tax-exempt organizations are not affected by it. This is not the case, and there are several provisions that affect not-for-profit organizations. Below… Read More
Under the new tax reform which was signed into law on December 22, 2017, the itemized deduction for state and local taxes will be limited to $10,000 in 2018 going forward. In 2017 and earlier, taxpayers were allowed to deduct… Read More
Historically, taxpayers have been afforded the opportunity to include various expenses, in excess of 2 percent of their adjusted gross income (AGI), in the calculation of itemized deductions on their individual income tax returns.
Starting on January 1, 2018 and… Read More