The recently enacted Tax Cuts and Jobs Act (TCJA) has altered the tax landscape for businesses and individuals. The changes are extensive, and this blog post provides a high-level overview of some of the highlights to keep you informed.
The domestic production activity deduction (DPAD) is a provision enacted in the American Jobs Creation Act of 2004 that is often missed by both veteran and rookie tax preparers. Businesses that have qualified production activities are entitled to a 9% deduction for those activities.
By: Gene G. Smith, CPA May 10, 2016 Companies that sell products in multiple states have complex issues to consider as it relates to what tax obligations arise from their activities. Nexus is a legal term used to establish sufficient physical presence that would require companies to collect and pay sales tax, corporate tax and
The Internal Revenue Service issued the 2016 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2016 the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 54 cents per mile
Written by: Tina Powell, CPA As a shareholder of an S Corporation, you may think that you can just take the money you need as dividends. That is somewhat true, but like all tax laws, there is a gray fuzzy line that shouldn’t be crossed. The advantage of an S corporation over an LLC or
By: Heather I-D Graham, CPA, CVA Drafting Buy-Sell Agreements requires that special consideration be given to a number of special rules that affect valuations for estate and gift tax purposed. For example, options to acquire property at less than FMV and restrictions on the right to sell property are generally disregarded in determining value. An
To reflect the recent increase in gas prices, the IRS raised the standard mileage rates for the last six months of the year. The rate will increase to 55.5 cents per mile for business miles driven from 7/1/11 through 12/31/11, a 4.5 cent per mile increase from the rate in effect for the first six
The estate and gift tax changes in the recently enacted 2010 Tax Relief Act. Before the new law, there was no estate tax for 2010, but some beneficiaries could have faced higher taxes because there were less favorable income tax basis rules. Also, under the prior law, estate and other transfer taxes were scheduled to