In a highly-anticipated release, the IRS provided a final set of guidelines for a complex area of the tax reform—Section 199A, the 20 percent qualified business income (QBI) deduction. The new QBI deduction, created by the Tax Cuts and Jobs Act, allows many owners of sole proprietorships, partnerships, S corporations, trusts, or estates to deduct… Read more
CA Implements Wayfair Sales Tax Decision
Another important deadline will make an entrance in April next year. Effective April 1, 2019, the California Department of Tax and Fee Administration (CDTFA) will implement the U.S. Supreme Court decision in South Dakota v. Wayfair and require certain out-of-state retailers to collect and remit sales tax to the State of California. The April 1… Read more
Top 7 Last-Minute Tax Strategies
There’s still time left in the year to make some last-minute tax moves. If you are in a higher tax bracket this year or find more income in your paychecks due to lower tax reform rates, you may consider applying some of these strategies to your situation. 1. Give to a Good Cause Donating to… Read more
Year-End Tax Update for Businesses
As we look at taxes through a new lens this year, the Tax Cuts and Jobs Act brings a number of valuable tax-saving planning opportunities to businesses. In general, most individual provisions expire at the end of 2025, but the corporate changes are made permanent. The following article outlines changes enacted in the tax reform… Read more
Year-End Tax Planning for Individuals
The Tax Cuts and Jobs Act introduced over 130 new provisions affecting both individuals and businesses alike. As we transition into year-end tax planning, our attention turns to helping clients optimize their tax positions in the midst of unprecedented change. Passed in December 2017, the tax reform bill contains a number of individual tax breaks… Read more
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