BPW Blog

The Tax Cuts and Jobs Act (the Act) cut tax rates for both individuals and businesses, effective for tax years after December 31, 2017. As part of the package, some deductions have been eliminated and certain perceived loopholes closed. Miscellaneous itemized deductions for individuals have been repealed, which includes unreimbursed employee expenses. If the employer… Read more

The president signed a “continuing resolution” on January 22, delaying three health-related taxes: the medical device excise tax, the Cadillac tax and the health insurance tax. Medical Device Tax Just days before medical device companies were set to make their first payment to the IRS, the excise tax relief was extended another two years. While… Read more

What are cryptocurrencies? The news is teeming with excitement about cryptocurrencies, whether it be Bitcoin, Ethereum or one of the many other types of cryptocurrency. With the increasing popularity of this unregulated currency, it has not only garnered attention from the public but also the government, and thus the IRS. Even though cryptocurrencies are unregulated,… Read more

Determining the correct research and development costs (R&D) can be a complex process for both taxpayers and examiners. In an effort to ease the burden, the IRS issued Directive LB&I-04-0917-005 to all IRS Large Business and International (LB&I) employees, giving new guidance that aims to provide a more efficient means of approving Qualified Research Expenses… Read more

On January 2, the President declared a major natural disaster for those areas affected by the Thomas Fire. Montecito’s recent mudslides brought another natural disaster to an already-scarred community. If you or someone you know was directly affected by these damaging events, please read the following tips on how taxpayers may be able to seek… Read more