IRS Audit Rates Continue to Decrease In Many Cases Under 1% As IRS budgets and audit staff continue to diminish, audit numbers are at an all-time low. To start, individuals get more audits than business and specialty taxpayers. In 2017,…
IRS Issues Final Regulations on 20 Percent Deduction for Pass-Through Businesses The IRS has issued final regulations on the new 20 percent deduction for pass-through business owners. The IRS has made a series of changes to make it simpler for…
Key Business Provisions of The Tax Cuts and Jobs Act The following summarizes the key provisions of the Tax Cuts and Jobs Act (the Act) as it relates to businesses. Corporate Tax Rate Reduction. For taxable years beginning after December…
Individual Provisions of The Tax Cuts and Jobs Act The following summarizes the key provisions of the Tax Cuts and Jobs Act (the Act) as it relates to individual taxpayers. It should be noted that most of the provisions affecting…
20% Pass-Through Deduction Available for Select Owners of LLCs, S Corporations, Partnerships and Sole Proprietorships Under New Tax Act The Tax Cuts and Jobs Act (TCJA) creates a brand-new tax deduction for owners of pass-through entities, including partners in partnerships,…
The Tax Consequences of Dealing in Cryptocurrency The coolness factor of digital currency is being closely scrutinized by one of the coolest agencies on the planet: The Internal Revenue Service. Given the speed at which these currencies have caught on…
Why Your CQ is Just as Important as Your IQ (and EQ) Cultural intelligence is increasingly important for business success. By Richard Levychin, CPA, CGMA Many factors contribute to professional success. Hard work is one, but it is not enough.…
C Corp vs S Corp or LLC: How The Tax Cuts and Jobs Act Impacts This Decision The Qualified Business Income Deduction section of the Tax Cuts and Jobs Act included a new deduction meant for S corps, LLCs, partnerships…
Supreme Court Rules States Have Authority To Require Online Retailers To Collect Sales Taxes The U.S. Supreme Court, in a 5-4 decision, has held that states can assert nexus for sales and use tax purposes without requiring a seller’s physical…