Here’s how tax reform changed accounting methods for small businesses

Here’s how tax reform changed accounting methods for small businesses Tax Reform Tax Tip 2018-172 November 6, 2018 The Tax Cuts and Jobs Acts – better known simply as tax reform – allows more small business taxpayers to use the cash method of accounting. Tax reform now defines a small business taxpayer as a taxpayer […]

Resources to help understand how tax reform affects the bottom line

10 | 11 | 18 IRS resources can help small businesses better understand how tax reform affects their bottom line IRS Tax Reform Tax Tip 2018-158 Small business owners can visit IRS.gov for a wide range of resources that will help them better understand tax law changes affecting their bottom line. The Tax Cuts and […]

IRS to highlight tax reforms and who should plan now for the changes

10 | 09 | 18 IRS to highlight tax reform changes affecting small businesses; Small business owners, self-employed should plan now for new changes IR-2018-197, Oct. 9, 2018 WASHINGTON – With just a few months left in tax year 2018, the Internal Revenue Service today urges small business owners to learn about how the new […]

New 100-percent depreciation deduction for businesses

New 100-percent depreciation deduction for businesses Tax reform legislation includes changes that affect a business’ bottom line. One of these changes allows businesses to write off most depreciable business assets in the year they place them in service. Here are some facts about this deduction: The 100-percent depreciation deduction generally applies to depreciable business assets […]

The Highlights of Tax Reform for Businesses

10 | 09 | 18 The Highlights of Tax Reform for Businesses FS-2018-17, October 2018 The Tax Cuts and Jobs Act included a few dozen tax law changes that affect businesses. Most of the changes in the new law take effect in 2018 and will affect tax returns filed in 2019. This fact sheet summarizes […]

IRS resources help small businesses understand tax reform

IRS resources help small businesses understand tax reform Here are some of the resources on IRS.gov to help businesses better understand how the Tax Cuts and Jobs Act affects their bottom line. Tax Reform News – includes links to news releases, fact sheets and statements on the new legislation and how it affects businesses. Tax […]

New 100-percent depreciation deduction benefits business taxpayers

IRS Tax Reform Tax Tip 2018-157 Tax reform legislation passed in December 2017 includes changes that affect businesses. One of these changes allows businesses to write off most depreciable business assets in the year they place them in service. Here are some facts about this deduction to help businesses better understand how to claim it: […]

IRS NEWS FOR TAX PROFESSIONALS – October 2018

IRS NEWS FOR TAX PROFESSIONALS October 2018  ►UPCOMING WEB CONFERENCES  IRS Web Conference – Understanding the Basics of Virtual Currency – is Now Available on Demand.  IRS Web Conference – Understanding the Basics of the Dark Web – is Now Available on Demand.  Please check Webinars for Tax Practitioners for upcoming webinars. ►TAX REFORM New […]

First Thursday Minutes September 6, 2018

Tax Professionals Stakeholder Liaisons Velma Bjorgum Karen Brehmer Jacob Borash Alan Gregerson Carrie Christensen Mike Mudroncik Zachary Froelich Jessica Gatzke Stakeholder Liaison Manager Ruth Graff Kristen Hoiby, Area 6 Manager Steff Haring Carrie Houchins-Witt Terry Johnson Stakeholder Liaison Director Bill Kelly Shane Ferguson Todd Koch Judy Lashinski Ken Larsen Departments of Revenue Ruth Ann Michnay […]

Coming soon: A new tax transcript to better protect taxpayer data

FS-2018-16, September 2018 On Aug. 22, 2018, the IRS announced a change in the format of tax transcripts and provided a preview of proposed changes in the methods of distributing tax transcripts to taxpayers and their authorized third parties, such as tax practitioners. These changes were outlined in IRS News Release 2018-171. The IRS is […]