Blog

IRS marks Small Business Week

First Thursday Minutes May 2, 2019

Stakeholder Liaisons Karen Brehmer Kathleen Fox Alan Gregerson Stakeholder Liaison Managers Kristen Hoiby, Manager of Area 6 Shane Ferguson, Director Departments of Revenue Lorie Bowker – ND John Fuller – IA Vicki Gibbons – WI Webinars No upcoming webinars in May. Four webinars planned for June. We will send info when we can. Also check […]

First Thursday Minutes – April 4, 2019

First Thursday Minutes April 4, 2019 Webinars Check out the webinars on Tax Reform on the IRS Video Portal. Discussion items EIN Application update IRS revises EIN application process; seeks to enhance security Estimated Tax Penalty IRS expands penalty waiver for those whose tax withholding and estimated tax payments fell short in 2018; key threshold […]

Common questions about recordkeeping for small businesses

The Week of May 5, 2019 is Small Business Week! Here are answers to some common business-related recordkeeping questions. What records should owners keep? Small business owners should choose a recordkeeping system that clearly shows income and expenses. The business you are in affects the type of records you need to keep for federal tax purposes.Purchases, […]

Taxpayers can get tax info on social media

The Week of May 5, 2019 is Small Business Week! Taxpayers can get tax tips and news from the IRS through social media platforms. The IRS uses social media to share the latest information on: tax changes scam alerts initiatives products and services. IRS social media tools: Instagram: Access the new account, IRSNews at https://www.instagram.com/irsnews or the Instagram […]

New tax law changes business expensing

The Week of May 5, 2019 is Small Business Week! A change in the tax law allows businesses to immediately expense more of the cost of certain business property. Many businesses can now write off most depreciable assets in the year they’re placed into service. The new law: Increased the maximum depreciation deduction to $1 […]

New credit benefits employers providing paid family and medical leave

The Week of May 5, 2019 is Small Business Week! Under tax reform, employers providing paid family and medical leave might qualify for a new tax credit. Here are some facts about the credit. An employer must have a written policy that provides: At least two weeks of paid family and medical leave annually to full-time […]

Taxpayers may be eligible for a qualified business income deduction

The Week of May 5, 2019 is Small Business Week! Changes in the tax law resulted in a new deduction for certain businesses. Owners of eligible sole proprietorships, partnerships, trusts and S corporations may be able to deduct up to 20 percent of the following: Qualified business income from a domestic sole proprietorship, partnership, S […]

Changes to depreciation limits on luxury automobiles

The Week of May 5, 2019 is Small Business Week! The Tax Cuts and Jobs Act changed depreciation limits for passenger vehicles placed in service after Dec. 31, 2017. If the taxpayer doesn’t claim bonus depreciation, the greatest allowable depreciation deduction is: $10,000 for the first year $16,000 for the second year $9,600 for the third year […]

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 and certain other property. Machinery, equipment, […]