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Tax Security Awareness: Understanding the Dark Web

Tax Security Awareness: Understanding the Dark Web Monday, December 3, 2018 2 p.m. Eastern Time; 1 p.m. Central Time; 12 p.m. Mountain Time; 12 p.m. Arizona; 11 a.m. Pacific Time; 10 a.m. Alaska; 9 a.m. Hawaii This free 100-minute webinar is open to all In support of Internal Revenue Service’s Tax Security Awareness Week, a […]

Changes to depreciation limits on luxury automobiles

Changes to depreciation limits on luxury automobiles 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 $5,760 […]

How tax reform affects farmers and ranchers

How tax reform affects farmers and ranchers Many farmers and ranchers will benefit from changes brought about by the Tax Cuts and Jobs Act. Notable changes include: Net Operating Losses: Can now be carried forward indefinitely; Are limited to 80 percent of income and Can be carried back for two years. Pass-through entities: There’s a […]

Tax reform changes to depreciation deduction affect farmers

Tax reform changes to depreciation deduction affect farmers The Tax Cuts and Jobs Act changes how farmers and ranchers depreciate their business property. Here are changes to depreciation that affect farmers: New equipment and machinery is five-year property. Used equipment remains seven-year property. Property placed in service after Dec. 31, 2017, is not required to […]

New tax law changes business expensing

New tax law changes business expensing 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 million. Increased the phase-out […]

After tax reform, many corporations will pay blended tax rate

After tax reform, many corporations will pay blended tax rate IRS Tax Reform Tax Tip 2018-173 November 7, 2018 Last year’s tax reform legislation replaced the graduated corporate tax structure with a flat 21 percent corporate tax rate. This new maximum tax rate for corporations is effective for tax years beginning after Dec. 31, 2017. […]

 Tax Reform changes depreciation limits on luxury automobiles

 Tax Reform changes depreciation limits on luxury automobiles Tax Tip 2018-177 November 15, 2018 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 […]

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 […]