Blog

  • Tax Cuts and Jobs Acts
  • May 24, 2018
  • The IRS is expected to curtail workarounds to the state and local tax deduction limit. The Tax Cuts and Jobs Act generally limits individuals’ deductions for these taxes to $10,000.…
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  • Business Losses
  • May 23, 2018
  • Business owners can generally deduct business losses on their tax returns. But the activity must show a profit motive by operating in a businesslike manner, which includes proving expenses. An…
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  • “Payroll Checkup”
  • May 22, 2018
  • If you typically itemize deductions on your tax return, you may want to rethink that decision due to changes brought by the Tax Cuts and Jobs Act. To help, the…
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  • Business Deductions
  • May 21, 2018
  • Taxpayers can generally deduct ordinary and reasonable costs of running a business, but they must provide proof, including the business purpose of expenses. In one case, a married couple was…
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  • IRS issues guidance to ease transition to FASB’s new revenue recognition rule
  • May 18, 2018
  • In 2014, a new accounting standard on how to recognize revenue from contracts was issued by the Financial Accounting Standards Board (FASB). Now the IRS is allowing a new automatic…
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