Category: Tax Services
One provision that generates lots of attention is the 20% Qualified Business Income (QBI) deduction for small businesses. A huge area of uncertainty is whether a residential rental activity qualifies for the deduction because it may not pass the threshold of being an active trade or business. Recent guidance provides...
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On June 21, 2018, the US Supreme Court issued a decision in South Dakota v. Wayfair overturning the physical presence requirement commonly applied to determine sales tax nexus and opening the door for economic nexus. What that means is the federal government will allow each state to determine whether a...
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When the new tax law disallowed miscellaneous 2% deductions and personal exemptions, it was unclear how this would affect Estates and Non-Grantor Trusts. On 7/13/2018, the IRS issued Notice 2018-61 that announced the Treasury Department and IRS intend to issue regulations providing clarification. In general, some deductions and the personal...
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July 9, 2018 by Aaron Thomas
We have been contacted by several clients recently who received scam emails or phone calls “from the IRS”. Scammers will impersonate the IRS by sending emails which look like they are from the IRS or display caller ID which indicates a call from the IRS. If you receive communication from...
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January 15, 2018 by Staff
Today it feels like it is only a matter of time before your financial information is compromised. Here are suggestions on what to do to protect your information and the steps you should take if you are a victim. Protect your information: Do not give out your social security number....
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