The holidays are right around the corner. In the weeks leading up to holiday breaks, many companies will treat their employees, vendors and other associates to perks for another great year of working together.
However, new changes to the Tax Cuts and Jobs Act (TCJA) are eliminating certain tax breaks that a business could claim relating to these meals and entertainment.
The Internal Revenue Service (IRS) recently announced new reporting requirements for United States taxpayers with foreign accounts. The change is in part due to the sunset of the offshore voluntary disclosures program (OVDP).
Who can benefit from the new program? The agency explains the program is designed to offer those who face potential criminal charges for willfully failing to report foreign assets to voluntarily disclose these assets. In exchange, the government will mitigate the risk of penalties.
The Tax Cuts and Jobs Act resulted in major tax reform. Savvy tax planners can make the most of these changes and take steps to reduce their tax obligations. Three specific examples include adjusting how you donate to charitable donations, making sure you can get certain business deductions and using tactics that work for your specific income bracket.
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Worried about accusations of tax fraud from the Internal Revenue Service (IRS)? The term “statute of limitations” may come to mind. Does the IRS have to play by the same rules as other government agencies? Is there a time limit when it comes to looking back at tax obligations?
Like many things in the legal world, the answer is — maybe. Before we delve into the timeline the IRS has to follow, let’s cover a few basic questions:
A large tax bill may warrant a challenge. However, building a successful case against the Internal Revenue Service (IRS) is not an easy task. Former Hollywood great Wesley Snipes provides an example.
Mr. Snipes has taken on the IRS a couple of times. In 2010 he lost a battle against the agency over a failure to file taxes. His most recent battle involves an offer in compromise.
Starting a business is an exciting, daunting task. What begins as your vision for a company soon becomes a reality. However, that reality requires significant decisions that have unseen consequences.
Technological advances can increase efficiency. One of the most recent examples is the internet. At first, the public and the government were unsure of how to use the internet. After some time, the internet became an integral part of our daily lives and government operations.
Some speculate that the blockchain may be the next internet.
Even fame will not protect individuals when the government moves forward with prosecution for tax crimes. The Internal Revenue Service (IRS) recently accused Michael “The Situation” Sorrentino of tax evasion.
Ultimately, the former reality star, of “Jersey Shore” fame, took a plea deal in the case.
Tax reform is not a common occurrence. Tax reform that results in a complete overhaul that impacts almost every taxpayer in the country is even more unlikely. Yet that is the current climate. Individuals, corporations, businesses … every taxpayer in the country will likely experience an impact from the Tax Cuts and Jobs Act (TCJA).
This piece will focus specifically on some of those impacts to small business owners.
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