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.
Three ways to reduce your tax bill
Amazon chooses headquarters in Long Island -- despite high taxes
Finding the right business headquarters is an important choice. The right location can help set the company's image and impact the type of workers that are interested in working for the business.
Wesley Snipes’ case shows inner workings of tax court
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.
How will tax reform impact small businesses?
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).
Business credit for FMLA leave: The basics
Employers are wise to take note of recent changes to tax implications of paid family and medical leave. The Internal Revenue Service (IRS) recently published a notice stating changes to the tax code have led to the creation of business credit for the provision of this type of leave.
Do you owe Uncle Sam if you inherit property? 2 considerations.
The loss of a loved one is often a difficult and emotional time. The last thing anyone wants to think about when going through this time in life is tax obligations. Unfortunately, in some cases, these are considerations that must be taken into account.
How did tax reform change the business deduction for meals?
The Tax Cuts and Jobs Act (TCJA) led to major tax reform. One specific example: the TCJA led to the elimination of the previously allowed business deduction for meals and entertainment.
The power of the IRS: Did you know about this potential penalty?
It is no surprise that the Internal Revenue Service (IRS) will impose penalties if you do not pay your tax bill. The agency is clear about its ability to fine taxpayers' various penalties and fees and, in some cases, potential for imprisonment for failure to meet our tax obligations.
IRS provides guidance on “crack and pack” planning technique
President Donald Trump pushed through tax reform at the end of 2017. The Trump administration stated the new tax law, the Tax Cuts and Jobs Act (TCJA) would result in tax savings for many Americans. Unfortunately, it has also led to confusion. Many provisions within the law are unclear and taxpayers are struggling to determine how the law will impact their returns.
Treasury Report: IRS not prepared to enforce FATCA
The Treasury Inspector General For Tax Administration (TIGTA) recently conducted a report on the Internal Revenue Service’s (IRS) ability to enforce compliance with the Foreign Account Tax Compliance Act (FATCA).
