As part of the recent tax reform, the Tax Cuts and Jobs Act of 2017, the deduction for home mortgage interest and property taxes has undergone substantial alterations. These changes will impact most homeowners who itemize their deductions each year.
The Tax Cuts and Jobs Act of 2018 and other tax reforms have brought about significant changes in the way that vehicle use is deducted for business purposes. Before getting into these changes, it is appropriate to first provide a review of the two methods for deducting the use of a business vehicle.
In the spirit of transparency, we wanted to provide you with information that we hope brings peace of mind to you.
In today’s cybersecurity minefield, our IT provider, GreenBean IT, has passed the SOC 2 Type II Audit; that is a rare accomplishment for a local IT managed services provider.
Are you an S Corporation stockholder? Are you taking reasonable compensation in the form of wages? S corporation compensation requirements are often misunderstood and abused by owner-shareholders. An S corporation is a type of business structure in which the business does not pay income tax at the corporate level and instead distributes (passes through) the income, gains, losses, and deductions to the shareholders for inclusion on their income tax returns. If there are gains, these distributions are considered return on investment and therefore are not subject to self-employment taxes.
January is “divorce month”, and 2019 brings new tax rules for couples who split up.
The GOP tax law was passed in December 2017, but it has taken time for certain laws to come into play. One of these laws changes the way spousal support, or alimony, payments are taxed and deducted.
When it comes to transactions between family members, the tax laws are frequently overlooked, if not outright trampled upon. The following are three common family tax mistakes and the ramifications associated with each.
Data loss has serious financial implications. Downtime can occur at any time. Even something as small as an employee opening an infected email, or as significant as a natural disaster.
Despite that, 75% of small businesses have no business continuity plan in place.
We have compiled an interesting mix of disaster recovery statistics from a variety of sources. A disaster recovery plan is a lifeboat for your business.
Due to the increase in user entities outsourcing various processes and segments of their business, the demand for assurance of confidentiality and privacy of those service organizations has become a standard part of conducting business. In 2011, SAS 70 was changed into SOC audit (Service Organization Controls reports), to prevent the continued misuse of the old standard for assessing internal controls. The two most common types of audits, SOC 1 and SOC 2, can be broken down into two types of reports (Type I and type II), based on the impact of those internal controls on financial reporting and the time period being audited.
Tax reform has changed the way most taxpayers need to think about and plan for their taxes. It is no longer business as usual, and those who think it is are in for a rude awakening come tax time next year.
Alimony is the term used for payments to a separated spouse or ex-spouse as part of a divorce or separation agreement. Since 1985, to be alimony for tax purposes, the payments: