Tax Scammers Don’t Take a Summer Vacation, IRS Warns

  |  June 18, 2018

Many taxpayers recently filed their taxes and may be waiting for a response from the IRS. Because of this, summertime tends to be a period when phishing emails and telephone scams continue to pop up around the country. Scammers try to get people to disclose personal information such as Social Security numbers, account information, PINs and passwords. 

Watch out for these scenarios - read more. Read More

IRS Provides Information on Changes to Moving, Mileage and Vehicle Depreciation Expenses

  |  June 1, 2018

The Internal Revenue Service published information May 25 on changes from the Tax Cuts and Jobs Act (TCJA) that affect deductions for unreimbursed employee expenses, move-related vehicle expenses, and standard mileage rates and travel expenses.

Before the TCJA was passed last December, the IRS issued a business standard mileage rate in Notice 2018-03. The mileage rate set for use of a car, van, pickup or panel truck was 54.5 cents for every mile of business travel driven, 18 cents per mile driven for medical purposes or moving purposes, and 14 cents per mile driven in service of charitable organizations. The TCJA then suspended miscellaneous itemized deductions, so the following effects are noted for these vehicle-related categories. Read more. Read More

Planning for Charitable Donations After the New Tax Law

  |  May 9, 2018

The 2017 Tax Cuts and Jobs Act changed both the standard deduction and itemized deductions for taxpayers. This shift potentially affects not-for-profit organizations, as taxpayer contributions may no longer reduce their personal income taxes. What can charitable organizations do to offset the potential negative impact on donations? Read more. Read More

Oral Argument Held in the Supreme Court of the United States in South Dakota v. Wayfair

  |  May 1, 2018

On April 17, 2018, the Supreme Court of the United States heard oral arguments in South Dakota v. Wayfair, et al. South Dakota is challenging, and attempting to have overturned, the physical presence nexus standard for the collection of sales and use taxes that was re-affirmed 26 years ago in Quill Corp. v. North Dakota. While many believed the Court would never have accepted South Dakota v. Wayfair if it didn’t intend to overrule Quill, the questions from the highly engaged Justices could suggest a different outcome (one that will be anxiously anticipated, and possibly issued this summer). Read more. Read More

How Tax Reform Will Impact Construction

  |  April 16, 2018

Every type of industry is impacted by the bill known as the Tax Cuts and Jobs Act (TCJA), and the construction industry was not left out of the party. 

However, the precise impact will depend upon the structure of the business and the nature of its operations. For construction businesses organized as C corporations, these are the most significant changes - Read more Read More

Tax Reform and Choice of Entity Considerations

  |  April 2, 2018

All pass-through entities, including partnerships and S corporations, should evaluate their choice of entity as a result of tax reform and the new reduced corporate tax rate of 21 percent (previously 35 percent). Converting from a pass-through entity to a C corporation requires thoughtful consideration, analysis, and planning. Read more. Read More

IRS Issues “Dirty Dozen” Tax Scam List

  |  April 2, 2018

The Internal Revenue Service has released its annual "Dirty Dozen" list of tax scams with a warning to taxpayers to remain vigilant about these aggressive and evolving schemes.

This year's “Dirty Dozen” list highlights a wide variety of schemes that taxpayers may encounter throughout the year, many of which peak during tax-filing season. The schemes can run the gamut from simple refund inflation scams to technical tax shelter deals. A common theme throughout these: Scams put taxpayers at risk. Read more. Read More