The Arizona Department of Revenue has lowered the mandatory electronic
payment threshold for businesses with sales tax liability to $10,000.
Taxpayers with an annual transaction privilege tax (TPT) and use tax liability
of $10,000 or more in the prior calendar year are required to file and pay
electronically starting in February 2019 for the January reporting period.
Taxpayers who do not make the payments by EFT will be subject to a 5%
Do you need a transcript from the IRS? Currently, the IRS is processing transcripts through its Income Verification Express Service (IVES) program. IVES is primarily used by the financial community, including mortgage lenders, to confirm income from borrowers. “Federal law limits what the IRS can do on behalf of taxpayers during a funding lapse,” the IRS said. But IVES “can assist taxpayers trying to obtain mortgages or taxpayers affected by disaster who need copies of their tax returns as part of the recovery effort.” For details: https://bit.ly/2Df6Vjz
The IRS has issued final regulations on the Sec. 199A qualified business income (QBI) deduction. The new deduction allows pass-through businesses, including sole proprietorships, to deduct up to 20% of their QBI. Eligible taxpayers can also deduct up to 20% of their qualified real estate investment trust (REIT) dividends and publicly traded partnership income. The deduction is available beginning in tax years starting after 12/31/17 and before 1/1/26. See the regs here: https://bit.ly/2RWdJLk.
2019 Standard Mileage Rate
The IRS has announced the standard mileage rate for
business auto use in 2019.
The 2019 rates are as follows:
$0.58 per mile for business miles driven
$0.20 per mile driven for medical or moving purposes
$0.14 per mile driven in service of charitable organizations
The dawning of 2019 means the 2018 income tax filing season will soon be upon us. After year end, it’s generally too late to take action to reduce 2018 taxes. Business owners may, therefore, want to shift their focus to assessing whether they’ll likely owe taxes or get a refund when they file their returns this spring, so they can plan accordingly. With the biggest tax law changes in decades (under the TCJA) generally going into effect beginning in 2018,