Jan
15
2019
15
2019
Jan
15
2019
15
2019
A refresher on major tax law changes for small-business owners
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,
Jan
13
2019
13
2019
Estimated payment deadline 1/15/19
Avoid tax time surprises with an estimated payment, advises the IRS. The Tax Cuts and Jobs Act brought many changes, including lower tax rates for most people. While the IRS expects that most taxpayers will still get refunds, a larger-than-usual number of people will owe taxes and possibly penalties. At greatest risk are two-wage-earner households, employees with nonwage sources of income and those with complex tax situations. You may be able to avoid shortfalls by making an estimated payment for 2018 by the 1/15/19 deadline.
Jan
11
2019
11
2019
Phaseout of tax credit for Tesla plu-in electric vehicles
The IRS announced a phaseout of the tax credit for Tesla plug-in electric vehicles. The reason? Tesla, Inc. has sold more than 200,000 vehicles eligible for the plug-in electric drive motor vehicle credit during the 3rd quarter of 2018. Thus, a phaseout of the credit available for purchasers of new Tesla plug-in electric vehicles is triggered beginning 1/1/19. The tax code provides a credit that begins to phase out for a manufacturer’s vehicles after a certain number have been sold for use or lease in the United States.
Jan
09
2019
09
2019
2019 standard mileage rates
The IRS announced the 2019 standard mileage rates. The optional mileage allowance for owned or leased vehicles (including autos, vans or pickups) will rise 3.5 cents to 58 cents per mile for business travel. Employers can also use the rate to reimburse employees who supply their own autos for business use and to value personal use of certain low-cost employer-provided vehicles. The rates for medical purposes will rise 2 cents to 20 cents per mile and the rate for driving in service of charitable organizations will remain 14 cents per mile.
Jan
08
2019
08
2019
Tax Refunds to go out
Tax Refunds 2019 to Go Out Despite Government Shutdown: Official – Bloomberg https://bloom.bg/2SGLb5F
Jan
07
2019
07
2019
Coleen Krogen recognized by U of A Eller College of Management
We are pleased and proud to announce that Coleen Krogen, Managing Partner, received the Accounting Award at the 2018 University of Arizona Eller College of Management’s Ordinary Women Doing Extraordinary Things Networking Tea held last month.
This annual networking tea recognizes and celebrates both prominent women leaders in the Tucson community and top female Eller students. Held at the historic Arizona Inn, it provides a unique opportunity for students to network with successful local business women and acquire some practical “how-to” advice,
Jan
07
2019
07
2019
elimination of the deduction for transportation fringe benefits
What’s the tax impact of the Tax Cuts and Jobs Act’s elimination of the deduction for transportation fringe benefits? The IRS has issued interim guidance regarding the treatment of qualified transportation fringe benefit expenses, paid or incurred after 12/31/17. The new rules assist employers in determining the amount of parking expense that’s no longer tax deductible. They also help tax-exempt organizations determine how these nondeductible parking expenses create or increase unrelated business taxable income.
Jan
05
2019
05
2019
IRSNews
The IRS has launched an “IRSNews” account on Instagram. According to the agency, more than 70% of adults between ages 18 and 24 are active on the social media site. “The IRS plans to use Instagram to better serve this segment of the population, sharing content on tax topics that affect all taxpayers,” said IRS Commissioner Charles Rettig. “This platform will help make people aware of important options they have during the upcoming filing season as well as other tax information they might not know.” To access IRSNews,
Jan
03
2019
03
2019
We’re Moving
The countdown has started……
