BEFORE THE TAX LAW overhaul, the Trump administration and Republican-led Congress touted a postcard-size income tax return form designed to simplify filing your taxes. In June, the Internal Revenue Service and U.S. Treasury Department released a draft copy of the new 1040 income tax form. However, critics say that while the tax return is shorter, it may… Read More

Warning signs The IRS is constantly on the lookout for people who might be flouting tax rules by underreporting their income, claiming deductions and credits that don’t apply to them or partaking in an array of other tax-dodging techniques. If the IRS does request more information from you, it will usually do so in the form of a letter, so… Read More

The Internal Revenue Service (IRS) has issued the 2019 standard mileage rates. Beginning on January 1, 2019, the standard mileage rates for the use of a car, van, pickup or panel truck will be: 58 cents per mile for business miles driven (up from 54.5 cents in 2018) 20 cents per mile driven for medical or moving… Read More

Mark Wilson/Getty Images The government is seven days into a partial shutdown, and pretty much everyone has thrown up their hands until the new Congress is sworn in after the new year. Democrats are growing increasingly confident that President Donald Trump’s immovable demand for $5 billion for his southern border wall is going to land him… Read More

The traditional year-end tax-planning discussion that CPAs have with their clients has been upended thanks to the Tax Cuts and Jobs Act. “The whole discussion agenda is different now because of the new law,” said Tim Speiss, partner-in-charge of the Personal Wealth Advisors Group at EisnerAmper in New York. “As someone that’s been a CPA… Read More

The use of the limited liability company (LLC) has mushroomed in popularity over the past two decades. IRS statistics show a 66% increase in domestic LLCs between 2005 and 2014, and in 2004 LLCs were already popular entities. The core reasons for their attractiveness for a wide range of business purposes are well-known: chiefly, passthrough tax… Read More

When you file your taxes in 2019, you might notice significant changes due to the Tax Cuts and Jobs Act. It’s important to understand how you might benefit from these updated modifications to the tax law. It’s important to understand how you might benefit from these updated modifications to the tax law. Let’s take a… Read More

There are four reasons why this mistake is such a big one. Tax season is a time many Americans look forward to. While no one likes doing the paperwork associated with income taxes, many filers are excited to get a big check from the IRS. And receiving a refund check is extremely common. In fact,… Read More

KPMG sees priorities for audit committee agendas next year   Hiring shortfalls and disruptive technologies will be among the main topics of discussion within audit committees and boardrooms next year, according to a pair of new reports from KPMG. KPMG’s Board Leadership Center foresees the need to develop new talent not only in the executive… Read More

5 Useful Accounting Tips for Small Businesses When running a small business, you have to make sure you stay focused on accounting. If you don’t manage debt, receivables, and marketing expenses accurately, your company will sink before it grows. You can save your company by implementing simple bookkeeping strategies. Here are five accounting tips to… Read More