If you were hoarding receipts in a shoebox with the hope of claiming a big break on your 2018 taxes, prepare to be disappointed. That’s because the Tax Cuts and Jobs Act placed steep limits on itemized deductions, including lesser-known breaks for the fees you pay your tax preparer and unreimbursed employee business expenses. The… Read More
Here are the new tax brackets for 2019 The Internal Revenue Service recently issued the finalized tax brackets for the 2019 tax season, after adjusting rates to account for inflation. The Trump administration passed the Tax Cuts and Jobs Act at the end of 2017, which enacted a number of reforms to the U.S. tax… Read More
As divorcees decide who gets the house and how to split their assets, they should remember to address this key bargaining chip: Who gets to claim “head of household” on their taxes? Though this tax-filing status can be beneficial to the newly single, it’s also one of the most difficult to qualify for, due to… Read More
The tax season just ahead will be “1986 on steroids,” said Beanna Whitlock, a Canyon Lake, Texas-based tax professional and former director of IRS National Public Liaison. “Get some rest, and get ready for new clients!” Allan Boress, a central Florida-based CPA, said that in addition to dealing with the Tax Cuts and Jobs Act,… Read More
Giving Tuesday — the Tuesday following Black Friday and Cyber Monday — kicks off a season for giving back. Yet if you’re more focused on getting back in the form of a tax break come April, you may want to think twice about how many year-end checks you write to charity. Will you or won’t you be… Read More
CPAs can help businesses make the right decisions with their retirement plans. Whether they’re serving clients in public accounting or working in business and industry, CPAs may need to provide advice on the many choices available when a business is offering a new retirement plan or assist in reviewing an existing plan. Reviewing an existing plan… Read More
Established, young professionals are still saddled with student loan debt, delaying major life events, according to a new poll of CPAs. The New Jersey Society of CPAs recently surveyed 109 of its members and found that almost 70 percent of respondents still have student loan debt. Of the members who provided data, approximately 75 percent… Read More
The Public Company Accounting Oversight Board is planning extensive changes in how it inspects firms and interacts with financial statement preparers. The PCAOB has a new slate of board members this year along with a new chairman. Two of the new board members, James Kaiser and Duane DesParte, spoke alongside Cindy Fornelli, executive director of… Read More
Both public and private companies continue to delay implementing the revenue recognition and lease accounting standards, according to a new report from PricewaterhouseCoopers. The report follows up on an earlier Q2 survey released in June by PwC, which similarly found companies needing to make better progress (see Companies still lagging on rev rec and leasing… Read More
The 401(k) plan has become very popular among small business owners as a result of changes made by the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA). These changes have made the 401(k) plan, in comparison to most other retirement plans, more beneficial and flexible for the small business owner. For the purposes of this article, we… Read More