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  • Congress Acts to Reform the IRS, Enhance Taxpayer Protections

    June 24, 2019
    The U.S. Senate has passed, and President Trump is expected to sign into law, a broad package of reforms aimed at the IRS. ... Read more
  • IRS Wheels Out Additional Guidance On Company Cars

    June 3, 2019
    The IRS has updated the inflation-adjusted “luxury automobile” limits on certain deductions taxpayers can take for passenger automobiles — including light trucks and vans — used in their businesses. ... Read more
  • IRS Updates Rules For Personal Use of Employer-Provided Vehicles

    May 28, 2019
    The IRS recently announced the inflation-adjusted maximum value of an employer-provided vehicle under the vehicle cents-per-mile rule and the fleet-average value rule. ... Read more
  • IRS Provides QBI Deduction Guidance in the Nick of Time

    January 29, 2019
    When President Trump signed into law the Tax Cuts and Jobs Act (TCJA) in December 2017, much was made of the dramatic cut in corporate tax rates. But the TCJA also includes a generous deduction for smaller businesses that operate as pass-through entities, with income that is “passed through” to owners and taxed as individual income.... Read more
  • IRS Lowers the Threshold for 2018 Underpayment Tax Penalties

    January 18, 2019
    The IRS has some good news for certain taxpayers — it’s lowering the threshold that subjects taxpayers to underpayment penalties if their 2018 federal income tax withholding and estimated tax payments came in under their actual tax liabilities for the year.... Read more
  • A Refresher on Major Tax Law Changes for Small-Business Owners

    January 2, 2019
    With the biggest tax law changes in decades — under the Tax Cuts and Jobs Act (TCJA) — generally going into effect beginning in 2018, most businesses and their owners will be significantly impacted. So, refreshing yourself on the major changes is a good idea.... Read more
  • Wisconsin Enacts a Pass-Through Entity Tax

    December 20, 2018
    On December 14, 2018, Wisconsin Governor Scott Walker signed Wisconsin Act 368 as a response to the Tax Cuts and Jobs Act. This recently enacted legislation allows S corporations, partnerships and limited liability companies to be taxed at the entity level, rather than passing through the income to its shareholders, partners, or members.... Read more
  • Act Now to Cut Your 2018 Tax Bill

    October 31, 2018
    The Tax Cuts and Jobs Act (TCJA) created more than 100 new tax provisions — a staggering thought as you begin to prepare for the next filing season. The good news is that these and some of the surviving provisions create a wealth of year-end planning opportunities.... Read more
  • Year-end Tax Planning for Businesses in the New Tax Environment

    October 18, 2018
    The passage of the Tax Cuts and Jobs Act (TCJA) in late 2017 brought significant changes to the tax landscape. As the first tax season under the law looms on the horizon, new year-end tax planning strategies are emerging. Meanwhile, some of the old tried-and-true strategies have changed and others remain viable.... Read more
  • The Business Meal Expense Deduction Lives on Post-TCJA

    October 10, 2018
    The Tax Cuts and Jobs Act (TCJA) was packed with goodies for businesses, but it also seemed to eliminate the popular meal expense deduction in some situations. Now, the IRS has issued transitional guidance — while it works on proposed regulations — that confirms the deduction remains allowable in certain circumstances and clarifies when businesses can claim it.... Read more
  • IRS Issues New TCJA Guidance For Businesses

    October 2, 2018
    The Tax Cuts and Jobs Act (TCJA) created a new general business tax credit for certain businesses that grant their qualifying employees paid family and medical leave in 2018 and 2019. ... Read more
  • 3 Bills Form Tax Reform 2.0

    September 20, 2018
    The bills focus on making permanent certain provisions of the Tax Cuts and Jobs Act (TCJA) that affect individuals, families, and small businesses. ... Read more
  • IRS Regs Detail how Businesses can “Aggregate” for the Pass-Through Income Deduction

    September 4, 2018
    One of the most valuable tax breaks in the Tax Cuts and Jobs Act (TCJA) is the new deduction for up to 20% of qualified business income (QBI) from pass-through entities. The IRS recently issued proposed regulations that help clarify who can benefit from the deduction. ... Read more