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Corporate Tax Return Prep

Corporate Tax Return Prep

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Tax Reform

Important Tax Deduction Changes Under Tax Reform

March 26, 2019 by Alex Franch, BS EA

Tax deduction changes in the Tax Cuts and Jobs Act affect almost every person who files itemized deductions on tax returns with the IRS in prior years. One favorable change is that tax reform is nearly twice the standard deduction for most taxpayers. This means that many individuals may prefer to take the standard deduction. This standard deduction makes tax filing more simple. However, some taxpayers will still itemize their total deductions when these deductions exceed the standard deduction amount for the taxpayers filing status.

Filed Under: Deductions, Tax Changes, Tax Reform Tagged With: Itemized Deductions, medical and dental, miscellaneous deductions, State and local taxes, Tax Deduction Changes

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Paid Family and Medical Leave Credit Under Tax Reform

January 10, 2019 by Alex Franch, BS EA

Tax Reform includes Family and Medical Leave Changes The Paid Family and Medical Leave credit is a brand new non-refundable general business credit. It applies to businesses with 50 employees or more. There are several requirements in this article that will help employers navigate the changes of this employer credit. 

Filed Under: business, Tax Reform Tagged With: Credit for Paid Family and Medical Leave, FMLA, Paid Family and Medical Leave, Tax reform

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Don’t Get Sick Over Medical Insurance and Taxes

November 20, 2018 by Alex Franch, BS EA

The Affordable Care Act (ACA) put significant penalties on taxpayers and their families who do not have ACA-compliant health insurance. Even though the tax reform took out these penalties after 2018, they still apply for this year. And, they can be as high as the greater of $2,085 or 2.5% of the family’s household income. So, all taxpayers must carry medical insurance. Unfortunately, it is one of your largest expenses. While the penalty will go away in 2019, you must understand how to handle the health insurance expense for tax purposes. This is so you can get the most tax benefits possible.

Filed Under: Tax Reform Tagged With: Deductible Medical Insurance, Employer Plans, Health Reimbursement Plans, Itemized Deductions, Medical, Medical Insurance and Taxes, Self-Employed Health Insurance Deduction, Tax reform, Uninsured Penalty

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Year-End Tax Planning is Not Business as Usual; Things You Need to Know # 2

November 9, 2018 by Alex Franch, BS EA

With Tax Reform in 2018, there are significant changes for both individuals and businesses. If you remember, we told you about how the IRS has to create or revise approximately 450 forms, publications and instructions. Also, the IRS has to modify around 140 information technology systems to make sure it can accommodate the new tax forms. This will include writing tax regulations for all of these changes – a daunting task for sure. The following are issues that could affect your or you personally. So you may need to plan for these tax changes.

Filed Under: Tax Planning, tax preparation, Tax Problems, Tax Reform Tagged With: business tax changes, individual tax changes, Year-end tax planning

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Proposed New IRS Tax Form 1040 Breakdown

August 7, 2018 by Alex Franch, BS EA

Remember that New IRS Tax Form 1040 Postcard?  Hmmm, I seem to remember a promise about a new IRS tax form. Do you? The logic was that on the new IRS Tax Form 1040 draft the person filing will be able to file your income tax return using a postcard. This article will give you […]

Filed Under: Tax Changes, Tax Form 1040, Tax Reform Tagged With: Additional Taxes, Adjustments to Income, Comparing the Old and New 1040 Forms, Foreign Addresses and Third-Party Designees, New Draft 1040 Form, new irs tax form, New Pass-Through Deduction, Nonrefundable Credits, Other Income, Other Payments and Refundable Credits, Other Taxes, proposed IRS tax form, Same Two-Page Length, Six Additional Schedules

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Employee Business Expenses: Tax Reform Suspends Tax Deduction

June 6, 2018 by Alex Franch, BS EA

Tax Reform Impacts Employee Business Expenses Miscellaneous Itemized Deductions Subject to the 2% AGI Floor Not all provisions of the Tax Cuts and Jobs Act benefit taxpayers, so if you own a business, pay attention. The suspension of the deduction for employee business cost stinks for employees. Under prior law, taxpayers who were employees were […]

Filed Under: Business Expense, Employee, Tax Reform Tagged With: Accountable Plan, Accountable Reimbursement Plan, Employee Business Expenses, Miscellaneous Itemized Deductions Subject to the 2% AGI Floor, Occupations Impacted

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