It’s Free Money, and We Can Help You Get Your Share Do you provide formal training for your employees? Exciting news: The government wants to chip in. Yes, really. In fact, for the past 35 years the State of California has provided over $1.5 billion in training subsidies to California businesses. Smaller companies can receive up to $50,000 per year and larger companies can receive up to $375,000 per year. Never heard of this program? You’re not alone. The funding comes from a tax that every for-profit company in the state pays, the Employment Training Tax. This tax generates over
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Federal Tax Depreciation Guidelines
Individual Tax Law Changes
Newsletter and Updates.
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How to Co-ordinate Cost Segregation with Like-kind Exchange
The Tax Cuts and Jobs Act (TCJA) was signed by the President on December 22, 2017. The TCJA is the most significant overhaul of Internal Revenue Tax code since the 1986 Tax Act under President Reagan. The Committee Report has over a thousand pages of modifications to many areas of the tax code. One piece of the new legislation (that concern most real estate investors) involves changes to the like-kind exchange rules. When certain conditions are met, no gain or loss is recognized when a taxpayer exchanges property of like-kind (used in a trade or business or for investment purposes).
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Industry News and Newsletter and Updates.
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Tax Law Changes Business Chart and Highlights
Newsletter and Updates.
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accountants, accounting, business, changes, cpa, deduction, depreciation, individual, inocme, law, passthrough, qualify, tax, taxation, wage, wfy, and wright ford young.
Pass-Through Entities and the 20 Percent Tax Break
Small-business owners and partners are scratching their heads over the Tax Cuts and Jobs Act and how the new 20 percent tax deduction for pass-through entities will work. Here’s a little background A pass-through entity can be a partnership, S corporation, limited liability company or partnership, or sole proprietorship — basically, most of the country’s small businesses. Owners and shareholders of these entities are taxed on earnings based on individual, not corporate, tax rates. Effectively, company earnings, losses and deductions pass through to the individual’s personal tax rates, which, in the past, were typically lower than corporate rates. The pass-through
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Extraordinary Estate Tax Opportunity with the Tax Cuts and Jobs Act
You may recall that President Trump promised to repeal the Estate and Gift Tax and their cousin, the Generation Skipping Tax. However, the enacted version of the Tax Cuts and Jobs Act signed just before Christmas 2017, left these three taxes intact. The outcome is surprising, given that the Republican Party has often condemned these taxes, and given that the House, Senate, and White House are all on the same side of the party divide. Yet, complete repeal was not accomplished. Thus, these taxes remain a huge liability for high net worth individuals and families. What the Act does accomplish
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Newsletter and Updates.
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Bracket Changes and More From the IRS
You haven’t even filed your 2017 taxes yet, but the IRS has already announced changes that will affect your 2018 taxes, which you’ll be filing in 2019. The changes were announced in Revenue Procedure 2017-58, which runs 28 pages, but below are some key points. How do these changes impact you? Of course, if any meaningful tax reform is passed, anything can be changed. We’ll keep you posted on any developments that affect you. The standard deduction for married filing jointly rises to $13,000 for tax year 2018, up $300. For single taxpayers and married individuals filing separately, the standard deduction
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Industry News and Newsletter and Updates.
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Is This Your Situation: Wondering If An Audit Can Benefit You
Your privately owned business may not need a financial statement audit according to law, but that doesn’t mean you should skip it. Read through to learn why an audit can be a smart move. With the vicissitudes of change combined with technological advances, we’re living in an age of transparency where businesses are required to disclose more information about their taxes, financial records, operations and executive salaries. While private companies are spared the intense scrutiny of professional auditors and not required to provide an external review of their financial statements, there are advantages to having an external audit many business heads
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Newsletter and Updates.
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Big Changes in Social Security and Retirement Plans for 2018
From 401(k) plans to individual retirement accounts to Social Security, the federal government has been busy in recent weeks adjusting numbers for 2018. Whether you’re an employee or business owner, senior management or nonexempt staff, these changes may affect how you approach retirement in the coming months and years. Social Security: New ceilings First, let’s start with what is not changing. The 7.65 percent Social Security deduction remains the same. And as before, it’s doubled to 15.30 percent for the self-employed. However, the maximum earnings subject to Social Security rises from $127,200 to $128,700, a $1,500 increase. The Society for Human Resource
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Industry News and Newsletter and Updates.
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