News
This section of our website contains useful information, Web links and tools. Please check back regularly for updates and recent revisions. Our goal is to provide information and resources that will make the process of financial planning and tax preparation simpler.
2018 – 02/08 – What did Washington say about taxes?
Feb 18th, 2018

Happy Presidents Day!

2018 – 02/15 – Follow IRS rules to ensure you receive your charitable tax deductions
Feb 18th, 2018

Donating to charity can reduce your taxable estate and benefit your favorite organizations. By making donations during your lifetime, you can claim income tax deductions. For your donations to be deductible, they must meet certain IRS criteria. For example, contributions generally are deductible only in the tax year they’re made: If you pledged $5,000 in […]

2018 – 01/22 – Meals, entertainment and transportation may cost businesses more under the TCJA
Feb 18th, 2018

The Tax Cuts and Jobs Act (TCJA) curtails business deductions for meals, entertainment and transportation. Under the TCJA, deductions for business-related entertainment expenses, once 50% deductible, are disallowed. Meal expenses related to business travel are still 50% deductible, but the 50% rule now also applies to meals provided on an employer’s premises for its convenience. […]

2018 – 02/08 – Only certain trusts can own S corporation stock
Feb 17th, 2018

S corporations must comply with strict requirements or risk losing their tax-advantaged status. In an estate planning context, it’s critical that any trusts that will receive S corporation stock through the operation of your estate plan be eligible shareholders. Potentially eligible trusts include grantor trusts, testamentary trusts, QSSTs and ESBTs. If you have S corporation […]

2018 – 02/06 – TCJA temporarily lowers medical expense deduction threshold
Feb 17th, 2018

With rising health care costs, claiming whatever tax breaks related to health care that you can is more important than ever. But there’s a threshold for deducting medical expenses that may be hard to meet. Fortunately, the Tax Cuts and Jobs Act has reduced the threshold from 10% of adjusted gross income to 7.5% for […]

2018 – 02/14 – Use benchmarking to swim with the big fish
Feb 17th, 2018

Benchmarking can help your company swim with the big fish without getting gobbled up. It’s the practice of comparing your performance to that of similar businesses to identify strengths and weaknesses. Quantitative benchmarking uses key performance indicators (formulas or ratios) to calculate comparisons. Meanwhile, qualitative benchmarking compares operating practices (such as production techniques, quality indicators […]

2018 – 02/09
Feb 16th, 2018

There’s never a shortage of misconceptions about taxes and tax refunds. With the 2018 filing season in full swing, the IRS offers basic tips to help clear up some common misbeliefs. For example: Many people believe that all refunds will be delayed, but 9 out of 10 refunds will be delivered within 21 days. Also, […]

Meals, entertainment and transportation may cost businesses more under the TCJA
Feb 16th, 2018

Along with tax rate reductions and a new deduction for pass-through qualified business income, the new tax law brings the reduction or elimination of tax deductions for certain business expenses. Two expense areas where the Tax Cuts and Jobs Act (TCJA) changes the rules — and not to businesses’ benefit — are meals/entertainment and transportation. […]

2018 – 02/09
Feb 16th, 2018

How does a geographic area become one of the new qualified opportunity zones (QOZs), which result in investment in its community? The IRS has provided an online nomination tool that state CEOs can use to navigate the inaugural process of designating census tracts within their jurisdictions to become QOZs, under the Tax Cuts and Jobs […]

2018 – 02/09
Feb 15th, 2018

The Bipartisan Budget Act of 2018, which contains some tax provisions, was signed into law on Feb. 9. It will fund the government through March 23, averting another government shutdown for now. It also extends for one year a set of tax provisions, known as “extenders,” which expired at the end of 2016. Other tax-related […]