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Almost a year has passed since the tax changes were enacted under the 2017 Tax Cuts and Jobs Act. Those who were really on top of things took them into consideration in January. Most business owners took a little time, and if you procrastinated, the clock is ticking.

Have you been thinking about how they will affect your business—not just this year but moving forward? Does restructuring your business make sense?

There are two main pass-through entities most startups align with initially. Briefly, pass-through entities refer to entities such as LLCs and S corps. C corps are generally not considered for most.

The Tax Cuts and Jobs Act works well for pass-throughs because of the new 20 percent deduction (through … Read more →

Blame it on immediate gratification. It’s tempting to hold onto your cash throughout the year and worry about paying the piper at tax time. But according to a recent report, insufficient withholding in 2018 will force many taxpayers to pull out their checkbooks in 2019.

If you’ve been following our blog you’ve noticed we’ve spent a significant amount of time discussing new tax laws and the effects they are going to have on all taxpayers—especially business owners. Pay attention to the changes and act now to avoid digging your business into a hole. Next tax season will be too late.

In addition to new tax rates, the TJCA made serious changes to itemized deductions you may have normally claimed on … Read more →

“I’m sorry, officer. I didn’t know the speed limit was only 25 in a school zone.”

When is the last time that one worked for you? Right. Ignorance of the law is no excuse.

It usually doesn’t fly with the IRS either. Despite this,recently the tax court issued an opinion suggesting that in some cases ignorance can indeed be bliss. Well, maybe not bliss, but it can be a valid excuse—at least to escape certain accuracy-related penalties.

For example, a California couple that botched the tax treatment of the short sale of their former residence were found not liable for accuracy-related penalties. The judge found that the actual basis for the holding was that the IRS “failed to meet burden … Read more →

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