With the sweeping new tax legislation in 2018 capturing everyone’s attention, other changes have taken a back seat. There were several Tax Court cases in 2018 that rendered important decisions impacting how things work – one of which was Povolny Group, Inc. v. Commissioner, T.C. Memo 2018-37.
Workers pay into the Medicare and Social Security systems through an automatic payroll (FICA) tax throughout their careers. Therefore, when they retire, they are entitled to benefits paid out by those programs. Given that cutting benefits or raising the federal retirement age are not popular solutions, other proposals have been suggested to help protect benefits and even provide new ones for the nation’s taxpayers. Social Security Lump Sum Benefit and Universal Medicare for All are just two of the newest proposals for government programs.
One of the best ways to use technology is to enhance current processes. Over the past two decades, many firms have begun tracking their client and prospective client interactions via spreadsheets and data software. These days, automated workflow tools can replace many of those older, time-consuming tasks by integrating single-source data for a variety of uses.
Filing taxes for the first time can be overwhelming. But if you have the right tools and advice before you start, it won’t be. Here are a few critical things to know before you begin, which will make the seemingly daunting process much easier.
Is your staff spending too much time in meetings and not enough time working independently? If so, you’re not alone. Since 2008, the amount of time that firms spend in meetings has been increasing. It is now projected that organizations spend an average of 15 percent of company time in meetings.
The House Republicans recently introduced legislation that, bundled together, is being referred to as Tax Reform 2.0. Expanding on the Tax Cuts and Jobs Act (TCJA), it’s composed of three main bills that intend to address some of most criticized portions of the TCJA.
You’ve just lost your phone and you’re in full-on panic mode. When you locate said electronic device, all is well. You heave a sigh of relief. All of this begs the question: Why and how have we become so dependent on our phones? Though doing without a phone entirely is probably not realistic or in some cases necessary, here are a few ways to ramp off your addiction – and why unplugging is so important for your overall well-being.
When it comes to selling a business, it’s never a bad thing to be too careful. In fact, according to Forbes’ contributor Richard Parker, 50 percent of business acquisitions fall apart during the “due diligence” phase, where many current and future obligations exist. With such a high rate of deals that fall through, what are the most common reasons that business acquisitions end up failing?
The Tax Cuts and Jobs Act of 2017 was signed into law on December 22, 2017. Most of the changes started on January 1, 2018 so you won't see the full impact of these changes until tax season 2019. One change that will affect most everyone are the tax rates.