Farming and Depreciation

Learn about how the recovery period for certain farm property has been shortened and how the alternative depreciation system for farming businesses works.

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Tax Reform Brings Changes to Qualified Moving Expenses

The following article was published by the IRS. For businesses that have employees, there are changes to fringe benefits that can affect a business’s bottom line and their employee’s tax liabilities. One of these changes is to qualified moving expenses. Under previous law, payment or reimbursement of an employee’s qualified moving expenses were not subject …

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How to Avoid Tax-Related Identity Theft

The following article was published by the SBA. Tax-related identity theft is prominent on the IRS’s 2019 Dirty Dozen list of Tax Scams. Tax-related identity theft is not limited to stealing personal information of individuals. Because of successful efforts to crack down on such identity theft, thieves have shifted their focus to businesses. They create …

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Filing Status

Whatever your status is (single, married, etc.) as of Dec. 31 counts as your tax filing status for the entire year. Learn more about what constitutes the following five filing statuses: single, married filing jointly, married filing separately, head of household, or qualifying widow(er) with dependent child. You can use the IRS Interactive Tax Assistant …

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Individuals Who Need Passports for Imminent Travel Should Contact IRS Promptly to Resolve Tax Debt

The following article was published by the IRS. The Internal Revenue Service is reiterating its warning that taxpayers may not be able to renew a current passport or obtain a new passport if they owe federal taxes. To avoid delays in travel plans, taxpayers need to take prompt action to resolve their tax issues. In …

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For Small Business Week: Backup Withholding Rate Now 24 Percent, Bonuses 22 Percent; Workers Urged to do a Paycheck Checkup

The following article was published by the IRS. Recent tax reform legislation lowered the backup withholding tax rate to 24 percent and the withholding rate that usually applies to bonuses and other supplemental wages to 22 percent. Employees should check their withholding using the IRS Withholding Calculator. This year, National Small Business Week is May …

Continue reading For Small Business Week: Backup Withholding Rate Now 24 Percent, Bonuses 22 Percent; Workers Urged to do a Paycheck Checkup