Higher exclusions may tempt some individuals to overlook estate tax planning, resulting in missed potential opportunities. It could be a mistake to over-simplify your estate plan in reaction to the new law.
With DPAD going away, the Research Tax Credit is now more valuable given reduction of the corporate tax rate from 35% to 21%.
Beginning in 2018, the average annual gross receipts threshold for businesses to use the cash method increases from $5 million to $25 million.
On January 29, 2018, the IRS issued Notice 2018-14 to provide additional federal income tax withholding guidance pending the release of the 2018 Form W-4. The IRS is currently revising Form W-4 to reflect changes made by the Tax Cuts and Jobs Act affecting individual taxpayers.
IRS grants filing extension to trucking companies for Form 2290 tax returns
The Internal Revenue Service recently advised trucking companies and other business owners of heavy highway vehicles that their next federal highway use tax return, usually due August 31, will instead be due on November 30, 2011. Because the highway use tax is currently scheduled to expire on September 30, 2011, this extension is designed to […]
Five reasons why mandatory firm rotation will not lead to higher audit quality
From the American Institute of CPAs (AICPA) The importance of audits of state and local government entities and nonprofit organizations is important to the success of our communities.It is always in our best interest to review new initiatives to increase effectiveness and quality of audits for these organizations, but mandatory firm rotation may lead to […]
Iowa modifies renewable fuel incentives and creates biodiesel refund and E-15 credit
The following summaries tell of upcoming changes to the various Iowa renewable fuel tax credits. Ethanol Promotion Tax Credit The ethanol promotion tax credit has been increased from 6.5 cents per gallon to a maximum credit of 8 cents per gallon. In addition, retail fuel dealers may now claim the credit on a company-wide basis […]
Elimination of the LIFO method?
One of the biggest revenue-raisers proposed by President Obama, as talks continue regarding the nation’s debt ceiling, is what he describes as an arcane change in the tax treatment of business inventories — things like steel, groceries and oil. The elimination of this method would dramatically affect the manufacturing and distribution industries. The proposal would […]
Final regulations on 3% withholding released
We have been carefully monitoring a new law passed on May 6, 2011 that says federal, state and other units of government with annual payments for goods and services – including contractors – of $100 million or more must withhold income tax of 3% of the total payment for goods and services. The final regulations […]
The path to a differential standard-setting framework
The Financial Accounting Standards Board (FASB) staff recently completed an initial assessment of the differences in the way that private company financial statements are used by lenders, investors and others. The assessment examined how and why the needs of those who use private company financial statements differ from those who use public company financial statements […]