Posted on 1/18/2019 11:40 AM By Boulay
The IRS has some good news for certain taxpayers — it’s waiving underpayment penalties for those whose 2018 federal income tax withholding and estimated tax payments came in under their actual tax liabilities for the year. The waiver recognizes that the Tax Cuts and Jobs Act’s (TCJA’s) overhaul of the federal income tax regime made it difficult for some taxpayers to determine the proper amount to have withheld from their paychecks or include in their quarterly estimated tax payments for 2018.
Posted on 12/7/2018 11:02 AM By Boulay
In April 2018, the IRS released temporary guidance on the amended limit on deductions for business interest expense for tax years beginning in 2018. Taxpayers were allowed to rely on that guidance while waiting for regulations. The IRS has now published proposed regulations that taxpayers can rely on until final regs are released. The proposed regs significantly expand on the temporary guidance. They include, among other notable provisions, a broader definition of interest than businesses have applied in the past.
Posted on 12/7/2018 9:52 AM By Boulay
Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2019. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us at learnmore@BoulayGroup.com or 952.893.9320 to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements.
Posted on 11/27/2018 11:31 AM By Boulay
The IRS has announced its 2019 cost-of-living adjustments to tax items that might affect you. Many of the amounts increased to account for inflation, but some remained at 2018 levels. As you implement 2018 year-end tax planning strategies, be sure to take these 2019 adjustments into account in your planning.
Posted on 11/7/2018 1:11 PM By Boulay
File Download: November Economic Update
Posted on 11/6/2018 8:52 AM By Boulay
The Internal Revenue Service has issued the 2019 annual limitations for qualified retirement plans and Social Security. Click here to view the contribution, compensation and other limitations for 2019 and prior years that may affect you.
Posted on 10/24/2018 8:50 AM By Boulay
File Download: Third Quarter 2018 Market Perspective
Posted on 10/10/2018 9:59 AM By Boulay
The Tax Cuts and Jobs Act (TCJA) was packed with goodies for businesses, but it also seemed to eliminate the popular meal expense deduction in some situations. Now, the IRS has issued transitional guidance — while it works on proposed regulations — that confirms the deduction remains allowable in certain circumstances and clarifies when businesses can claim it.
Posted on 10/8/2018 12:03 PM By Boulay
File Download: October Economic Update
Posted on 9/26/2018 1:12 PM By Boulay
Take a second to investigate whether you could qualify for a 100% exclusion on the capital gains of the sale of your C corporation stock.