Tips for Taxpayers Affected by Disasters

Posted · Add Comment

The Internal Revenue Service has issued a Tax Tip for taxpayers who have experienced a loss of critical operational and financial records in a disaster.  Though most of our clients and contacts do not need to be concerned about an earthquake or hurricane, there is often an incident of regional flooding due to storms throughout […]

Social Security Wage Base Increases for 2019

Posted · Add Comment

The Social Security Administration (SSA) issued a Release that the maximum earnings subject to the Social Security component of the FICA tax will increase from $128,400 to $132,900 for 2019. This change means that for tax year 2019, the maximum Social Security tax that employers and employees will each pay is $8,239.80 ($132,900 x 6.2%). […]

Tax Reform 2.0 on the Way?

Posted · Add Comment

As reported in a previous post, the House Ways and Means Committee released three tax bills, referred to as “Tax Reform 2.0,” in late August. All three bills were approved by the House at the end of September. The passage of these bills is the next step toward making additional substantial changes to the already […]

Deductibility of Business Meals after the Tax Cuts and Jobs Act

Posted · Add Comment

As we have posted previously, the Tax Cuts and Jobs Act (TCJA) made changes to the business expense deduction for meals and entertainment. The TCJA disallowed the deduction for expenses related to activities generally considered to be entertainment, amusement or recreation, that were incurred in years beginning after December 31, 2017. However, in most cases, taxpayers […]

Using NetSuite to Help Navigate the New Lease Accounting Regs

Posted · Add Comment

The new lease accounting standards will be most challenging for dual reporting companies that will need to maintain different processes, controls and accounting systems for each framework to comply with the different lessee reporting requirements.  Read this NetSuite blog post to learn how NetSuite can help make this happen. Contact the GYF ERP Solutions Group to learn more […]

IRS Releases Draft Instructions for 2018 Form 1040

Posted · Add Comment

With simplicity seemingly in the eyes of the beholder, the Internal Revenue Service (IRS) released the 100+ pages of Draft Instructions for the 2018 Form 1040, U.S. Individual Income Tax Return. The IRS released a draft of the 2018 Form 1040 and six accompanying schedules in June. The instructions note that the IRS generally does not […]

Internal Revenue Service Provides Guidance and Changes to Qualified Moving Expense Reimbursements

Posted · Add Comment

The income tax provisions in the Tax Cuts and Jobs Act (TCJA) affecting individual taxpayers are temporary and, without further action by Congress and the “in-office” President, will revert to prior law provisions in calendar 2026.  One of the many temporary provisions was one modifying the rules for the tax treatment of qualified moving expenses. […]