IRS Issues Proposed Regulations for Bonus Depreciation Amended by Last Year’s Tax Act

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An exceedingly meaningful business incentive added by the Tax Cuts and Jobs Act, enacted on December 22, 2017 by President Trump increased the amount of qualifying fixed asset acquisition costs that may be expensed in the year of purchase from fifty (50) percent to one-hundred (100) percent.  This important incentive applies to asset additions made […]

It’s All About Flexibility

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Trevor Tuxill Accounting – Grove City College Coming into this internship, the GYF HR Director told us a number of things to help prepare us for the experience, but one thing she said has stuck with me through the entire process. She told us, “public accounting is all about flexibility.” She was absolutely right! There […]

NetSuite Debuts Podcasts

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NetSuite has a new way for current and prospective customers to learn more about the company and its software. Episodes will also feature customer stories and advice for other users. A new NetSuite Podcast will be available every other week. Read the NetSuite blog post for more details about the podcasts and Episode 1, featuring founder Evan […]

IRS vs. NJ Battle Continues

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IRS Reiterates Its “Prepaid Property Tax” Position for NJ Under the Tax Cuts and Jobs Act (TCJA), enacted on December 22, 2017, a taxpayer’s itemized deduction for state and local taxes for the tax years 2018-2025 is limited to $10,000 ($5,000 for married filing separately) per year. This new limitation was particularly burdensome for taxpayers […]

IRS Releases “Draft” Form 1040

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The IRS recently released a “draft” form of the 2018 federal Form 1040. The newly proposed “postcard” form has just 23 lines, cut down from 79 lines on the 2017 Form 1040. In conjunction with the attempt at simplification, the Forms 1040A and 1040EZ have also been eliminated. However, most of the available deductions and […]