Insights
Lingering Uncertainties Post Tax Season
Now that April 15 has come and gone, have all of our tax reform questions been answered? Many taxpayers (and accountants) are still sifting through the changes and awaiting additional guidance surrounding some areas of uncertainty. In some situations, taxpayers have extended returns or will need to file amended returns in the future once the…
Read MoreIRS Audits Decline for Millionaires and Large Businesses
IRS audits of wealthy taxpayers and big business are on the downtick, reaching record lows in nearly a decade. According to a recent report published by Syracuse University’s Transactional Records Access Clearinghouse (TRAC), taxpayers filing $1 million of income or more on their tax return are less likely to be audited than in years past.…
Read MoreDOL Revisits Overtime Rule in Proposal
On March 7, the Department of Labor (DOL) released a proposed rule that would raise the so-called salary-level threshold for white-collar exemptions to $35,308 per year from $23,660. This means that the vast majority of employees earning under the threshold would need to be paid overtime. About 1 million workers may find themselves affected by…
Read MoreIRS Released Safe Harbor Guidance for Vehicle Deductions
The IRS recently released a safe harbor method that harmonizes 100% bonus depreciation with the annual depreciation limits for passenger automobiles (other than leased vehicles). Passenger automobiles are defined as four-wheeled vehicles driven on public roads, having a gross vehicle weight of $6,000 lbs or less. If a vehicle is acquired and placed in service…
Read MoreTax-Savvy Retirement Planning
With over 70 million baby boomers in the United States, how many are celebrating their 65th birthday every day? Retirement is right around the corner for many. Are you prepared with a tax-savvy retirement plan? While many boomers are rewriting the rules of retirement and working well into their seventies, there will come a time…
Read MoreWhat is Acumatica?
Nearly everyone has their head in the cloud these days—and for a good reason. Cloud-based ERP software has become an effective mainstream business tool. As a way to offer our clients this restless wave of computing, BPW has now partnered with Acumatica to offer implementation and support services for cloud-based ERP software. An Overview Built…
Read MoreIRS Issued Final Guidance on 199A Deduction for Pass-Through Entities
In a highly-anticipated release, the IRS provided a final set of guidelines for a complex area of the tax reform—Section 199A, the 20 percent qualified business income (QBI) deduction. The new QBI deduction, created by the Tax Cuts and Jobs Act, allows many owners of sole proprietorships, partnerships, S corporations, trusts, or estates to deduct…
Read MoreCA Implements Wayfair Sales Tax Decision
Another important deadline will make an entrance in April next year. Effective April 1, 2019, the California Department of Tax and Fee Administration (CDTFA) will implement the U.S. Supreme Court decision in South Dakota v. Wayfair and require certain out-of-state retailers to collect and remit sales tax to the State of California. The April 1…
Read MoreTop 7 Last-Minute Tax Strategies
There’s still time left in the year to make some last-minute tax moves. If you are in a higher tax bracket this year or find more income in your paychecks due to lower tax reform rates, you may consider applying some of these strategies to your situation. 1. Give to a Good Cause Donating to…
Read MoreYear-End Tax Update for Businesses
As we look at taxes through a new lens this year, the Tax Cuts and Jobs Act brings a number of valuable tax-saving planning opportunities to businesses. In general, most individual provisions expire at the end of 2025, but the corporate changes are made permanent. The following article outlines changes enacted in the tax reform…
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