Qualified business income deduction regulations proposed

The IRS issued proposed regulations on Wednesday regarding the qualified trade or business income deduction under Sec. 199A, which was enacted by P.L. 115-97, the law known as the Tax Cuts and Jobs Act (TCJA) (REG-107892-18). At the same time, it issued Notice 2018-64, which provides guidance on how to compute W-2 wages for purposes of the deduction, along with FAQs. The …

Monday May 15 is The Louisiana State Tax Filing Deadline

Deadline Closing in Fast Monday May 15 is the deadline for filing 2017 Louisiana Individual Income Tax returns. Taxes can be electronic filed with The Louisiana Department of Revenue for the fastest, most error-free tax return and refund processing. Louisiana File Online is the state’s free tax filing web application which can be reached at www.revenue.louisiana.gov/fileonline. Filing Extensions Available until …

IRS Adjusts Service Vehicle Depreciation Limits

2017 inflation Adjustments to Vehicle Depreciation The IRS on Friday March 24th issued the 2017 inflation adjustments to the depreciation limitations and lease inclusion amounts for certain automobiles under Sec. 280F (Rev. Proc. 2017-29). This year’s guidance includes figures for vehicles that are placed in service in 2017 and to which first-year bonus depreciation applies. For passenger automobiles (other than …

Small Business Tax Deductions in 2017

In 2017, many small businesses are eligible for a bigger deduction on equipment purchases, and those that aren’t required to provide health insurance will have an option to help staffers pay for coverage. Additionally, many companies have new filing deadlines for their tax returns, and owners who use their cars for business will get a slightly smaller deduction. Here are …

What the Affordable Care Act Means for You

The Affordable Care Act (ACA): has ushered in the most sweeping regulatory changes to the U.S. health care system since Medicare and Medicaid were passed about 50 years ago. It raises a full range of health care issues, and will continue to do so as provisions take effect through 2020. However, along with potentially increasing the affordability of health care …

New Rules May Affect Your Businesses

New laws and regulations could have an impact on how you manage your business or your tax planning. Below is a summary of important developments you should be aware of: In a change from past rules, businesses must file all Forms W-2 and W-3 and some Forms 1099-MISC with the IRS and the Social Security Administration no later than Jan. …

Some Tax Refunds Will Be Delayed in 2017

As the holidays approach, the Internal Revenue Service today reminded taxpayers to remember that a new law requires the IRS to hold refunds until mid-February in 2017 for people claiming the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC). In addition, new identity theft and refund fraud safeguards put in place by the IRS and the …

W-2 & 1099 Filing Deadline Changed to January 31

In an effort to reduce fraud, a provision in the Consolidated Appropriations Act passed by Congress has changed the filing deadlines for employer copies of Forms W-2/1099-MISC. The 2016 employer W-2/1099-MISC filing deadline is Tuesday, January 31, 2017. There are new due dates for returns for partnerships, C corporations and several other business returns as well. For calendar-year partnerships, the …

Congratulations Beth Goddard!

Beth Goddard is celebrating 10 years of service with Person CPA Group! She provides accounting and tax services as well as computer technical support and training for individuals, small businesses, and non-profit organizations. She specializes in small business accounting software including Peachtree, QuickBooks, PCLaw, and Champion. She has been an officer in many non-profit organizations, and has worked in industry, …

New I-9 Form Available November 22nd

The Immigration Reform and Control Act of 1986 required employers to verify that all newly hired employees present documentation verifying the employee’s identity and legal authorization to accept employment in the United States. The I-9 (“Employment Eligibility Verification”) form must be completed by every employee hired after November 6, 1986. On Aug. 25, the Office of Management and Budget approved …