The Internal Revenue Service is reminding business owners that tax reform legislation passed last December affects nearly every business. With just a few days left in the year, the IRS is highlighting important information for small businesses and self-employed individuals to help them understand and meet their tax obligations. Here are several changes that could affect [...]
The IRS has issued regulations on the new 20% deduction for qualified business income (QBI) created by the TCJA, also known as the pass-through deduction. Here’s a summary of the basic rules: For tax years beginning after Dec. 31, 2017, taxpayers other than corporations may be entitled to a deduction of up to 20% of their [...]
You may have heard a lot of talk in the news about a new deduction for “pass-through” income, but it’s actually available for qualified business income from a sole proprietorship (including a farm), as well as from pass-through entities such as partnerships, LLCs, and S-corporations. Under the TCJA, individuals may deduct up to 20% of their [...]
Due dates changed for partnerships, C corporations and several other business returns last year. For calendar-year S corporations and partnerships, the filing date is March 15 and is April 15 for C corporations. The date for fiscal year C corporations is the 15th of the fourth month following the end of the corporation’s calendar year. State [...]
On June 21, 2018, the U.S. Supreme Court handed down a historic decision in the sales and use tax nexus case South Dakota v. Wayfair, Inc. The 5–4 ruling overturns physical presence standards upheld in previous cases, such as Quill Corp. v. North Dakota (1992) and National Bellas Hess Inc. v. Department of Revenue of Illinois [...]