The TCJA was signed into law at the end of 2017. The IRS has been working throughout 2018 on this major piece of tax legislation, issuing proposed regulations, notices, memos, FAQs and more to help businesses make sense of all the changes. Check out the IRS’s Businesses tax reform page for updates and resources on how [...]
The following article was published by the IRS. Employer payments or reimbursements in 2018 for employees’ moving expenses incurred prior to 2018 are excluded from the employee’s wages for income and employment tax purposes. The 2017 Tax Cuts and Jobs Act (TCJA) suspended the exclusion from income for moving expenses reimbursed or paid by an employer [...]
The following article is from the IRS. Taxpayers who make an effort to comply with the law but are unable to meet their tax obligations due to circumstances beyond their control may qualify for relief from penalties. After receiving a notice stating the IRS assessed a penalty, taxpayers should check that the information in the notice [...]
People with disabilities can now put more money into their tax-favored Achieving a Better Life Experience (ABLE) accounts and may, for the first time, qualify for the Saver’s Credit for low- and moderate-income workers, according to the Internal Revenue Service. The Tax Cuts and Jobs Act, the tax reform legislation enacted in December, made major changes [...]
[youtube https://www.youtube.com/watch?v=_Iqf9FpfOjw]A 529 plan is a specialized investment account that was created to help families save for future college expenses. This can be for a traditional 4-year college or university, or even a community college. The tax benefits of these accounts are undeniable. Much like a Roth IRA, the money in these accounts grows tax-free throughout [...]