Taxpayer First Act Last week, Congress passed the Taxpayer First Act, a tax reform bill that has several provisions championed by the National Association of Enrolled Agents. The Act establishes an Independent Office of Appeals to serve as an independent judiciary for administrative actions (examination and collection determinations) by the IRS. While an Office of Appeals exists within the current IRS structure, it is not a completely independent structure. The Office of the Taxpayer Advocate is strengthened as well. The Act also prescribes changes to the customer service strategy, allows for exceptions from user fees for low-income taxpayers, and changes [...]
The Congressional Research Service, a division of the Library of Congress, has released a preliminary report detailing the effects of the 2017 Tax Cuts and Jobs Act, which lowered marginal tax rates and made other modifications to the tax code for the 2018 tax year and beyond. The service reports that there was no discernible change in federal gross domestic product (GDP) and that "the growth effects tend to show a relatively small (if any) first-year effect on the economy." Neither GDP nor wages saw a statistically significant change. The Congressional Budget Office initially estimated that total revenues would fall [...]
Congress is enacting the biggest tax reform law in thirty years, one that will make fundamental changes in the way you, your family and your business calculate your federal income tax bill, and the amount of federal tax you will pay. Since most of the changes will go into effect next year, there's still a narrow window of time before year-end to soften or avoid the impact of crackdowns and to best position yourself for the tax breaks that may be heading your way. Here's a quick rundown of last-minute moves you should think about making. Lower tax rates coming. The [...]
Confused about what it means to be an Independent Contractor? Maybe you are working for a business but you want to start your own business. Maybe your employer has suggested that you could work at home, and they will change your status to that of an Independent Contractor. Before you make this change, you should know about some of the pros and cons of working independently. Benefits Independence. You may be able to work your own hours from whatever location you choose depending on the type of job. You should be able to negotiate pay rates and a payment schedule. [...]
Do you spend any time working on your business? Or do you spend all of your time in your business?
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Traditional Effective Low Cost Small Business Marketing This case study demonstrates how Hair Salon owners worked with their Accountant to create an effective low-cost marketing campaign which targeted lapsed and new customers to increase sales. The campaign was traditional but effective. About The Client A Client runs a small funky hair salon in New York. They decided it was time to move to larger premises with more passing foot traffic, but they knew they had to grow their existing strong and loyal client base first. Solution To achieve this goal, a project was completed with the following objectives: [...]
It’s rare that Accountants are spoken of as examples of great marketing. So please indulge us as we share with you a wonderful campaign run by the Institute of Chartered Accountants in England and Wales back in 1995. So proud were the Institute of their campaign that they bought serious billboard space in London. On the billboard was written in huge writing: "It’s easier to sleep with a Chartered Accountant." Talk about impact. The number of letters this campaign generated to the national press in England was amazing. It probably even turned up in comedians’ lines, [...]
The filing due dates for information return Forms W-2 and 1099 have changed! Copies must be furnished to recipients AND filed with the IRS by January 31. If you need help filing 1099s, please call our office.
On July 31, 2015, President Obama signed into law P.L. 114-41, the "Surface Transportation and Veterans Health Care Choice Improvement Act of 2015." Although this new law was primarily designed as a 3-month stopgap extension of the Highway Trust Fund and related measures, it includes a number of important tax provisions, including revised due dates for partnership and C corporation returns and revised extended due dates for some returns. This letter provides an overview of these provisions, which may have an impact on you, your family, or your business. Revised Due Dates for Partnership and C Corporation Returns [...]