IRS Issues Guidance On Accounting Period Changes By Foreign Corporations To Prevent Avoidance of Transition Tax

IRS Issues Guidance On Accounting Period Changes By Foreign Corporations To Prevent Avoidance of Transition Tax The IRS has issued guidance for certain specified foreign corporations owned by U.S. shareholders subject to the Code Sec. 965 transition tax that are requesting a change in accounting period. The IRS will not approve a request to change the annual […]

IRS Posts Best Practices For Individual Mandate

IRS Posts Best Practices For Individual Mandate The IRS has posted best practices for return preparers addressing the Affordable Care Act’s individual shared responsibility requirement, also known as the individual mandate. The Service reminded preparers that the Tax Cuts and Jobs Act did not eliminate the individual shared responsibility requirement for 2017. Take away. The IRS has cautioned that it […]

Standard mileage rates increase, while higher depreciation limits kick in

Standard mileage rates increase, while higher depreciation limits kick in The IRS has released the 2018 optional standard mileage rates to be used to calculate the deductible costs of operating an automobile for business, medical, moving and charitable purposes. Beginning on January 1, 2018, the standard mileage rates for the use of a car, van, […]

New year brings new tax code

New year brings new tax code January 1, 2018 not only brings a new year, it brings a new federal Tax Code. The just-passed Tax Cuts and Jobs Act makes sweeping changes to the nation’s tax laws. Many of these changes take effect January 1. Everyone – especially individuals and business owners – needs to […]

How Do I? Use Section 529 plans for elementary and secondary school tuition

How Do I? Use Section 529 plans for elementary and secondary school tuition The Tax Cuts and Jobs Act modifies Section 529 qualified tuition plans to allow the plans to distribute up to $10,000 in tuition expenses incurred during the tax year for designated beneficiaries enrolled at a public, private, or religious elementary or secondary […]

FAQ: Can I still convert regular IRAs into Roth IRAs?

FAQ: Can I still convert regular IRAs into Roth IRAs? Yes, conversions from regular (traditional) tax-deferred individual retirement accounts (IRAs) to Roth IRAs are still allowed after enactment of the Tax Cuts and Jobs Act. In fact, in some instances, such Roth conversions are more beneficial than they were prior to 2018, since the tax […]

January 2018 tax compliance calendar

January 2018 tax compliance calendar January 4 Employers. Semi-weekly depositors must deposit employment taxes for Dec 27–Dec 29. January 5 Employers. Semi-weekly depositors must deposit employment taxes for Dec. 30 and Dec. 31, Jan 1 and Jan 2. January 10 Employees who work for tips. Employees who received $20 or more in tips during December must […]

Don’t overlook child-related deductions and credits

Don’t overlook child-related deductions and credits Parents incur a variety of expenses associated with children. As a general rule, personal expenditures are not deductible. However, there are several deductions and credits that help defray some of the costs associated with raising children, including some costs related to education. Some of the most common deductions and […]

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Author Archive for Steve Grgas

IRS Issues Guidance On Accounting Period Changes By Foreign Corporations To Prevent Avoidance of Transition Tax

IRS Posts Best Practices For Individual Mandate

Standard mileage rates increase, while higher depreciation limits kick in

New year brings new tax code

How Do I? Use Section 529 plans for elementary and secondary school tuition

FAQ: Can I still convert regular IRAs into Roth IRAs?

January 2018 tax compliance calendar

Don’t overlook child-related deductions and credits

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