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Some S corporations may want to convert to C corporations

After last year’s tax reform legislation, some S corporations may choose to revoke their S election to be a C corporation because of the new, flat 21-percent C corporation tax rate. Before taking any action, S corporations should consult their…
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Reduced 24% withholding rate applies to small businesses

Publication 1281, Backup Withholding for Missing and Incorrect Name/TIN(s), posted last month on IRS.gov, has been updated to reflect a key change made by the Tax Cuts and Jobs Act (TCJA). As a result of this change, effective Jan. 1, 2018,…
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Who Does the IRS Consider to Be a Qualifying Relative?

The IRS recently announced that it plans to issue regulations to reduce the personal exemption amount to zero for tax years 2018 through 2025, provided the reduction will not be factored into determining if someone is a qualifying relative under…
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IRS: 2018 employer reimbursements for employees

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 Internal Revenue Service announced today. The 2017 Tax…
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Clarification: Payments under state or local tax credit programs

Business taxpayers who make business-related payments to charities or government entities for which the taxpayers receive state or local tax credits can generally deduct the payments as business expenses, the Internal Revenue Service said today. Responding…
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New employer tax credit for paid family and medical leave

Today the IRS announced that eligible employers who provide paid family and medical leave to their employees may qualify for a new business credit for tax years 2018 and 2019. In addition, eligible employers who set up qualifying paid family…
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For people involved in the sharing economy…

For people involved in the sharing economy: Do a ‘Paycheck Checkup’ now, avoid a surprise year-end tax bill. The Internal Revenue Service urges anyone working in the sharing economy to perform a Paycheck Checkup now to avoid an unexpected…
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Reminder for extension filers: Oct. 15 is just around the corner

Monday, October 15, 2018, is the extension deadline for most taxpayers who requested an extra six months to file their 2017 tax return. For taxpayers who have not yet filed, here are a few tips to keep in mind about the extension…
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State Sales Tax Rate Decreases to 5.7% on January 1, 2019

State Sales Tax Rate for Rental, Lease, or License to Use Real Property Decreases to 5.7% on January 1, 2019. Effective January 1, 2019, the state sales tax rate imposed under section 212.031, Florida Statutes, on the total…